Billionaire Carl Icahn’s Top 10 Stocks

4. International Flavors & Fragrances Inc. (NYSE:IFF)

Icahn Capital LP’s Equity Stake: $357.04 Million

Number of Hedge Fund Holders: 46

International Flavors & Fragrances Inc. (NYSE:IFF) is a basic materials company that manufactures and sells cosmetic actives and natural health ingredients for use in various consumer products. It offers natural and plant-based specialty food ingredients, such as flavor compounds used in savory products, beverages, sweets, and dairy products.

The company remains focused on driving volume growth in its core business, which is supported by enhanced productivity initiatives. Consequently, it delivered solid second-quarter results, with earnings per share at $1.6, above consensus estimates of $1.01. Revenue totaled $2.89 billion, exceeding Wall Street’s forecast of $2.82 billion. Cash flows from operations at the end of the second quarter totaled $336 million, and free cash flow was $136 million.

International Flavors & Fragrances Inc. (NYSE:IFF) raised its guidance for the entire year and now anticipates sales between $11.1 billion and $11.3 billion, up from the previous range of $10.8 billion to $11.1 billion. Additionally, it expects adjusted operating EBITDA to range from $2.1 billion to $2.17 billion, an increase from the previous range of $1.9 billion to $2.1 billion.

The improved guidance indicates that International Flavors & Fragrances Inc. (NYSE:IFF) is in a robust growth phase and should continue generating more shareholder value. As one of billionaire Icahn’s top 10 stocks, IFF rewards investors with a 1.59% dividend yield while trading at a price-to-earnings multiple of 24, which is in line with the industry’s average of 25.

46 of the 912 hedge funds in Insider Monkey’s Q2 2024 database were the firm’s shareholders. International Flavors & Fragrances Inc. (NYSE:IFF)’s biggest hedge fund investor is Israel Englander’s Millennium Management, which owns $411.32 million worth of shares.