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2024 Bill Gates Portfolio Stock List | All 24 Stock Investments Now

Updated on March 14h, 2024 by Nikolaos Sismanis

Bill Gates is the sixth-richest person in the world, behind only Bernard Arnault, Elon Musk, Jeff Bezos, Larry Ellison, and Warren Buffet. His net worth of ~$ 106 billion is a massive amount of money. Not surprisingly, the Bill & Melinda Gates Foundation has a huge investment portfolio of nearly $42.3 billion, according to a recent 13F filing.

That kind of wealth is something the vast majority of us can only dream of. However, there is one similarity between the everyday investor and the wealthiest person on the planet.

We’re all looking for good stocks to buy and hold for the long term. That is why it is useful to review the stock holdings of the Bill & Melinda Gates Foundation.

You can download our full list of all 24 Gates Foundation stocks (along with important metrics like dividend yields and price-to-earnings ratios) by clicking on the link below:


Note: 13F filing performance is different than fund performance. See how we calculate 13F filing performance here.

The Bill & Melinda Gates Foundation owns several highly profitable companies with sustainable competitive advantages. Many of the stocks also pay dividends to shareholders and grow their dividend payouts over time.

This article will discuss all 24 stocks held by the Bill & Melinda Gates Foundation.

Table of Contents

You can skip to the analysis for each of the Gates Foundation’s top 24 stock holdings, with the table of contents below. Stocks are listed in order of the portfolio’s largest positions to smallest positions.

  1. Microsoft (MSFT)
  2. Berkshire Hathaway (BRK.B)
  3. Canadian National Railway (CNI)
  4. Waste Management (WM)
  5. Caterpillar Inc. (CAT)
  6. Deere & Company (DE)
  7. Ecolab (ECL)
  8. Coca-Cola FEMSA, S.A.B. de C.V. (KOF)
  9. Walmart (WMT)
  10. FedEx Corp. (FDX)
  11. Waste Connections (WCN)
  12. Schrodinger, Inc. (SDGR)
  13. Crown Castle International (CCI)
  14. Coupang, Inc. (CPNG)
  15. Madison Square Garden Sports Corp. (MSGS)
  16. United Parcel Service, Inc. (UPS)
  17. Anheuser-Busch InBev SA/NV (BUD)
  18. Danaher Corporation (DHR)
  19. Kraft Heinz (KHC)
  20. Hormel Foods (HRL)
  21. Vroom Inc. (VRM)
  22. Carvana Co. (CVNA)
  23. On Holding AG (ONON)
  24. Veralto Corp (VLTO)

You can also watch a video analysis of Gates’ stock holdings below:

#1—Microsoft (MSFT)

Dividend Yield: 0.7%

Percentage of Bill Gates’ Portfolio: 34.4%

Microsoft Corporation, founded in 1975 and headquartered in Redmond, WA, develops, manufactures, and sells both software and hardware to businesses and consumers. Microsoft is a mega-cap stock with a market capitalization of $3.1 trillion.

Its offerings include operating systems, business software, software development tools, video games and gaming hardware, and cloud services.

On October 13 th, 2023, Microsoft acquired Activision Blizzard, a leader in video game content, for $68.7 billion.

In late January, Microsoft reported (1/30/24) financial results for the second quarter of fiscal 2024 (its fiscal year ends June 30th). The company accelerated its performance and grew its revenue by 18% over last year’s quarter.

Growth came from Intelligent Cloud and Productivity & Business Processes, which grew 20% and 13%, respectively. Sales of Azure, Microsoft’s high-growth cloud platform, grew 30%.

As a result, earnings-per-share grew 26%, from $2.33 to $2.93, and exceeded the analysts’ consensus by $0.16. Microsoft has exceeded the analysts’ consensus in 20 of the last 22 quarters.

Click here to download our most recent Sure Analysis report on Microsoft (preview of page 1 of 3 shown below):

#2—Berkshire Hathaway (BRK)

Dividend Yield: N/A (Berkshire Hathaway does not currently pay a dividend)

Percentage of Bill Gates’ Portfolio: 17.5%

Berkshire Hathaway stock is the third-largest individual holding of the Gates Foundation’s investment portfolio, and it is easy to see why. It’s safe to say the money is in good hands. Berkshire, under the stewardship of Warren Buffett, grew from a struggling textile manufacturer into one of the largest conglomerates in the world.

Today, Berkshire is a global giant. It owns and operates dozens of businesses, with a hand in nearly every major industry, including insurance, railroads, energy, finance, manufacturing, and retailing. It has a market capitalization of almost $790 billion.

Berkshire can be thought of in five parts: wholly-owned insurance subsidiaries like GEICO, General Re, and Berkshire Reinsurance; wholly-owned non-insurance subsidiaries like Dairy Queen, BNSF Railway, Duracell, Fruit of the Loom, NetJets, Precision Cast Parts, and See’s Candies; shared control businesses like Kraft Heinz (KHC) and Pilot Flying J; marketable publicly-traded securities including significant stakes in companies like American Express (AXP), Apple (AAPL), Bank of America (BAC), Coca-Cola (KO) and Wells Fargo (WFC); and finally the company’s massive cash position.

In Berkshire’s annual letters to shareholders, Buffett typically evaluates the company’s performance in terms of book value. Book value is an accounting metric that measures a company’s assets minus its liabilities. The resulting difference is a company’s book value. This is a proxy for the intrinsic value of a firm, which Buffett believes to be the most important financial metric.

Berkshire doesn’t pay shareholders a dividend. Buffett and his partner Charlie Munger have always contended that they can create wealth at a higher rate than the dividend would provide to shareholders.

While Berkshire stock may not be attractive for investors who want dividend income, there are few companies that have a track record nearly as great as Berkshire’s.

#3—Canadian National Railway (CNI)

Dividend Yield: 2.0%

Percentage of Bill Gates’ Portfolio: 15.5%

Canadian National Railway is the only transcontinental railroad in North America. It has a network of approximately 20,000 route miles and connects three coasts: the Atlantic, the Pacific, and the Gulf of Mexico. It handles over $200 billion worth of goods annually and carries over 300 million tons of cargo.

On January 23rd, 2024, Canadian National Railway announced fourth quarter and full-year earnings results for the period ending December 31st, 2023.

For the quarter, revenue decreased 2.3% to $3.3 billion, but this was $77 million more than expected. Adjusted earnings-per-share of $1.50 matched the prior year’s result and was $0.03 ahead of estimates.

For 2023, revenue fell 3.9% to $12.5 billion while adjusted earnings-per-share of $5.41 compared to $5.67 in the prior year. For the quarter, Canadian National Railway’s operating ratio was higher by 140 basis points to 59.3%.

Revenue ton-miles (RTM) increased by 2%. Revenue results were mostly positive among the individual product categories. Automotive (+20%) was the best performer, but petroleum and chemicals, coal, grain, and fertilizers were all up at least mid-single digits. Intermodal (-20%) remained the worst performer, while Forest Products (-6%) declined slightly. Car velocity and terminal dwell both improved by 4%. Train length and efficiency were both up 1%.

Finally, the company repurchased 7.3 million shares during the quarter. Canadian National Railway reaffirmed its prior forecast of adjusted earnings-per-share growth of 10% to 15% annually from 2024 to 2026. We expect that the company will earn $5.97 in 2024

On January 24th, 2024, Canadian National Railway increased its dividend by 7% for the March 28th, 2024, payment date.

Click here to download our most recent Sure Analysis report on Canadian National Railway (preview of page 1 of 3 shown below):

#4—Waste Management (WM)

Dividend Yield: 1.4%

Percentage of Bill Gates’ Portfolio: 15.4%

Waste Management is the embodiment of a company with a wide economic “moat”, a term popularized by Warren Buffett to describe a strong competitive advantage that protects a company from the full ravages of market competition. Waste Management operates in waste removal and recycling services. This is a highly concentrated industry, with only a few companies controlling the majority of the market.

Source: 2023 Investor Day Presentation

On February 12th, 2024, Waste Management reported fourth quarter 2023 results for the period ending December 31st, 2023.

For the quarter, the company generated revenue of $5.2 billion, a 5.7% increase compared to Q4 2022. Adjusted net income equaled $703 million or $1.74 per share compared to $537 million or $1.30 per share in Q4 2022. Collection and disposal volumes rose by 1.1% in the fourth quarter.

During the quarter, Waste Management repurchased $312 million of common stock. The company also returned $281 million to shareholders in the form of cash dividends.

Waste Management expects 2024 revenue to grow by between 6% and 7%, with collection and disposal volume growth of 1%. The company also expects to repurchase $1 billion of its shares in the year.

On March 1st, 2024, Waste Management raised its dividend to $3.00 annually, which marks its 21st consecutive annual increase.

Click here to download our most recent Sure Analysis report on Waste Management (preview of page 1 of 3 shown below):

#5—Caterpillar (CAT)

Dividend Yield: 1.6%

Percentage of Bill Gates’ Portfolio: 5.1%

Caterpillar is the global leader in heavy machinery. It has a strong brand with a dominant industry position. Caterpillar manufactures and markets heavy machinery, mostly for the construction and mining sectors.

The company operates in three primary segments: Construction Industries, Resource Industries, and Energy & Transportation, along with ancillary financing and related services through its Financial Products segment.

Source: Latest Investor Day Presentation

On February 5th, 2024, Caterpillar reported its Q4 and full-year results for the period ending December 31st, 2023. For the quarter, the company generated revenues of $17.1 billion, a 3% increase compared to the $16.6 billion posted in the fourth quarter of 2022.

The Construction Industries and Resource Industries segments posted a decline of 15% and 6% in revenues, respectively. However, these declines were more than offset by 12% higher revenues in the Energy & Transportation segment.

The Construction Industries saw a decrease due to lower sales volume, partially offset by favorable price realization. The decrease in sales volume was driven by the impact of changes in dealer inventories, partially offset by higher sales of equipment to end users. The Resource Industries segment was negatively affected by similar factors.

Energy & Transportation posted higher revenues due to higher sales volume and favorable price realization, mainly related to the oil and gas and power generation industries. Caterpillar’s adjusted operating profit margin was 18.9%, compared to 17.0% last year.

Margin expansion combined with revenue growth resulted in adjusted earnings-per-share landing at $5.23 against $3.86 in the comparable period last year. For the year, adjusted earnings-per-share surged 53% to $21.21. ‘

For FY2024, we expect adjusted EPS of $21.30.

Click here to download our most recent Sure Analysis report on Caterpillar (preview of page 1 of 3 shown below):

#6—Deere & Company (DE)

Dividend Yield: 1.6%

Percentage of Bill Gates’ Portfolio: 3.0%

Deere & Company is the largest manufacturer of farm equipment in the world. The company also makes equipment used in construction, forestry & turf care, produces engines, and provides financial solutions to its customers. Deere was founded in 1837.

Source: Investor Fact Book

In mid-February, Deere reported (2/15/24) financial results for the first quarter of fiscal 2024. Sales slipped -4% over the prior year’s quarter as the benefit from strong demand for construction equipment was offset by a decrease in the sales of the Production & Precision Ag and Small Ag & Turf segments.

Earnings-per-share dipped 5%, from $6.55 to $6.23, but exceeded the analysts’ consensus by $1.02. Management stated that demand for products that help farmers produce more with lower efforts remains strong. However, the last two quarters have marked a sharp deceleration over the previous quarters.

Due to this deceleration and its expectation for volume sales to revert to mid-cycle levels, Deere lowered its already lackluster guidance for this fiscal year, expecting earnings of $7.50-$7.75 billion (vs. previous guidance of $7.75-$8.25 billion).

Click here to download our most recent Sure Analysis report on Deere (preview of page 1 of 3 shown below):

#7—Ecolab (ECL)

Dividend Yield: 1.0%

Percentage of Bill Gates’ Portfolio: 2.5%

Ecolab was created in 1923 when its founder, Merritt J. Osborn, invented a new cleaning product called “Absorbit”. This product cleaned carpets without the need for businesses to shut down operations to conduct carpet cleaning. Osborn created a company revolving around the product called Economics Laboratory, or Ecolab.

Source: Investor Presentation

In mid-February, Ecolab reported (2/13/24) financial results for the fourth quarter of fiscal 2023. Organic sales grew 6% over the prior year’s quarter, mostly thanks to double-digit growth in the Institutional segment and pest elimination.

Thanks to strong price hikes and slightly lower costs of products, adjusted earnings-per-share grew 22%, from $1.27 to $1.55, and exceeded the analysts’ consensus by $0.01.

Moreover, thanks to robust pricing and positive sales momentum, management provided guidance for earnings-per-share of $6.10-$6.50 in 2024, implying 17%-25% growth.

It also expressed its confidence in expanding the operating margin from 16% to 20% in the upcoming years. Given the strong sales momentum, we expect earnings-per-share of about $6.40.

Click here to download our most recent Sure Analysis report on Ecolab (preview of page 1 of 3 shown below):

#8—Coca-Cola FEMSA SAB (KOF)

Dividend Yield: 3.4%

Percentage of Bill Gates’ Portfolio: 1.3%

Coca-Cola FEMSA produces, markets, and distributes Coca-Cola (KO) beverages. It offers a full line of sparkling and still beverages. It sells its products through distribution centers and retailers in Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Venezuela, Brazil, Argentina, and the Philippines.

Coca-Cola FEMSA is the largest franchise bottler in the world. The stock is an interesting way to gain exposure to two very attractive emerging markets: Latin America and South Asia.

#9—Walmart Inc. (WMT)

Dividend Yield: 1.4%

Percentage of Bill Gates’ Portfolio: 1.1%

Walmart is another great example of a company with durable competitive advantages. It is the largest retailer in the U.S., with annual revenue above $600 billion. The company came to dominate the retail industry by keeping a laser-like focus on reducing costs everywhere, particularly in the supply chain and distribution.

Consumers tend to scale down to discount retail when times are tight, which is why Walmart continued to grow, even during the Great Recession. As a result, Walmart is arguably the most recession-resistant stock in the Gates Foundation’s portfolio.

This allows Walmart to raise its dividend each year like clockwork, even during recessions. Walmart has raised its dividend for over 40 years in a row.

Walmart posted fourth-quarter and full-year earnings on February 20th, 2024, and results were quite strong, as well as good guidance that sent shares rising to a new high. Adjusted earnings-per-share came to $1.80, which was 15 cents ahead of expectations.

Revenue was up 5.7% to $173.4 billion, beating estimates by more than $4 billion. The company noted that global e-commerce sales soared 23% year-over-year, and the company’s burgeoning advertising business was up 33%, including 22% for Walmart Connect in the US.

Comparable sales in the US rose 4% to top the estimate of 3.2%. Transactions were 4.3% higher, while the average ticket was off 0.3%. Sam’s Club saw transaction growth of 3.6%, with ticket size falling slightly for total comparable sales growth of 3.1%.

Consolidated operating income was up 13.2% on an adjusted basis, positively impacted by currency and LIFO inventory adjustments of 2.3% and 1.0%, respectively.

Walmart sees revenue growth of 3% to 4% for this year, and offered up guidance that sees us estimating $2.35 in earnings-per-share. Walmart approved a dividend of 83 cents per share for this year, a 9% increase over the prior year’s dividend of 76 cents.

In addition, Walmart has agreed to acquire Vizio (VZIO), a TV maker, for $11.50 per share in cash. That’s a total consideration of $2.3 billion for Walmart, and we expect that transaction to close later this year.

Click here to download our most recent Sure Analysis report on Walmart (preview of page 1 of 3 shown below):

#10—FedEx (FDX)

Dividend Yield: 2.0%

Percentage of Bill Gates’ Portfolio: 0.8%

FedEx Corp. is a transportation and shipping company. The company offers a variety of services, including transportation, e-commerce, and business services. It operates four core segments: FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services.

On December 19th, 2023, FedEx reported its fiscal Q2 results for the period ending November 30th, 2023. For the quarter, revenues fell 2.6% to $22.2 billion against the prior-year period.

Specifically, FedEx Express’ revenues fell 6%, pressured by an ongoing volume mix-shift and related yield headwinds. FedEx Freight revenue also fell 4%, as a 1% increase in revenue per shipment was more than offset by lower fuel surcharges and weights.

Results were offset by higher revenues in FedEx Ground. That said, operating income improved by 9% to $1.28 billion. This was due to the execution of the DRIVE program and FedEx’s continued focus on revenue quality.

Source: Investor Presentation

Regarding the DRIVE program, it includes initiatives such as structural flight takedowns, aligning staffing with volume levels, increasing line haul and sort efficiency, temporarily parking aircraft, and other cost-cutting measures. Thus, adjusted EPS rose by 25.5% to $3.99.

For fiscal 2024, management continues to expect adjusted EPS to be between $17.00 and $18.50. We have employed the midpoint of this updated range in our estimates. All other figures in our tables reflect GAAP results.

Click here to download our most recent Sure Analysis report on FedEx (preview of page 1 of 3 shown below):

#11—Waste Connections (WCN)

Dividend Yield: 0.7%

Percentage of Bill Gates’ Portfolio: 0.8%

Waste Connections is a waste collection, transfer, disposal, and resource recovery business in the U.S. and Canada. It offers various recycling services, including solid waste as well as fluids used in the oil and gas drilling industry, helping to increase the sustainability of those sectors.

The company was founded in 1997 and is based in Canada, generating $8.0 billion in annual revenue and a market cap of $43.4 billion.

Waste Connections has boosted its dividend for 14 consecutive years, but the strong performance of the stock means the yield is low at just 0.8%. However, we see strong dividend growth prospects for the stock in the years to come.

#12—Schrodinger Inc. (SDGR)

Dividend Yield: N/A

Percentage of Bill Gates’ Portfolio: 0.4%

Schrodinger, Inc. is a healthcare technology company. It operates a computational platform that aims to accelerate drug delivery, both for external clients and the company’s own internal drug programs. Schrodinger conducted its initial public offering in February 2020. The stock currently has a market capitalization of about $ 1.87 billion.

Schrodinger has exciting growth potential due to the success of its drug delivery platform and its large and diversified customer base.

Schrodinger has a long runway of growth because of the high degree of value that its products and services provide to customers. Designing drugs is extremely difficult, complex, lengthy, capital-intensive, and prone to high failure rates. This means many customers will continue to outsource this work to Schrodinger.

#13—Crown Castle International (CCI)

Dividend Yield: 5.6%

Percentage of Bill Gates’ Portfolio: 0.3%

Crown Castle International is structured as a real estate investment trust or REIT. You can see our full REIT list here.

Crown Castle owns cell phone towers with small cells where larger towers are not feasible and fiber connections for data transmission. The trust owns, operates, and leases more than 40,000 cell towers and 90,000 route miles of fiber across every major US market, helping it support data infrastructure across the country.

Source: Investor Presentation

Crown Castle posted fourth-quarter and full-year earnings on January 24th, 2024, and results were better than expected on both the top and bottom lines. Funds-from-operations came to $1.82, which was eight cents better than expected.

It was also up from $1.77 in the third quarter. Revenue was $1.67 billion, down 5.1% year-over-year but slightly ahead of estimates. Site rental revenue was $1.6 billion, up from $1.58 billion in Q4 of last year, while services and other revenue was off from $186 million to just $71 million.

Adjusted EBITDA was $1.08 billion, up slightly from Q3 but down fractionally from last year’s Q4.

The company reiterated its guidance for 2024, with adjusted FFO set to be near $6.90. Revenue is expected to be in the area of $6.4 billion.

We’ve set our estimate of FFO slightly lower than guidance as CCI has struggled in recent quarters to hit its guidance targets.

Click here to download our most recent Sure Analysis report on Crown Castle International (preview of page 1 of 3 shown below):

#14—Coupang, Inc. (CPNG)

Dividend Yield: N/A

Percentage of Bill Gates’ Portfolio: 0.3%

Coupang is an e-commerce platform through its mobile apps and websites, primarily in South Korea. It sells various products and services in the categories of home goods, apparel, beauty products, fresh food and groceries, sporting goods, electronics, consumables, and more.

The company has gained immense popularity nationwide due to its focus on fast and reliable delivery services. Coupang has built an extensive logistics network, including its own delivery fleet and warehouses, to ensure quick and efficient delivery to its customers. It has pioneered the concept of “rocket delivery,” promising next-day or even same-day delivery for a vast majority of its products.

Coupang has also invested heavily in technology and innovation to enhance its customer experience. Its mobile app and website provide a seamless and user-friendly interface, making it convenient for customers to browse and purchase products.

The company has also implemented various features such as customer reviews, personalized recommendations, and easy returns, further enhancing its overall shopping experience.

#15—Madison Square Garden Sports Corp. (MSGS)

Dividend Yield: N/A

Percentage of Bill Gates’ Portfolio: 0.3%

Madison Square Garden Sports Corp. is a diversified sports company. It owns multiple sports franchises, including the New York Knicks and the New York Rangers. It also owns development league teams such as the Hartford Wolf Pack and the Westchester Knicks of the NBA G League. It also owns e-sports properties, including Knicks Gaming, and a controlling interest in Counter Logic Gaming (CLG).

#16—United Parcel Service (UPS)

Dividend Yield: 4.2%

Percentage of Bill Gates’ Portfolio: 0.2%

United Parcel Service is a logistics and package delivery company that offers services, including transportation, distribution, ground freight, ocean freight, insurance, and financing. Its operations are split into three segments: U.S. Domestic Package, International Package, and Supply Chain & Freight.

The company’s continued growth in the face of potential global economic headwinds is due largely to its competitive advantages. UPS is the largest logistics/package delivery company in the U.S.

It operates in a near duopoly, as its only major competitor to date is FedEx. To be sure, Amazon (AMZN) is expanding its own logistics business, but it still remains a customer of UPS as well.

On January 30th, 2024, UPS reported fourth quarter 2023 results for the period ending December 31st, 2023. For the quarter, the company generated revenue of $24.9 billion, a 7.8% year-over-year decrease.

The U.S. Domestic segment (making up 68% of sales) saw a 7.3% revenue decrease, with International also posting a 6.9% revenue decrease and Supply Chain Solutions seeing an 11.4% decrease.

Adjusted net income equaled $2.47 per share, down 32% year-over-year.

Source: Investor Presentation

UPS now expects revenue of about $92.0 billion to $94.5 billion, along with a consolidated adjusted operating margin of 10.0% to 10.6%.

Additionally, leadership expects capex of $4.5 billion, as well as $5.4 billion in dividend payments.

Click here to download our most recent Sure Analysis report on UPS (preview of page 1 of 3 shown below):

#17—Anheuser-Busch InBev SA/NV (BUD)

Dividend Yield: 1.3%

Percentage of Bill Gates’ Portfolio: 0.2%

Anheuser-Busch InBev is a multinational beverage and brewing company headquartered in Leuven, Belgium. It is one of the largest and most prominent beer companies in the world. The company was formed through a series of mergers and acquisitions, including the merger of Anheuser-Busch and InBev in 2008.

Today, AB InBev produces, markets, and sells over 500 different beer brands around the world. The company has seven of the top ten beer brands and 18 brands with over $1B in sales. Major global brands include Budweiser, Stella Artois, and Corona. Large regional brands include Aguila, Hoegaarden, Skol, and Brahma.

AB InBev reported Q3 2023 results on October 31st, 2023. Revenue rose 5.0% to $15,574M from $15,091M as total volumes fell (-3.4%) and revenue per hl was up 9.0%. Total volumes fell (-3.4%), with own beer volumes down (-4.0%), and non-beer volumes grew +1.4%. Volumes were up in the Middle Americas (+1.7%) and Asia Pacific (+0.2%) but declined in EMEA (-1.5%), South America (-2.2%), and North America (-17.1%).

Outside of their home markets, the four global brands performed well, with combined revenues increasing 15.1%. Normalized earnings per share increased to $0.73 from $0.71 in comparable periods, while underlying EPS rose to $0.86 from $0.84 (accounting for adjustments).

Currently, the firm is facing difficulties from a customer boycott of its Bud Light brand in the United States in response to a marketing campaign. Volumes declined dramatically but have stabilized. Bud Light was the number one brand in the United States but was passed by Modelo. As a result, total market share, revenue, and EBITDA are now lower.

AB InBev’s premiumization strategy is led by its four global brands. Premium brands continue to grow and are more profitable per hl. A second focus is Beyond Beer, which is the intersection of beer, spirits, and wine. The category is growing at 45% CAGR and will be a $58B market by 2024. Beyond Beer is more profitable per hl than beer.

Click here to download our most recent Sure Analysis report on BUD (preview of page 1 of 3 shown below):

#18—Danaher Corporation (DHR)

Dividend Yield: 0.4%

Percentage of Bill Gates’ Portfolio: 0.2%

Danaher Corporation (DHR) is active in the healthcare industry and designs, manufactures, and markets professional, medical, industrial, and commercial products and services. The company operates through three main segments: Life & Bio Sciences (38% of annual revenue), Diagnostics (35% of annual revenue), and Environmental & Applied Solutions (15% of annual revenue).

In late 2019, Danaher separated from its dental business (Envista) through an IPO process. The company made 14 acquisitions in 2021 for a total of $11.0 billion, including the Aldevron acquisition of $9.6 billion. Danaher Corporation is a $175 billion company and has approximately 80,000 employees.

On January 30th, 2024, Danaher Corporation released its fourth quarter and full year 2023 results for the period ending December 31st, 2023.

The company reported revenue of $6.40 billion, a 10.2% decrease compared with revenue of $7.13 billion in the same quarter of 2022. Reported quarterly earnings per diluted share equaled $1.54, which represents a 48.5% decrease compared to $2.99 for the same period last year.

For the year, the company’s diluted earnings came in at $6.38 per share compared with $9.66 in 2022. The decline in the quarter and full year was primarily attributed to decreased sales of COVID-related products and weaker performance in the Biotechnology and Diagnostics segments.

Additionally, the company faced operational challenges and a shift in market dynamics, including inventory adjustments and investment normalization in pharma and biopharma end markets. This indicates a shift away from pandemic-driven demand, impacting overall sales despite the company’s diverse portfolio.

In the fourth quarter, Danaher’s cost of sales decreased 9.7% to $2.63 billion. Gross profit of $3.78 billion fell 10.6%.

For the first quarter of 2024, Danaher expects adjusted core revenues from continuing operations to decline in high-single digits on a year-over-year basis.

Revenues are anticipated to decrease in low-single digits on a year-over-year basis in 2024, which assumes a core revenue decline in the first half of the year before returning to growth in the second half of the year.

Click here to download our most recent Sure Analysis report on Danaher (preview of page 1 of 3 shown below):

#19—Kraft Heinz (KHC)

Dividend Yield: 4.6%

Percentage of Bill Gates’ Portfolio: 0.2%

KraftHeinz is a processed food and beverages company that owns a product portfolio that includes food products such as condiments, sauces, cheese & dairy, frozen & chilled meals, and infant diet & nutrition. The company was created in 2015 in a merger between Kraft Food Group and H. J. Heinz Company, orchestrated by Berkshire Hathaway and 3G Capital.

The Kraft-Heinz Company reported its fourth-quarter earnings results on February 14. The company reported that its revenues totaled $6.9 billion during the quarter, which was down 7% compared to the revenues that Kraft-Heinz generated during the previous year’s period.

This was slightly worse than what the analyst community had expected. Kraft-Heinz’s organic sales were down by 1%. Organic sales were better than reported sales due to the impact of a 53rd week during the previous year. Forex headwinds and portfolio changes due to divestments that Kraft-Heinz made also impacted the comparison to some degree.

Kraft-Heinz generated earnings-per-share of $0.78 during the fourth quarter, which beat the consensus estimate. Earnings-per-share were down 8% versus the previous year’s quarter, which was a weaker result compared to the previous quarter when earnings-per-share were up year-over-year.

Kraft-Heinz’ management stated that they see organic net sales rising by around 1% in 2024, while management is forecasting earnings-per-share to come in between $3.01 and $3.07 for the current year. Earnings-per-share is thus expected to grow by around 2% this year.

Click here to download our most recent Sure Analysis report on Kraft-Heinz (preview of page 1 of 3 shown below):

#20—Hormel Foods (HRL)

Dividend Yield: 3.3%

Percentage of Bill Gates’ Portfolio: 0.1%

Hormel Foods was founded in 1891. Since that time, the company has grown into a juggernaut in the food products industry with nearly $12 billion in annual revenue.

Hormel has kept with its core competency as a processor of meat products for well over a hundred years but has also grown into other business lines through acquisitions.

Hormel has a large portfolio of category-leading brands. Just a few of its top brands include Skippy, SPAM, Applegate, Justin’s, and more than 30 others.

In addition, Hormel is a member of the Dividend Kings, having increased its dividend for 58 consecutive years.

Hormel posted fourth-quarter and full-year earnings on November 29th, 2023, and results were weaker than expected on both the top and bottom lines. Adjusted earnings-per-share came to 42 cents, missing estimates fairly widely by three cents, or ~7%.

Revenue also fell 2.6% year-over-year to $3.2 billion, missing estimates by $70 million, or ~2%. Adjusted operating income came to $313 million, or 9.8% of revenue. Adjusted before-tax operating earnings came to $289 million.

Cash flow from operations came to $319 million. Hormel boosted its dividend by 2.7% to a new payout of $1.13 per share annually, its 58th consecutive annual dividend increase. We see $1.55 in earnings-per-share for this year based on weak 2023 results.

The company continues to struggle with volumes, and until that changes, we believe meaningful earnings growth will be challenging.

Click here to download our most recent Sure Analysis report on Hormel (preview of page 1 of 3 shown below):

#21—Vroom, Inc. (VRM)

Dividend Yield: N/A

Percentage of Bill Gates’ Portfolio: 0.1%

Vroom is an e-commerce platform that specializes in selling used vehicles online. Founded in 2013 and headquartered in New York City, Vroom offers a streamlined process for buying and selling cars entirely online, including financing, trade-ins, and delivery.

The company aims to disrupt the traditional car-buying experience by providing a convenient, transparent, and hassle-free alternative. Customers can browse a wide selection of pre-owned vehicles, complete transactions digitally, and have their purchases delivered directly to their doorstep.

#22—Carvana Co. (CVNA)

Dividend Yield: N/A

Percentage of Bill Gates’ Portfolio: 0.1%

Carvana Co. is another e-commerce platform specializing in the sale of used vehicles online. Established in 2012 and headquartered in Tempe, Arizona, Carvana offers a comprehensive online marketplace for buying, financing, and selling pre-owned cars.

Similar to Vroom, Carvana’s platform aims to simplify the car-buying process by providing a seamless digital experience, including virtual vehicle tours, financing options, and home delivery services.

Carvana operates on a mission to revolutionize the way people buy cars by offering convenience, transparency, and a wide selection of quality used vehicles.

#23—On Holding AG (ON)

Dividend Yield: N/A

Percentage of Bill Gates’ Portfolio: 0.04%

On Holding is based in Switzerland, and it develops and distributes sports products worldwide. It offers its products through independent retailers and distributors, online, and stores.

On has quickly gained popularity among athletes and running enthusiasts worldwide for its commitment to delivering exceptional comfort, performance, and style. The company has experienced rapid growth since its inception and has established a strong presence in the global sports market.

The product portfolio of On includes a wide range of running shoes tailored for different terrains, such as road running, trail running, and all-terrain running. They have also expanded their offerings to include apparel and accessories like jackets, shirts, shorts, socks, and backpacks, which complement their footwear line.

#24—Veralto Corporation (VLTO)

Dividend Yield: 0.4%

Percentage of Bill Gates’ Portfolio: 0.02%

Veralto Corporation is a global company providing water analytics, treatment, marking and coding, and packaging services. Its Water Quality segment offers precision instrumentation and treatment technologies, while the Product Quality & Innovation segment provides inline printing, marking, coding, design software, imaging, and color management solutions. Formerly DH EAS Holding Corp., Veralto was incorporated in 2022 and is headquartered in Waltham, Massachusetts.

Additional Resources

See the articles below for analysis on other major investment firms/asset managers/gurus:

If you are interested in finding more high-quality dividend growth stocks suitable for long-term investment, the following Sure Dividend databases will be useful:

The major domestic stock market indices are another solid resource for finding investment ideas. Sure Dividend compiles the following stock market databases and updates them monthly:

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