Should You Hold Pfizer (PFE)?

Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -5.23% net of fees compared to a -4.61% return for the Russell 1000 Index. Holdings in the technology and consumer discretionary sectors led to the underperformance of the strategy in the quarter. In contrast, stock selection in energy, consumer staples, and materials sectors positively contributed to the strategy’s performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Diamond Hill Capital discussed stocks like Pfizer Inc. (NYSE:PFE) in the Q3 2022 investor letter. Headquartered in New York, New York, Pfizer Inc. (NYSE:PFE) is a global biopharmaceutical company. On October 25, 2022, Pfizer Inc. (NYSE:PFE) stock closed at $45.59 per share. One-month return of Pfizer Inc. (NYSE:PFE) was 2.61% and its shares gained 6.10% of their value over the last 52 weeks. Pfizer Inc. (NYSE:PFE) has a market capitalization of $255.867 billion.

Diamond Hill Capital made the following comment about Pfizer Inc. (NYSE:PFE) in its Q3 2022 investor letter:

“Also among our bottom contributors were health care products manufacturer Abbott Labs, global pharmaceutical company Pfizer Inc. (NYSE:PFE), media and technology giant Alphabet, and insurance company American International Group (AIG). Although Pfizer continues to report strong performance of its core drugs, sales of its COVID vaccine and treatment have likely peaked and sales are expected to decline going forward. We remain optimistic about the company long term as we believe management is taking the company in the right direction, focusing R&D, and making strategic acquisitions with profits generated from COVID vaccine sales.”

Photo by Spencer Davis on Unsplash

Pfizer Inc. (NYSE:PFE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 70 hedge fund portfolios held Pfizer Inc. (NYSE:PFE) at the end of the second quarter which was 79 in the previous quarter.

We discussed Pfizer Inc. (NYSE:PFE) in another article and shared the list of most undervalued value 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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Disclosure: None. This article is originally published at Insider Monkey.