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2 excellent ASX shares to buy and hold today

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If you’re wanting to build your wealth over the long term, then you’ll no doubt be on the lookout for some quality buy and hold options.

If that is the case, then you might want to look at the ASX shares listed below. Here’s why they could be excellent buy and hold investments:

Domino’s Pizza Enterprises Ltd (ASX: DMP)

The first ASX share to consider as a buy and hold investment is this pizza chain operator. Domino’s has been a very strong performer over the last decade. This has been driven by a combination of same store sales growth, acquisitions, and its international expansion.

The latter has led to Domino’s growing its store network from 823 stores in FY 2010 to 2,800 stores at the end of the first half of FY 2021.

Positively, management isn’t resting on its laurels and intends to double its store count again later this decade. And that’s just from its existing network. Management also advised that it is actively pursuing acquisitions, which could bolster its growth further.

If this all goes to plan, Domino’s shares could be market beaters again over the next 10 years. That appears to be the view of analysts at Goldman Sachs. The broker is very positive on its outlook and currently has a buy rating and $112.60 price target on its shares.

ResMed Inc. (ASX: RMD)

ResMed could be another excellent ASX share to buy and hold. This is because this sleep treatment-focused medical device company is benefiting from the growing prevalence of sleep disorders such as sleep apnoea.

This is supporting very strong demand for ResMed’s industry-leading portfolio of products. And given that the majority of sleep apnoea sufferers are still undiagnosed, it has a very long runway for growth.

Furthermore, thanks to its investment in the out of hospital space, ResMed is very well positioned to benefit from the shift to home healthcare.

It is partly for this reason that Credit Suisse is a fan of the company. The broker currently has an outperform rating and $29.50 price target on ResMed’s shares. It believes the company is capable of double digit growth over the medium term.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of February 15th 2021

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited and ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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