Carl Icahn Stock Portfolio: 7 Best Stocks to Buy

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

Carl Icahn’s Q2 2024 Stake: $357.03 Million

Number of Hedge Fund Investors as of Q2 2024: 46

International Flavors & Fragrances Inc. (NYSE:IFF) is a basic materials company that manufactures and sells cosmetic active and natural health ingredients. The company boasts an impressive collection of top-tier products across various sectors.

Consequently, it boasts a broad economic advantage thanks to its distinct range of products and its leading role in producing essential scents, cultures, flavors, proteins, and probiotics. This wide product range allows the company to serve various markets and suppliers, enhancing its ability to diversify its income sources.

International Flavors & Fragrances Inc. (NYSE:IFF)’s choice to divest some of its units, such as Savory Solutions and Flavor Specialty Ingredients, showcases its strategic move to focus on refining its operations and boosting profits by concentrating on its main areas of growth.

According to Carl Icahn, it remains one of the best stocks to buy as it is in a robust growth phase. The fact that the company increased its full-year sales guidance to between $11.1 billion and $11.3 billion, as compared to $10.8 billion and $11.1 billion, underscores underlying growth.

International Flavors & Fragrances Inc. (NYSE:IFF) delivered solid second-quarter results, with adjusted EPS topping $1.16 against the $1.01 expected. Revenues totaled $2.89 billion, beating consensus estimates of $2.82 billion. While trading at a price-to-earnings multiple of 22, International Flavors & Fragrances rewards investors with a 1.53% dividend yield.

In the second quarter of 2024, 46 out of the 912 hedge funds in Insider Monkey’s database were shareholders of International Flavors & Fragrances Inc. (NYSE:IFF). Israel Englander’s Millennium Management is the largest hedge fund investor, holding shares worth $411.32 million.