Henry Schein (HSIC) Faced a Cyber Attack in Q4

Meridian Funds, managed by ArrowMark Partners, released its “Meridian Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 11.10% (net) lagging behind the benchmark, the Russell 2500 Growth Index’s 12.59% return. The investment strategy of the Fund emphasizes investing in high-quality companies with recurring revenue and sustainable competitive advantages. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Meridian Growth Fund featured stocks like Henry Schein, Inc. (NASDAQ:HSIC) in the fourth quarter 2023 investor letter. Headquartered in Melville, New York, Henry Schein, Inc. (NASDAQ:HSIC) is a healthcare products and services provider to medical, dental, and veterinary office-based practitioners. On March 28, 2024, Henry Schein, Inc. (NASDAQ:HSIC) stock closed at $75.52 per share. One-month return of Henry Schein, Inc. (NASDAQ:HSIC) was -1.24%, and its shares lost 5.74% of their value over the last 52 weeks. Henry Schein, Inc. (NASDAQ:HSIC) has a market capitalization of $9.705 billion.

Meridian Growth Fund stated the following regarding Henry Schein, Inc. (NASDAQ:HSIC) in its fourth quarter 2023 investor letter:

“Henry Schein, Inc. (NASDAQ:HSIC) is a leading dental and medical supply distributor that operates through a centralized and automated distribution network. The company offers more than 300,000 products through its distribution centers. In October, Henry Shein was victimized by a cyberattack that significantly impacted its operations and delivery capabilities. Management anticipates the disruption will negatively impact sales growth in the coming quarter, a likelihood we see extending throughout this year. Longer-term, we believe Henry Schein is well positioned for recovery, however, our research indicates that the company will need to rely on increased promotions to win back business in the near term. With anticipated slower sales and a sluggish dental market in 2024, we elected to trim the position during the quarter.”

A close-up of a patient’s mouth, the dental products from the company in view.

Henry Schein, Inc. (NASDAQ:HSIC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Henry Schein, Inc. (NASDAQ:HSIC) was held by 28 hedge fund portfolios, compared to 30 in the previous quarter, according to our database.

We discussed Henry Schein, Inc. (NASDAQ:HSIC) in another article and shared Artisan Partners’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.