5 Best Canadian Stocks To Buy and Hold In 2024

3. Lululemon Athletica Inc. (NASDAQ:LULU)

Number of Hedge Fund Holders: 52

Lululemon Athletica Inc. (NASDAQ:LULU) design, distribute, and retail athletic apparel, footwear, and accessories under the Lululemon brand for both women and men. It is one of the top Canadian stocks. On December 7, Lululemon Athletica Inc. (NASDAQ:LULU) reported a Q3 non-GAAP EPS of $2.53 and a revenue of $2.2 billion, outperforming Wall Street forecasts by $0.25 and $10 million, respectively. Revenue for the quarter increased 18.3% on a year-over-year basis. 

According to Insider Monkey’s fourth quarter database, 52 hedge funds were bullish on Lululemon Athletica Inc. (NASDAQ:LULU), compared to 61 funds in the last quarter. D E Shaw is a signifncat position holder in the company, with a stake worth $307 million. 

Kinsman Oak Capital Partners made the following comment about Lululemon Athletica Inc. (NASDAQ:LULU) in its first quarter 2023 investor letter:

“What is relatively new, however, is that we are beginning to see substantial write-downs and impairment charges. For instance, Lululemon Athletica Inc. (NASDAQ:LULU) is already exploring a sale of Mirror, the struggling fitness technology company it bought less than three years ago for half a billion dollars. Lululemon executives recently announced a $433 million impairment charge on the business (-89%). That is not an insignificant amount of money.”