Miller Value Partners, an investment management company, released its “Income Strategy” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 11.68% net of fees compared to a 3.98% return for the ICE BofA US High Yield Index. Also, the fund outperformed the S&P 500 Index which returned -7.56% in the quarter. The strategy was -23.61% down in 2022. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Miller Value Partners highlighted stocks like Viatris Inc. (NASDAQ:VTRS) in the Q4 2022 investor letter. Headquartered in Canonsburg, Pennsylvania, Viatris Inc. (NASDAQ:VTRS) is a healthcare company. On January 19, 2023, Viatris Inc. (NASDAQ:VTRS) stock closed at $11.52 per share. One-month return of Viatris Inc. (NASDAQ:VTRS) was 4.63%, and its shares lost 20.72% of their value over the last 52 weeks. Viatris Inc. (NASDAQ:VTRS) has a market capitalization of $13.97 billion.
Miller Value Partners made the following comment about Viatris Inc. (NASDAQ:VTRS) in its Q4 2022 investor letter:
“Viatris Inc. (NASDAQ:VTRS) gained after reporting 3Q22 net sales of $4.07B, -10.0% Y/Y (-1% operationally), below consensus of $4.14B, and Adjusted EBITDA of $1.50B (36.8% margin), ahead of consensus of $1.44B. Free cash flow (FCF) for the quarter came in at $765.1MM, which brings trailing twelve-month (TTM) FCF to $2.88B, or a FCF yield of 22.9%. Viatris paid down ~$614MM of debt in the quarter, bringing YTD debt reduction to ~$2.1B, in-line with the company’s previously stated target of reducing debt by ~$6.5B between 2021-2023. Additionally, the company announced the acquisitions of two Ophthalmology (eyecare) companies, Oyster Point Pharma and Famy Life Sciences, for an aggregate purchase price of ~$700-750MM, with management expecting these transactions to add at least $1B in sales and $500MM in Adjusted EBITDA to Viatris by 2028.”
Photo by National Cancer Institute on Unsplash
Viatris Inc. (NASDAQ:VTRS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held Viatris Inc. (NASDAQ:VTRS) at the end of the third quarter which was 50 in the previous quarter.
We discussed Viatris Inc. (NASDAQ:VTRS) in another article and shared the best undervalued stocks to buy. In addition, please check out our hedge fund investor letters Q4 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.
