Investment management company Vulcan Value Partners recently released its fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The firm has five strategies, and all trailed their benchmark indexes in 2022. In the fourth quarter, the fund’s Large-Cap Composite returned 8.2% net of fees and expenses, the Small Cap Composite returned 11.2% net, Focus Composite returned 7.6% net, the Focus Plus composite returned 7.7%, and All Cap Composite returned 7.2% net. You can check the top 5 holdings of the fund to know its best picks in 2022.
Vulcan Value Partners highlighted stocks like Abbott Laboratories (NYSE:ABT) in the Q4 2022 investor letter. Headquartered in North Chicago, Illinois, Abbott Laboratories (NYSE:ABT) is a healthcare products company. On February 8, 2023, Abbott Laboratories (NYSE:ABT)stock closed at $110.20 per share. One-month return of Abbott Laboratories (NYSE:ABT)was -1.04%, and its shares lost 13.74% of their value over the last 52 weeks. Abbott Laboratories (NYSE:ABT)has a market capitalization of $192.141 billion.
Vulcan Value Partners made the following comment about Abbott Laboratories (NYSE:ABT) in its Q4 2022 investor letter:
“Abbott Laboratories (NYSE:ABT) is one of the largest and most diversified health care companies in the world. It operates in four segments: diagnostics, medical devices, nutritional products and established pharmaceuticals. The company quickly established itself as a global leader in the development and deployment of COVID-19 rapid diagnostic tests. Consequently, its revenue and profit growth accelerated during the pandemic. As demand for testing slowed to a more sustainable level, the company is facing difficult earnings comparisons. In addition, Abbott voluntarily recalled certain infant formula products and shut down a plant in Michigan where the products were manufactured, which put more pressure on its earnings comparisons. The plant has resumed production, and Abbott is regaining lost market share. We believe that these events, one positive and one negative, have distorted Abbott’s sustainable earning power and has given us an opportunity to purchase it with a margin of safety.”
Abbott Laboratories (NYSE:ABT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 62 hedge fund portfolios held Abbott Laboratories (NYSE:ABT) at the end of the third quarter, which was 61 in the previous quarter.
We discussed Abbott Laboratories (NYSE:ABT) in another article and shared the list of dividend stocks that beat the market last five years. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
