Top 5 Value Stocks to Buy for 2024 (Picked by Joel Greenblatt)

In this article, we discuss top 5 value stocks to buy for 2024 (picked by Joel Greenblatt). To read the details about Mr. Greenblatt’s life, portfolio performance, and investment strategy, go directly to Top 15 Value Stocks to Buy for 2024.

5. Pfizer Inc. (NYSE:PFE)

Number of Hedge Fund Holders: 73
Price to Earnings Ratio: 9.83

Pfizer Inc. (NYSE:PFE) is another value stock for 2024 picked by Joel Greenblatt, which discovers, develops, manufactures, and sells biopharmaceutical products. Pfizer Inc. (NYSE:PFE) deals in medicines and vaccines for various therapeutic areas, including cardiovascular, metabolic, and women’s health.

While Pfizer Inc. (NYSE:PFE) has dropped by about 45% year to date, the deep pullback makes it an ideal play on the value investment front. Pfizer Inc. (NYSE:PFE) trades at a price-to-earnings multiple of 9.83, much lower than 24 for the S&P 500. Gotham Asset Management reduced its holdings in the company by 2% in Q3 2023 to $17.35 million.

At the end of Q3 2023, Insider Monkey’s database reported that 73 hedge funds retained positions in Pfizer Inc. (NYSE:PFE), consistent with the previous quarter. The aggregated value of these holdings surpasses $2.4 billion.

Here is what Smead Capital Management, an asset management firm, said about Pfizer Inc. (NYSE:PFE) in its Q3 2023 investor letter: 

“Through the first nine months of the year, we had a gain of 2.10%. The S&P 500 had a gain of 13.07% and the Russell 1000 Value had a gain of 1.79%. The stock market realized markedly higher riskless US Treasury interest rates had their effect on the stock market as it began to reassert what Warren Buffett calls the “gravitational pull” on price-to-earnings ratios (P/E).

On the downside, Target (TGT), Bank of America (BAC) and Pfizer Inc. (NYSE:PFE) detracted the most in the first nine months of the year. Pfizer (PFE) is suffering from a fall-off in Covid-19 vaccinations and we are trying to figure out what to do with it as a small holding.”

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