10 Best Stocks to Buy According to Navellier & Associates

4. Eli Lilly and Company (NYSE: LLY)

Navellier & Associates’ Stake Value: $19,919,729 

Number of Hedge Fund Holders: 109

Eli Lilly and Company (NYSE:LLY) landed in the 4th spot in Navellier & Associates’ top 10 stock picks. Established in 1876, Eli Lilly and Company (NYSE:LLY) is a global pharmaceutical firm known for its innovative medications. It has developed major treatments for diabetes, cancer, and mental health. Its GLP-1 drugs, Mounjaro for diabetes and Zepbound for obesity are showing strong growth and fit into the growing trend for weight loss treatments. Recently, Eli Lilly and Company (NYSE:LLY) announced it will acquire Morphic Holding (NASDAQ:MORF) for $57 per share, totaling $3.2 billion. This move gives Eli Lilly and Company (NYSE:LLY) a chance to enter the IBD market, despite some risks with MORF-057 and its pipeline.

For the recent quarter, Eli Lilly and Company (NYSE:LLY) has experienced notable revenue and operating income growth. Between 2020 and the past 12 months, its EBITDA rose from $8.26 billion to $13.55 billion. Analysts view Eli Lilly and Company (NYSE:LLY) favorably, with a consensus rating of “Moderate Buy” and an average stock price target of about $858.72. By the end of the first quarter of 2024, Navellier & Associates reported holding 25,605 shares of Eli Lilly and Company (NYSE:LLY), valued at $19,919,729. This investment made up 2.45% of their portfolio, based on regulatory filings.

Baron Health Care Fund stated the following regarding Eli Lilly and Company (NYSE:LLY) in its first quarter 2024 investor letter:

“Eli Lilly and Company (NYSE:LLY) is a global pharmaceutical company that discovers, develops, manufactures, and sells medicines in the categories of diabetes, oncology, neuroscience, and immunology, among other areas. Stock performance was strong due to robust fourth quarter sales of Mounjaro/ Zepbound, better-than-anticipated initial guidance for fiscal year 2024, and ongoing enthusiasm surrounding the company’s obesity and diabetes franchises. We continue to think Lilly is well positioned to grow revenue and earnings at attractive rates through the end of the decade and beyond.”