Investment management company RGA Investment Advisors recently released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the market continued the declining trend from the first half of 2022, and September was the worst month for the fund. But the firm believes this is a good time to invest for the long term. The fund invested in biotech and life science tools and instruments verticals for better future returns. You can check the top 5 holdings of the fund to know its best picks in 2022.
In the third quarter 2022 investor letter, RGA Investment Advisors highlighted stocks like Bristol-Myers Squibb Company (NYSE:BMY). Headquartered in New York, New York, Bristol-Myers Squibb Company (NYSE:BMY) is a biopharmaceutical product manufacturing company. On October 19, 2022, Bristol-Myers Squibb Company (NYSE:BMY) stock closed at $71.14 per share. One-month return of Bristol-Myers Squibb Company (NYSE:BMY) was 0.21% and its shares gained 23.06% of their value over the last 52 weeks. Bristol-Myers Squibb Company (NYSE:BMY) has a market capitalization of $151.902 billion.
RGA Investment Advisors made the following comment about Bristol-Myers Squibb Company (NYSE:BMY) in its Q3 2022 investor letter:
“Bristol-Myers Squibb Company (NYSE:BMY), which we referenced above, boasts a double digit free cash flow yield that gets divided roughly equally between repurchases, a dividend and M&A in what is the best environment for acquisitions perhaps ever. In 2019, BMY acquired Celgene, who had one of the better corporate development programs in the industry. We view this as a great outlet for us as generalists considering a company like BMY should truly thrive with the ability to acquire outstanding assets and science at depressed valuations. We touched on the Turning Point acquisition above and we expect the company to be increasingly active in the M&A landscape. Importantly, Celgene also came to BMY with a phenomenal CAR-T platform. CAR-T is a cell therapy that activates the body’s immune system to target cancers. This will be a key growth vector alongside M&A in overcoming the company’s patent cliff.”
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Bristol-Myers Squibb Company (NYSE:BMY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 69 hedge fund portfolios held Bristol-Myers Squibb Company (NYSE:BMY) at the end of the second quarter which was 70 in the previous quarter.
We discussed Bristol-Myers Squibb Company (NYSE:BMY) in another article and shared the list of best drug stocks to buy. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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