5 Best Wine Stocks To Buy Heading Into 2023

3. Brown-Forman Corporation (NYSE:BF-B)

Number of Hedge Fund Holders: 36

Brown-Forman Corporation (NYSE:BF-B) was founded in 1870 and is headquartered in Louisville, Kentucky. The company manufactures, distills, markets, and sells spirits, wines, whiskey spirits, ready-to-drink and ready-to-pour products, vodkas, tequilas, champagnes, brandy, bourbons, and liqueurs. Brown-Forman Corporation (NYSE:BF-B) is one of the premier wine stocks to consider. On December 7, Brown-Forman Corporation (NYSE:BF-B) posted a Q3 revenue of $1.09 billion, up 9.7% year-over-year, beating market estimates by $10 million. The company anticipates stronger growth in fiscal 2023 despite global macroeconomic and geopolitical uncertainties.

On November 17, the company declared a $0.2055 per share quarterly dividend, a 9% increase from its prior dividend of $0.1885. The dividend is payable on January 3, 2023 to shareholders of record on December 2. 

According to Insider Monkey’s third quarter database, 36 hedge funds were bullish on Brown-Forman Corporation (NYSE:BF-B), up from 28 funds in the last quarter. Terry Smith’s Fundsmith LLP is the largest stakeholder of the company, with 12.2 million shares worth $814 million. 

Follow Brown Forman Corp (NYSE:BFA, BFB)