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- Today’s stock market highlight focuses on stocks that mutual funds are buying, including Amazon.com (AMZN), Broadcom (AVGO) and Eli Lilly (LLY).
- Amazon and Eli Lilly have recently passed their earnings hurdles, while Broadcom is expected to report around mid-May.
- Amazon’s stock is climbing back to a recent high, with mutual funds owning 40% of the 10.4 billion shares outstanding in Amazon stock.
Discover why mutual funds are investing heavily in Amazon, Broadcom, and Eli Lilly stocks and what this could mean for your investment portfolio.
Amazon Stock: A Mutual Fund Favorite
Amazon stock is extended from a cuplike base with a 145.86 buy point. Shares reached a 52-week high of 187.77 on April 11. The stock has gained around 23% this year. Amazon beat first-quarter earnings and sales estimates in late April, with a robust 216% profit growth. Analysts expect second-quarter earnings of $1.19 a share, or 83% growth, with a 38% and 51% increase in the following two quarters.
Broadcom Stock: Testing Key Levels
Broadcom stock also earned its place as a large-cap growth stock in the IBD Big Cap 20. Mutual funds own 49% of the 463 million shares outstanding. The stock plunged 7% in heavy volume following the company’s better-than-expected fiscal first-quarter earnings and revenue on March 7. Shares continued to drop and undercut their 50-day moving average in an undefined base with a 1,438.17 buy point.
Mutual Funds Adding Eli Lilly Stock
In addition to Broadcom and Amazon stock, Eli Lilly stands as one of the “Leaders Near A Buy Point” on IBD’s Leaderboard. Mutual funds hold 40% of the 950 million shares outstanding. The drug stock is in a double-bottom base with a 793.67 buy point. Shares reached a record high on March 4, and have gained around 31% in 2024 thus far.
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Conclusion
These three stocks – Amazon, Broadcom, and Eli Lilly – are currently attracting significant attention from mutual funds. This trend could indicate strong future performance and potential investment opportunities. However, as with all investments, it’s important to conduct thorough research and consider your financial goals and risk tolerance before making a decision.
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