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Is Eli Lilly And Co (NYSE:LLY) the Best Weight Loss Stock to Buy in 2024?

We recently published a list of Jim Cramer’s Top 10 Stock Picks for June. Since Eli Lilly And Co (NYSE:LLY) ranks higher in the list, the stock deserves a deeper look. But first, let’s see what Cramer was talking about during his programs earlier this week.

Jim Cramer in a latest program lamented over Salesforce’s latest declines following the company’s weak Q1 results and guidance cut. Cramer said he’s been “championing” Salesforce ever since the company went public since he’s used the Cloud software company’s product when he started Street.com. Cramer said Salesforce has been one of the most “distinguished” members of the enterprise software industry. Cramer identified competition as one of the biggest threats to Salesforce, since he believes every other “young person” coming out of the school majoring in computer science knows if you want to make money you should make or sell software for the enterprise world.

The generative artificial intelligence revolution is jolting the SaaS world to its core, according to Cramer, as companies begin to explore the power of AI and question whether they should keep paying for SaaS subscriptions or hire more people when AI-based tools can do similar jobs in a more efficient way.

Methodology

For this article we watched several latest programs of Jim Cramer aired over the past two weeks and picked 10 stocks he’s recommending investors to buy. With each stock we have mentioned the number of hedge fund investors having stakes in the company. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).

Eli Lilly And Co (NYSE:LLY)

Number of Hedge Fund Investors: 109

Answering a question about Novo Nordisk, Cramer said that while he believes Novo is a “good growth stocks,” he “likes Eli Lilly better.”

“Eli Lilly may have.. it hasn’t happened yet…a little bit of kick from another drug that it’s working on involving dementia.”

Cramer said although there hasn’t been anything public about this drug yet, he knows that it’s “in the pipe.”

Jim Cramer has been recommending investors to buy and hold Eli Lilly And Co (NYSE:LLY) shares as he’s bullish on Eli Lilly And Co’s (NYSE:LLY) weight loss treatments. His Charitable Trust also owns a stake in Eli Lilly And Co (NYSE:LLY).

Last month, Cramer said that  the  latest selloff around the stock wasn’t “warranted.” He said he’d buy more Eli Lilly And Co (NYSE:LLY) “after the dust settles.”

Baron Health Care Fund stated the following regarding Eli Lilly and Company (NYSE:LLY) in its first quarter 2024 investor letter:

“Eli Lilly and Company (NYSE:LLY) is a global pharmaceutical company that discovers, develops, manufactures, and sells medicines in the categories of diabetes, oncology, neuroscience, and immunology, among other areas. Stock performance was strong due to robust fourth quarter sales of Mounjaro/ Zepbound, better-than-anticipated initial guidance for fiscal year 2024, and ongoing enthusiasm surrounding the company’s obesity and diabetes franchises. We continue to think Lilly is well positioned to grow revenue and earnings at attractive rates through the end of the decade and beyond.”

Baron Health Care Fund stated the following regarding Eli Lilly and Company (NYSE:LLY) in its first quarter 2024 investor letter:

“Eli Lilly and Company (NYSE:LLY) is a global pharmaceutical company that discovers, develops, manufactures, and sells medicines in the categories of diabetes, oncology, neuroscience, and immunology, among other areas. Stock performance was strong due to robust fourth quarter sales of Mounjaro/ Zepbound, better-than-anticipated initial guidance for fiscal year 2024, and ongoing enthusiasm surrounding the company’s obesity and diabetes franchises. We continue to think Lilly is well positioned to grow revenue and earnings at attractive rates through the end of the decade and beyond.”

Eli Lilly And Co (NYSE:LLY) ranks 2nd in Insider Monkey’s list of Jim Cramer’s 10 Stock Picks Heading Into June.

If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Michael Burry Is Selling These Stocks and Jim Cramer is Recommending These Stocks.

Disclosure: None. This article is originally published at Insider Monkey.

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