5 Best Brewery and Distillery Stocks To Buy Now

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

Number of Hedge Fund Holders: 36

Brown-Forman Corporation (NYSE:BF-B) engages in the production, distillation, bottling, import, export, marketing, and sale of a wide range of alcoholic beverages. This includes spirits, wines, whiskey spirits, flavored liqueurs based on whiskey, pre-mixed and pourable products, cocktails, vodkas, tequilas, champagnes, brandy, bourbons, and liqueurs. It is one of the best alcohol stocks to invest in. In Q4 2022, Brown-Forman Corporation (NYSE:BF-B) reported a revenue of $1.08 billion, up 3.8% year-over-year, beating market estimates by $60 million. 

On October 10, Gerald Pascarelli, an analyst at Wedbush, initiated coverage of Brown-Forman Corporation (NYSE:BF-B) with a Neutral rating and a price target of $70. This assessment is part of a comprehensive research note on the Alcoholic Beverages sector. The analyst acknowledged that the company is well positioned to take advantage of long-term industry trends, such as gaining market share in the spirits sector and the strong performance of bourbon. However, the analyst expressed caution regarding the near-term outlook. 

According to Insider Monkey’s fourth quarter database, 36 hedge funds were long Brown-Forman Corporation (NYSE:BF-B), and Terry Smith’s Fundsmith LLP is the biggest stakeholder of the company, with 12 million shares worth $797.80 million.