This article will discuss the 5 best vegan stocks to buy. If you want to read about the growth of the vegan market and the major catalysts driving that growth, you can go to 10 Best Vegan Stocks To Buy.
05. Nomad Foods Limited (NYSE:NOMD)
Number of Hedge Fund Holders as of Q2, 2022: 23
Nomad Foods Limited (NYSE:NOMD) is a packaged foods company, which manufactures and distributes branded frozen foods in Western Europe. It manufactures and markets frozen food products, including fish, vegetables, poultry, and ready meals.
On September 2, Mizuho analyst John Baumgartner lowered his price target on Nomad Foods Limited (NYSE:NOMD) to $24 from $25 and kept a Buy rating on the shares. In a research note, Baumgartner informs investors that Nomad Foods Limited (NYSE:NOMD) shares are at a 52-week low due to growing geopolitical risks in Europe and company-specific supply chain issues. The analyst thinks it is possible to beat Street predictions through fiscal 2023, and his examination of historical data on the consumption of frozen foods indicates that volume and elasticity may outperform through 2023.
At the end of Q2 2022, 23 hedge funds in Insider Monkey’s database were long on Nomad Foods Limited (NYSE:NOMD). Polaris Capital Management was the leading stakeholder in the company at the end of the second quarter, with a total holding worth $146 million.
04. Kellogg Company (NYSE:K)
Number of Hedge Fund Holders as of Q2, 2022: 25
Kellogg Company (NYSE:K) is an American multinational food manufacturing company. It is a key player in the plant-based protein sector. On July 29, Kellogg Company (NYSE:K) declared a quarterly dividend of $0.59 per share, which was $0.01 above the previous. The dividend was paid on September 15, to shareholders of record on September 1. The stock has seen dividend growth for the past seventeen consecutive years. Kellogg Company (NYSE:K) has a payout ratio of 55.24% and has gained 11.29% value year to date, as of October 17, 2022.
On August 8, Nik Modi, an analyst at RBC Capital, raised his price target for Kellogg Company (NYSE:K) from $66 to $70 while maintaining a Sector Perform rating on the stock. The company’s Q2 earnings beat and raise highlighted that its snacking business is “strong globally.” According to the analyst’s research note to investors, the U.S. cereal situation is recovering faster than anticipated. In light of its excellent first-half performance, underlying trends, and confidence in its plans for the second half of 2022, Kellogg Company’s (NYSE:K) management increased its 2022 guidance. Organic net sales growth in 2022 is estimated to expand by 7-8%, up from the roughly 4% gain initially predicted.
Among the hedge funds tracked by Insider Monkey, Kellogg Company (NYSE:K) was found in the public stock portfolios of 25 funds at the end of June 2022, up from 22 funds in the earlier quarter. Jim Simons’ Renaissance Technologies is a significant position holder in the company, with 2.6 million shares worth more than $188 million.
03. Hormel Foods Corporation (NYSE:HRL)
Number of Hedge Fund Holders as of Q2, 2022: 27
Hormel Foods Corporation (NYSE:HRL) is a Minnesota-based food processing company that sells various food products to its consumers. In 2019, Minnesota-based pork giant Hormel Foods Corporation (NYSE: HRL) launched its vegan food products dubbed Happy Little Plants. Its flagship product is soy-based vegan ground beef with 20 grams of protein per serving. Now the vegan food brand has a wide variety of plant-based offerings, including soy-based pepperoni topping and pea-protein-based Italian-style pizza topping.
On September 1, the company reported its fiscal Q3 2022 results, delivering its seventh consecutive quarterly record sales. Its revenue stood at $3.03 billion, up 6% from the same period last year. The company’s cash flow from operations also showed a 143% year-over-year growth at $186 million. In addition to this, the company had $850.3 million in cash and cash equivalents, compared with $613.5 million at the end of October 2021.
Hormel Foods Corporation (NYSE:HRL) is a dividend king, raising its dividends consecutively for the past 56 years. It currently pays a quarterly dividend of $0.26 per share and has a yield of 2.32%, as recorded on October 17. On September 22, Argus analyst John Staszak lowered his price target on Hormel Foods Corporation (NYSE:HRL) to $53 from $54 but kept a Buy rating on the shares. In a research note, the analyst informs investors that the company is reporting record revenues, which assist in reducing inflation’s impact. According to Staszak, the company also offers a clean balance sheet and a long track record of increasing its dividend.
At the close of Q2 2022, 27 hedge funds held stakes in Hormel Foods Corporation (NYSE:HRL) worth $434.5 million. As of June 30, Renaissance Technologies owns over 2.9 million shares of Hormel Foods Corporation (NYSE:HRL) and is the largest investor in the company.
02. Conagra Brands, Inc. (NYSE:CAG)
Number of Hedge Fund Holders as of Q2, 2022: 30
Conagra Brands, Inc. (NYSE:CAG) is an American food company specializing in consumer packaged goods. The company’s brands are available in supermarkets, restaurants, and food service establishments. Gardein, Birds Eye, Log Cabin, and Duncan Hines are among the company’s vegan and plant-based brand names purchased as part of Pinnacle Foods’ $10.9 billion acquisition in October 2018.
The business raised its quarterly dividend by 5.6% to $0.33 per share on July 22. This was the third year in a row of dividend growth for Conagra Brands, Inc. (NYSE:CAG). The firm also declared a $0.33 dividend on October 4 for a 3.85% yield. Conagra Brands, Inc. (NYSE:CAG) also regularly returns investor capital, and the firm repurchased $50 million worth of shares during Q1. The share price is also up by 0.68% year to date. On October 7, Deutsche Bank analyst Steve Powers raised his price target on Conagra Brands, Inc. (NYSE:CAG) to $33 from $32 and kept a Hold rating on the shares.
The number of hedge funds tracked by Insider Monkey owning positions in Conagra Brands, Inc. (NYSE:CAG) stood at 30 in Q2 2022, up from 22 in the previous quarter. The stakes owned by these hedge funds have a consolidated value of over $603.4 million. Ken Griffin’s Citadel Investment Group holds the leading stake in Conagra Brands, Inc. (NYSE:CAG), with 4.4 million shares worth $153 million.
01. Tyson Foods, Inc. (NYSE:TSN)
Number of Hedge Fund Holders as of Q2, 2022: 37
Topping the list of the best vegan stock to buy is Tyson Foods, Inc. (NYSE:TSN). Tyson Foods, Inc. (NYSE:TSN) is an American multinational corporation that operates in the food industry. The biggest animal meat producer in the United States by revenue, Tyson Foods, Inc. (NYSE:TSN) introduced its first plant-based goods in 2019. It expanded its offering in 2021 to include burger patties, bratwurst, Italian sausage, and ground “meat” made from pea protein.
Tyson Foods, Inc. (NYSE:TSN) has been raising its dividends consistently for the past 10 years and has a five-year dividend CAGR of 15.38%. The company currently pays a quarterly dividend of $0.46 per share and has a 2.84% yield as of October 17. Tyson Foods, Inc. (NYSE:TSN) announced revenue of $13.5 billion for fiscal Q3 2022, an increase of 8.2% over the same quarter the previous year. The operating cash flow for the company was $666 million, and the free cash flow was $190 million. It had over $1 billion in cash and cash equivalents and over $9.3 billion in total current assets at the end of the quarter.
Cliff Asness’ AQR Capital owned over 3.2 million shares in Tyson Foods, Inc. (NYSE:TSN) worth $278.4 million, becoming the company’s largest stakeholder in Q2. Overall, 37 hedge funds tracked by Insider Monkey owned stakes in the food company in Q2, with a total value of $1.15 billion.
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