Bill Miller Portfolio: Top 5 Stock Picks

4. Lincoln National Corporation (NYSE:LNC)

Miller Value Partners’ Q1 2026 Stake: $20.3 million 

Lincoln National Corporation (NYSE:LNC) is an insurance company and retirement planning services provider. Its shares are up by 16.6% over the past year and are down by 11.7% year-to-date. June 24th was a tough day for the shares as they closed 5% lower. On that day, Lincoln National Corporation (NYSE:LNC) announced that it had entered into an underwriting agreement with major investment banks to issue $500 million in debt. The insurance company plans to use the proceeds from the issuance for corporate purposes and potentially buy back its preferred shares.

Earlier in the year, investment bank UBS discussed Lincoln National Corporation (NYSE:LNC)’s shares. It raised the share price target to $39 from $37 and kept a Neutral rating on the stock. UBS’ coverage followed the insurance company’s first quarter earnings report. A couple of days later, on the 21st, Morgan Stanley cut Lincoln National Corporation (NYSE:LNC)’s share price target to $40 from $43 and kept an Overweight rating on the stock. Morgan Stanley discussed the first quarter earnings season and remarked that the insurance sector had delivered a strong set of numbers.