In this piece, we will take a look at the five best beauty stocks to invest in. If you want a deeper dive into the beauty industry and beauty stocks, then check out 15 Best Beauty Stocks To Invest In.
5. The Estée Lauder Companies Inc. (NYSE:EL)
Number of Q4 2023 Hedge Fund Shareholders: 43
The Estée Lauder Companies Inc. (NYSE:EL) is one of the biggest and most well known beauty companies in the world. The firm’s customers were in for a scare in March 2024 when it was revealed that some acne treatment products might have cancer causing chemicals.
As of Q4 2023 end, 43 out of the 933 hedge funds part of Insider Monkey’s database had bought and owned The Estée Lauder Companies Inc. (NYSE:EL)’s shares. Josh Overdeck and David Siegel’s Two Sigma Advisors was the largest shareholder due to its $348 million stake.
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Follow Estee Lauder Companies Inc (NYSE:EL)
4. Ulta Beauty, Inc. (NASDAQ:ULTA)
Number of Q4 2023 Hedge Fund Shareholders: 49
Ulta Beauty, Inc. (NASDAQ:ULTA) is another diversified beauty company that sells skin care, hair care, perfurme, and other associated products. The firm’s shares are rated Buy on average, and the average share price target is $588.
During 2023’s fourth quarter, 49 out of the 933 hedge funds profiled by Insider Monkey had held a stake in the company. Ulta Beauty, Inc. (NASDAQ:ULTA)’s biggest hedge fund investor is D. E. Shaw’s D E Shaw due to its $176 million investment.
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Follow Ulta Beauty Inc. (NASDAQ:ULTA)
3. Colgate-Palmolive Company (NYSE:CL)
Number of Q4 2023 Hedge Fund Shareholders: 54
Colgate-Palmolive Company (NYSE:CL) is a global household brand. It makes and sells beauty and personal care products such as shower gels and shampoos. Another classic consumer defensive beauty stock, it has managed to beat analyst EPS estimates in all four of its latest quarters.
Insider Monkey dug through 933 hedge fund portfolios for their third quarter of 2023 shareholdings to find 54 Colgate-Palmolive Company (NYSE:CL) investors. Jean-Marie Eveillard’s First Eagle Investment Management was the biggest shareholder as it held a $874 million stake.
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Follow Colgate Palmolive Co (NYSE:CL)
2. Kenvue Inc. (NYSE:KVUE)
Number of Q4 2023 Hedge Fund Shareholders: 64
Kenvue Inc. (NYSE:KVUE) sells sun screens, body care, and other associated products. The shares are rated Buy on average, and the average share price target is $22.37.
During last year’s fourth quarter, 64 out of the 933 hedge funds profiled by Insider Monkey were Kenvue Inc. (NYSE:KVUE)’s shareholders.
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Follow Kenvue Inc.
1. The Procter & Gamble Company (NYSE:PG)
Number of Q4 2023 Hedge Fund Shareholders: 71
The Procter & Gamble Company (NYSE:PG) is a mega beauty and grooming company headquartered in Columbus, Ohio. Its latest financial results, revealed in January 2024, also saw The Procter & Gamble Company (NYSE:PG) continue to deal with the impact of its Gilette business by cutting down 2024 profit forecasts.
71 out of the 933 hedge funds part of Insider Monkey’s database had bought the firm’s shares in Q4 2023. The Procter & Gamble Company (NYSE:PG)’s largest hedge fund investor is Ken Fisher’s Fisher Asset Management as it owns 10.5 million shares that are worth $1.5 billion.
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Follow Procter & Gamble Co (NYSE:PG)
Should you invest $1,000 in Procter&Gamble right now?
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Disclosure: None. You can also take a look at 11 Most Undervalued Cybersecurity Stocks To Buy According To Analysts and Jim Cramer Made Accurate Predictions About These 9 Stocks.
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