In this article, we will discuss: Bill Miller Portfolio: Top 5 Stock Picks. For more stocks, you can head to Bill Miller Portfolio: Top 10 Stock Picks.

5. Quad/Graphics, Inc. (NYSE:QUAD)

Miller Value Partners’ Q1 2026 Stake: $17.5 million 

Quad/Graphics, Inc. (NYSE:QUAD) is one of the largest marketing companies in the world. The shares are up by 44% over the past year and by 43% year-to-date. The firm started the year with a key management change. Quad/Graphics, Inc. (NYSE:QUAD) promoted its chief operating officer, Dave Honan, to President in February. At the same time, the firm also retained its chairman and chief executive officer, Joel Quadracci. As part of the release, Quad/Graphics, Inc. (NYSE:QUAD)’s CEO outlined that he expected Honan to rely on his experiences as the chief operating officer to focus on the firm’s growth initiatives.

On June 17th, the firm shared its latest insights on how consumer trends were shaping up in 2026. Quad/Graphics, Inc. (NYSE:QUAD) identified four key factors called the Optimization Illusion, Algorithms Renegotiated, The End of Enough and Humanity Revived. These reveal that consumers are focused on accessibility over scale, meaningful interactions over algorithm driven recommendations, and caution over spending through careful analysis of finances.

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.

3. Gray Media, Inc. (NYSE:GTN)

Miller Value Partners’ Q1 2026 Stake: $23.3 million 

Gray Media, Inc. (NYSE:GTN) is one of the largest television operators in America, known for running NBC and ABC affiliates. The shares are down by 29.5% over the past year and by 21% year-to-date. The firm is currently busy expanding its operational portfolio across America. On July 1st, Gray Media, Inc. (NYSE:GTN) announced that it would purchase six television stations from American Spirit Media for a $50 million price tag. The six stations that are part of the deal are DMA 81, DMA 100, DMA 125, DMA 126, DMA 149 and DMA 176. They are spread across Ohio, Mississippi, North Carolina, Georgia, Texas and Louisiana. As part of the deal, Gray Media, Inc. (NYSE:GTN) has already paid $40 million to American Spirit and funded a portion of the deal through a debt offering.

Earlier in the year, Guggenheim cut Gray Media, Inc. (NYSE:GTN)’s share price target to $6 from $7 and kept a Buy rating on the stock. The coverage came after the television network operator’s first quarter earnings, which saw it post $768 million in revenue and a $33 million net loss.

2. Crescent Energy Company (NYSE:CRGY)

Miller Value Partners’ Q1 2026 Stake: $27 million 

Crescent Energy Company (NYSE:CRGY) is a mid sized oil and gas exploration and production company. Its shares are up by 2.4% over the past year and by 11% year-to-date. Raymond James discussed the firm on June 18th as it reduced the share price target to $18 from $20 and kept a Strong Buy rating on the stock. The coverage followed the dip in oil prices as hostilities in the Middle East eased. On May 27th, Mizuho raised Crescent Energy Company (NYSE:CRGY)’s share price target to $15 from $14 and kept a Neutral rating on the shares. Unsurprisingly, the revision stemmed from Mizuho’s optimism about rising oil prices.

Crescent Energy Company (NYSE:CRGY) is due to report its fiscal second quarter earnings on August 4th. It reported its first quarter earnings on May 4th and posted $1.18 billion in revenue and $0.53 in adjusted earnings per share.

American Century Investments Small Cap Value Fund discussed Crescent Energy Company (NYSE:CRGY) in its Q1 2026 investor letter:

“Crescent Energy Company (NYSE:CRGY). The Houston-based independent oil and gas companies saw their shares move higher during the quarter primarily due to the spike in oil prices. Implications of the Strait of Hormuz remaining partially closed also supported the higher share price.”

1. Nabors Industries Ltd. (NYSE:NBR)

Miller Value Partners’ Q1 2026 Stake: $38.2 million 

Nabors Industries Ltd. (NYSE:NBR) is a large oil and gas drilling company with operations all over the world. The shares are up by 140% over the past year and by 48% year-to-date. RBC Capital discussed the firm in July as it kept a Hold rating and a $200 share price target. Media reports have suggested that the hostilities in the Middle East have benefited Nabors Industries Ltd. (NYSE:NBR) as oil supply disruptions have increased focus on oil drilling companies. This effect also appears to be present in the share price as the stock lost 13.9% between June 15th and June 24th after the US and Iran ceased hostilities.

Earlier in the year, in May, Barclays discussed Nabors Industries Ltd. (NYSE:NBR)’s stock. Barclays significantly raised the share price target to $99 from $65 and bumped the rating to Equalweight from Underweight. To justify its coverage, Barclays remarked that the energy services sector was in its best position in two decades.

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