Is Humana (HUM) an Attractive Investment Opportunity?

Renaissance Investment Management, an investment management company, released its “Large Cap Growth Strategy” third quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -3.46% (net) compared to a -3.60% return for the Russell 1000 Growth Index and -4.88% return for the S&P 500 Index. The focus on high-quality stocks led the strategy to outperform the indexes in the quarter. The Consumer Discretionary sector significantly contributed to the strategy’s performance while the Technology sector detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Renaissance Investment highlighted stocks like Humana Inc. (NYSE:HUM) in the third quarter 2022 investor letter. Headquartered in Louisville, Kentucky, Humana Inc. (NYSE:HUM) is an American health and well-being company. On December 27, 2022, Humana Inc. (NYSE:HUM) stock closed at $514.38 per share. One-month return of Humana Inc. (NYSE:HUM) was -6.46% and its shares gained 9.67% of their value over the last 52 weeks. Humana Inc. (NYSE:HUM) has a market capitalization of $65.121 billion.

Renaissance Investment made the following comment about Humana Inc. (NYSE:HUM) in its Q3 2022 investor letter:

“In September, We added a new position in the Health Care sector with Humana Inc. (NYSE:HUM), one of the largest managed care providers in the U.S. with a focus on medical insurance for the Medicare Advantage market. We believe Humana is poised to see a reacceleration in Medicare Advantage membership growth after making large investments in its program benefits earlier this year. In addition, we like the demographic tailwinds for the entire Medicare Advantage market, as the next four years should provide the highest number of baby boomers yet qualifying for Medicare benefits.”

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Humana Inc. (NYSE:HUM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 76 hedge fund portfolios held Humana Inc. (NYSE:HUM) at the end of the third quarter, which was 69 in the previous quarter.

We discussed Humana Inc. (NYSE:HUM) in another article and shared Jim Cramer’s stock picks in the third week of December. 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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Disclosure: None. This article is originally published at Insider Monkey.