In this article, we will take a look at the 5 best vegan stocks to buy now. For a detailed analysis of the vegan market and trends, go directly to the 10 Best Vegan Stocks to Buy Now.
5. Nomad Foods Limited (NYSE: NOMD)
Number of Hedge Fund Holders: 28
European frozen food giant Nomad Foods Limited (NYSE: NOMD) lands the 5th spot in our list of the 10 best vegan stocks to buy now. The food company was founded in 2014 and is headquartered in Feltham, U.K. Nomad Foods offer Green Cuisine vegan food products under the Iglo brand. Green Cuisine’s product line includes burgers, falafel, veggie fingers, and chicken-free nuggets sold in over 25,000 supermarkets in Europe, including Sweden and Finland.
The company has a market cap of $5.2 billion. Shares of NOMD surged 41.5% over the past twelve months. The company’s revenue in 2020 came in at $3 billion, an 8.2% increase compared to $2.7 billion in 2019. In March 2021, Credit Suisse analysts have given Nomad an Outperform ranking. The target price was set at $ 32.
Investment firm FAM FUNDS mentioned that despite the global financial crisis, Nomad Foods Limited remains one of the most profitable frozen food firms in its Q4 2020 investor letter:
“The proceeds (from a sold equity) were primarily invested into a new idea — Nomad Foods (NOMD), a producer of branded frozen food products in Europe. Product categories include fish, vegetables, and meat substitutes. Management’s plan is to continually improve the brands they control while seeking opportunities to buy and upgrade similar companies. In the past, key members of senior management pursued this strategy at other businesses and created significant returns for shareholders. As COVID-19 rolled across Europe, Nomad became one of the few beneficiaries of the pandemic as consumers stopped visiting restaurants and increasingly ate at home.”