10 Best Industrial Stocks to Buy According to Hedge Funds

Page 9 of 9

01. Thermo Fisher Scientific Inc. (NYSE:TMO)

Number of Hedge Funds Holders: 110

Topping our list of best industrial stocks to buy according to hedge funds is Thermo Fisher Scientific Inc. (NYSE:TMO). Thermo Fisher Scientific Inc. (NYSE:TMO) offers life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services across North America, Europe, Asia-Pacific, and globally. On June 3, Jefferies analyst Tycho Peterson has initiated coverage on Thermo Fisher Scientific Inc. (NYSE:TMO) with a Buy rating and increased the price target from $600 to $650. In the first quarter of 2024, the number of hedge funds with positions in Thermo Fisher Scientific Inc. (NYSE:TMO) fell to 110 from 111, according to Insider Monkey’s database, which tracks 920 hedge funds. The combined value of these holdings is approximately $8.40 billion. During this period, Ken Fisher’s Fisher Asset Management became the largest shareholder among these hedge funds.

Polen Focus Growth Strategy stated the following regarding Thermo Fisher Scientific Inc. (NYSE:TMO) in its first quarter 2024 investor letter:

“We increased our positions in Thermo Fisher Scientific Inc. (NYSE:TMO), Visa, Zoetis, Nike, and Abbott Labs. Each of these companies is durable and available at attractive valuations, in our view, for the growth we see ahead. In fact, in the case of ThermoFisher, Nike, and Abbott Labs, we expect accelerating earnings growth in the back half of 2024 after more difficult earnings growth periods pass for each of these companies. ThermoFisher and Abbott will finally wind down most of their COVID-19 testing and vaccine-related efforts due to a lack of demand, so these should no longer be revenue growth headwinds.”

While we acknowledge the potential of TMO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than TMO but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Analyst Sees a New $25 Billion “Opportunity” for NVIDIA and 10 Best of Breed Stocks to Buy For The Third Quarter of 2024 According to Bank of America.

Disclosure: None. This article is originally published at Insider Monkey.

Page 9 of 9