7 Best Stocks to Buy for Long Term

6. Pfizer Inc. (NYSE:PFE)

Number of Hedge Fund Holders: 84

Pfizer Inc. (NYSE:PFE) is one of the best stocks to buy for the long-term and we say that because at the end of Q2 2024, 84 hedge funds were bullish on PFE with total stakes amounting to $3.62 billion. Pfizer Inc. (NYSE:PFE) is a leading pharmaceutical and biotechnology company based in New York, United States.

Previously in March, the company acquired Seagen, a biotechnology firm, for $43 billion. The acquisition is projected to deliver more than $10 billion in revenues by 2030. In August, Pfizer and its biotechnology partner were approved by the FDA to roll out their new shots before the flu season commences.

On the operational front, the company is undergoing a Manufacturing Optimizing Program focused on enhancing efficiency that will deliver $1.5 billion in savings by the end of 2027. The company is notorious for putting customers first. Towards the end of August, Pfizer Inc. (NYSE:PFE) launched PfizerForAll, an online platform to make access to healthcare easier.

Overall, Pfizer Inc. (NYSE:PFE) is not just a biotechnology leader. The company is also capitalizing on improving its operations and improving access to healthcare, making it one of the best stocks to buy for the long term. During the second quarter of 2024, the company logged $13.3 billion in revenue, representing operational revenue growth of 3%.

Parnassus Investments’ Parnassus Value Equity Fund stated the following regarding Pfizer Inc. (NYSE:PFE) in its first quarter 2024 investor letter:

“During the quarter, we added new positions in Pfizer Inc. (NYSE:PFE), NICE and Charter Communications. We purchased Pfizer to capture the potential upside from any turnaround following the COVID-induced boom-bust cycle of the last few years. Pfizer’s stock price sank by more than 40% in 2023 as COVID-19 vaccine revenues rolled off, providing an attractive entry point for us. The company completed its acquisition of Seagen, which should strengthen Pfizer’s pipeline in antibody-drug conjugates (ADC). Pfizer also offers an attractive dividend yield.”