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Eli Lilly and Company (LLY) Rose due to Robust Q4 Sales

Baron Funds, an investment management company, released its “Baron Health Care Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The fund advanced 8.92% (Institutional Shares) in the quarter compared to an 8.52% gain for the Russell 3000 Health Care Index (benchmark) and a 10.56% increase for the S&P 500 Index. The fund rose 13.61% on an annualized basis since its inception on April 30, 2018, compared to an 11.45% gain for the benchmark and a 14.24% gain for the index. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Baron Health Care Fund featured stocks like Eli Lilly and Company (NYSE:LLY) in the first quarter 2024 investor letter. Headquartered in Indianapolis, Indiana, Eli Lilly and Company (NYSE:LLY) is a pharmaceutical company. On April 22, 2024, Eli Lilly and Company (NYSE:LLY) stock closed at $731.33 per share. One-month return of Eli Lilly and Company (NYSE:LLY) was -5.62%, and its shares gained 90.03% of their value over the last 52 weeks. Eli Lilly and Company (NYSE:LLY) has a market capitalization of $695.324 billion.

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."

A biopharmaceutical facility with technicians working on a manufacturing line of treatments and preventions.

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Eli Lilly and Company (NYSE:LLY) is in 22nd position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Eli Lilly and Company (NYSE:LLY) was held by 102 hedge fund portfolios, compared to 102 in the previous quarter, according to our database.

We previously discussed Eli Lilly and Company (NYSE:LLY) in another article, where we shared the list of hot growth stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

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