ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed its Russell 1000 Value Index benchmark in the second quarter. The strategy benefited from nine of the 11 sectors in which it was invested for the quarter on an absolute basis, while overall stock selection contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Large Cap Value Strategy highlighted stocks like McKesson Corporation (NYSE:MCK) in the second quarter 2023 investor letter. Headquartered in Irving, Texas, McKesson Corporation (NYSE:MCK) offers healthcare services. On September 13, 2023, McKesson Corporation (NYSE:MCK) stock closed at $420.48 per share. One-month return of McKesson Corporation (NYSE:MCK) was 0.85%, and its shares gained 23.30% of their value over the last 52 weeks. McKesson Corporation (NYSE:MCK) has a market capitalization of $56.724 billion.
ClearBridge Large Cap Value Strategy made the following comment about McKesson Corporation (NYSE:MCK) in its Q2 2023 investor letter:
“Also within health care, we added to McKesson Corporation (NYSE:MCK), a holding we initiated in March. McKesson is the leading distributor of pharmaceuticals to retail drug stores, physicians’ offices and hospitals in the U.S. It also has one of the largest specialty drug and oncology businesses in the U.S., which is the fastest-growing segment within drug distribution. We continue to gain comfort with the business, which operates in a very stable industry, maintains a strong balance sheet and trades at a reasonable valuation for a company we believe can compound earnings in the low teens, with further upside from faster organic growth than peers.”
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McKesson Corporation (NYSE:MCK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 60 hedge fund portfolios held McKesson Corporation (NYSE:MCK) at the end of second quarter which was 60 in the previous quarter.
We discussed McKesson Corporation (NYSE:MCK) in another article and shared the list of best cheap dividend stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.
