5 Best Drug Stocks To Invest In

2. Eli Lilly and Company (NYSE:LLY)

Number of Hedge Fund Holders: 102

Founded in 1876, Eli Lilly and Company (NYSE:LLY) is an American pharmaceutical enterprise headquartered in Indianapolis, Indiana, with a global presence spanning 18 other countries. The company is named after its founder, Colonel Eli Lilly, a pharmaceutical chemist and a veteran of the American Civil War.

Eli Lilly and Company (NYSE:LLY) maintains a consistent quarterly dividend of $1.13 per share and has exhibited a steady pattern of dividend growth for the past ten consecutive years. Impressively, the company has been providing uninterrupted dividends to shareholders for 138 years. As of November 19, the stock offers a dividend yield of 0.76%.

In Q3 2023, the number of hedge funds holding stakes in Eli Lilly and Company (NYSE:LLY) increased to 102, up from 87 in the previous quarter, as per data from Insider Monkey’s database, which tracks 910 hedge funds. The combined value of these stakes surpasses $9 billion.

Madison Sustainable Equity Fund made the following comment about Eli Lilly and Company (NYSE:LLY) in its Q3 2023 investor letter:

“Eli Lilly and Company (NYSE:LLY) again moved higher in the third quarter. The stock has continued to be fueled by its diabetes franchise, in particular Mounjaro, which has been approved for use in diabetes but is also expected to be approved in obesity later this year. We are also waiting for approval of donanemab for Alzheimer’s which should occur by year end.”