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 Amgen Inc. (NASDAQ:AMGN) in the second quarter 2023 investor letter. Headquartered in Thousand Oaks, California, Amgen Inc. (NASDAQ:AMGN) manufactures and delivers human therapeutics. On September 13, 2023, Amgen Inc. (NASDAQ:AMGN) stock closed at $257.23 per share. One-month return of Amgen Inc. (NASDAQ:AMGN) was -2.51%, and its shares gained 12.99% of their value over the last 52 weeks. Amgen Inc. (NASDAQ:AMGN) has a market capitalization of $137.593 billion.
ClearBridge Large Cap Value Strategy made the following comment about Amgen Inc. (NASDAQ:AMGN) in its Q2 2023 investor letter:
“In health care we exited global biotechnology company Amgen Inc. (NASDAQ:AMGN). Similar to many of its large cap pharma/biotech peers, Amgen is facing patent cliffs for its major drugs in the second half of the decade, while the company’s pipeline has disappointed. In addition, Amgen is facing above-average pricing pressure impacting a number of its current products that compete in crowded therapeutic areas. Amgen is now relying more heavily on acquisitions to address its patent cliff and weak internal pipeline. However, Amgen’s recently proposed $28 billion acquisition of Horizon Therapeutics is being challenged by the FTC, creating further uncertainty.”
Copyright: epstock / 123RF Stock Photo
Amgen Inc. (NASDAQ:AMGN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 57 hedge fund portfolios held Amgen Inc. (NASDAQ:AMGN) at the end of second quarter which was 57 in the previous quarter.
We discussed Amgen Inc. (NASDAQ:AMGN) in another article and shared the list of Dow stocks ranked in accordance with the hedge fund bullishness index. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 15 Worst Performing Dividend Stocks YTD
- 10 Biggest EV Charging Companies in the US
- 25 Trending Products to Sell Online
Disclosure: None. This article is originally published at Insider Monkey.
