Have $1,500? Buy These 2 Growth Stocks for 2024 and Beyond

History has shown investors that bull markets outlive bear markets and drive stocks higher than before the slump. Long-term investors who acquire exceptional firms rather than share prices can benefit from bull and downturn markets.

It's a wonderful moment to invest in excellent companies with wide moats and compelling long-term growth prospects if you have cash. Investing $1,500 in one or both of these stocks might yield significant gains over time. Let's investigate

1. Eli Lilly One of the largest pharmaceutical firms by market valuation and revenue is Eli Lilly (NYSE: LLY). This company has nearly 150 years of experience, making it a good choice for healthcare investments.

Eli Lilly has returned about 540% during the past five years. That's approximately four times the S&P 500's return during that time. Over the past five years, its dividend distribution has climbed by about 100% despite its low yield.

The success of Eli Lilly's tirzepatide-based weight reduction and diabetic drugs Zepbound and Mounjaro has made headlines recently. Zepbound received regulatory approval late last year, while Mounjaro did in 2022. Both medications have years of revenue potential before patent cliffs.

Eli Lilly also had hits like cancer treatment Verzenio and diabetic drug Jardiance. The company's 2023 revenue rose 20% to $34 billion. The company's annual sales has climbed over 50% during the past five years. Eli Lilly delivers reliable earnings and dividend income.

2. Shopify Shopify (NYSE: SHOP) has seen its ups and downs in recent years. Shopify has grown as a firm, from its investor popularity during the epidemic to its operational reforms to combat rising expenses and a tough operating climate.

Just a year after entering the fulfillment industry, a series of well-publicized layoffs and the selling of much of its logistics business spooked investors. The company's realignment to its asset-light business model appears to be paying off well. Shopify relies on two main businesses. First, retailers pay monthly or annual subscriptions to use the site. The other offers merchant solutions like Shopify Pay and Shopify Point of Sale.

Merchant solutions create most revenue growth for the company. Shopify earned $7.1 billion in 2023, up 26% from 2022. This included $5.2 billion in Merchant Solutions revenue, up 27% from 2022, and $1.8 billion in Subscription Solutions revenue, up 23%.

Shopify's 12-month gross margin was just under 50%. The corporation earned $905 million in 2023 after losing $186 million in 2022. The company's shares are up single digits from the start of the year but 75% from last year. With a mature corporation, you won't receive lightning fast gains, but this stock has outperformed the market over time.

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