The U.S. recently celebrated Juneteenth, the federal holiday meant to commemorate the day enslaved African Americans living in Texas learned they were free. As a result, it makes perfect timing for my article about Fortune 500 stocks led by Black CEoS.

I have done plenty of articles about women CEOs, but I’m not sure I’ve ever written something about Black CEOs. This allows me to right this wrong.

Fortune recently released its 2023 Fortune 500 ranking. Eight Black CEOs made this year’s list, the most in the ratings’ 68-year history. On the one hand, that’s great news, but on the other, like women CEOs, the numbers remain disappointing. Black Americans account for 14.6% of the country’s population, yet they only account for 1.6% of Fortune 500 companies. 

Until the C-suite truly represents the American populace, the underwhelming representation of Black CEOs remains an issue worth pursuing.  In the meantime, here are three Black CEOs leading three of the Fortune 500.

M&T Bank (MTB)

René Jones has been the CEO of M&T Bank (NYSE:MTB) since December 2017. He joined the bank as an Executive Associate in 1992, working his way up the ranks to Chief Financial Officer in 2005. Jones served as CFO until 2016.

Jones was appointed CEO after the bank’s longtime leader, Robert Wilmers, died suddenly in December 2017. Interestingly, Jones’ dad was a sergeant in the military, serving under General George Patton in World War II. 

Since Jones became CEO, MTB stock hasn’t done very well, down 28%. However, its business is doing just fine, and is what makes it one of those Fortune 500 stocks led by black CEOs worth considering.

In Q1 2023, the bank’s net income was $676 million, 99% higher than a year earlier, due to a 2% increase in loans to $132.9 billion. Its net interest income was $1.81 billion, 101% higher than a year ago, with a 4.04% net interest margin. Its efficiency ratio was 55.5% in the first quarter, 930 basis points higher than a year earlier. 

Analysts are generally optimistic about its stock. Of the 26 analysts covering MTB, 15 give it an Outperform or outright Buy rating with a target price of $151, considerably higher than where it’s trading.

Walgreens Boots Alliance (WBA)

Walgreens Boots Alliance (NYSE:WBA) CEO Roz Brewer’s been in the top job since March 2021. The healthcare company is ranked 27th in the Fortune 500. Brewer is the first Black woman to run Walgreens.   

There was a time when investors thought Brewer would become the CEO of Starbucks (NASDAQ:SBUX). However, after serving as the coffee chain’s Chief Operating Officer and Group President, Americas, for 41 months, she surprised corporate America and left for the chance to make a difference in the healthcare industry.  

“I just felt like it was time for me to take everything I’ve learned and put it against one of the biggest problems I thought I was going to ever face in my life,” Brewer told Fortune in October 2011. 

Brewer spoke at a conference in mid-June about some of the company’s plans for its business. 

Walgreens has been busy making acquisitions that will enable it to provide a continuum of care for its pharmacy customers. Between its VillageMD primary care practices, CareCentrix home health care services, and pharmacists, the company has worked hard to provide its customers with well-rounded, holistic healthcare. 

Pharmacy-led primary care is something that I see here in Canada. As Brewer pointed out in her comments, about 50% of all patients visit pharmacies for non-medical emergencies. Having primary care available at the local level is a long-term benefit. 

Of course, like M&T Bank, investors have yet to show its share price some love, despite the positive steps taken by Brewer to build a better Walgreens. I’m sure they will in time.

Lowe’s (LOW)

Marvin Ellison took the reins as CEO of Lowe’s (NYSE:LOW) in July 2018 after a futile bid to resurrect J.C. Penney failed to materialize. Ironically, Ellison joined J.C. Penney after 12 years, rising the ranks at Home Depot (NYSE:HD), Lowe’s main competitor.

I’ve been a fan of Tractor Supply (NASDAQ:TSCO) for many years. So, it was interesting to recently read that Lowe’s is taking the fight to America’s leading rural lifestyle retailer. 

“‘While in years past, our penetration of rural and remote stores was viewed as a competitive disadvantage, we now expect that these stores will be a key component of our operating profit growth over the next 3 to 5 years,’ Lowe’s CEO Marvin Ellison, said Tuesday during the company’s earnings call with analysts,” CNN Business reported Ellison’s comments in May. 

“Lowe’s (LOW) said it was scaling its rural store format to as many as 300 additional stores by year end for rural customers.”

While I don’t think Tractor Supply is putting up the white flag just yet, it’s an interesting tactic to generate growth when your urban and suburban stores have seen sales slow in recent quarters. 

Lowe’s stock is up 151% since Ellison was named CEO in 2018.

On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.