5 Best Stocks To Buy Now According To Billionaire Steve Cohen

2. Merck & Co., Inc. (NYSE:MRK)

Point72 Asset Management’s Stake Value: $293.90 million

Percentage of Point72 Asset Management’s 13F Portfolio: 1.16%

Number of Hedge Fund Holders: 84

Merck & Co., Inc. (NYSE:MRK) is one of the largest biopharmaceutical firms in the world. 84 hedge funds reported ownership of stakes in the company at the end of Q1 2022, with an aggregate value of $5.86 billion. This shows an upward trend from the previous quarter where 80 hedge funds held $3.78 billion worth of positions in the company.

The Wall Street Journal recently reported that the Covid-19 pill developed by Merck & Co., Inc. (NYSE:MRK) is more frequently prescribed by doctors in countries such as Italy, Japan and Australia, after reports highlighting safety concerns linked to rival Pfizer’s Paxlovid Covid-19 pill.

Cowen analyst Boris Peaker on June 27 maintained a ‘Market Perform’ rating on Merck & Co., Inc. (NYSE:MRK) shares and bumped the price target to $102 from $95. Addressing reports of Merck possibly acquiring Seagen (NASDAQ:SGEN), the analyst sees more cons than pros, and thinks the company should seek a less risky acquisition to achieve the diversification it needs.

Merck & Co., Inc. (NYSE:MRK) is also a prominent dividend stock, with 11 years of dividend increases and a $0.69 per share quarterly dividend, amounting to a 2.96% yield as of July 6.