In this article, we will take a look at the 5 beaten down stocks billionaires are crazy about. To read our analysis of the recent market trends and activity, you can go to the 10 Beaten Down Stocks Billionaires Are Crazy About.
5. Bio-Rad Laboratories, Inc. (NYSE:BIO)
Number of Billionaire Holders: 16
Hercules, California-based Bio-Rad Laboratories, Inc. (NYSE:BIO) manufactures and supplies the life science research, healthcare, analytical chemistry, and other markets with a broad range of products and systems used to separate complex chemical and biological materials and to identify, analyze, and purify their components.
On October 26, Bio-Rad Laboratories, Inc. (NYSE:BIO) released its financial results for Q3 2023. Its revenue declined by 7% y-o-y to $632 million while it generated a net income of $106 million, compared to a net loss of $163 million. The normalized EPS, at $2.33, missed consensus estimates by $0.48.
As of Q3 2023, 44 hedge funds owned shares of Bio-Rad Laboratories, Inc. (NYSE:BIO), valued at $837 million. Israel Englander’s Millennium Management was the largest shareholder with ownership of 0.38 million shares valued at $135 million.
4. Mettler-Toledo International Inc. (NYSE:MTD)
Number of Billionaire Holders: 16
Mettler-Toledo International Inc. (NYSE:MTD) is a global manufacturer and marketer of precision instruments for use in laboratory, industrial and food retailing applications. Its products are sold in more than 140 countries and has a direct presence in approximately 40 countries.
On November 9, Mettler-Toledo International Inc. (NYSE:MTD) released its financial results for the third quarter of 2023. Its revenue declined by 4% y-o-y to $942 million and net income declined by 9% y-o-y to $202 million. The normalized EPS of $9.80 was $0.07 below the consensus estimates.
Following the earnings release, Wells Fargo analyst Timothy Daley lowered the firm’s price target on Mettler-Toledo International Inc. (NYSE:MTD) shares to $1300 from $1520 and maintained an ‘Overweight’ rating.
In its Baron Health Care Fund Q3 2023 investor letter, Baron Funds, an investment management company, made the following comments about Mettler-Toledo International Inc. (NYSE:MTD):
“Mettler’s stock declined in response to disappointing second quarter financial results and lowered 2023 guidance. Management noted market conditions in China have worsened considerably, particularly among biopharmaceutical customers who are delaying investment decisions as they wait for government stimulus. Management also stated that global manufacturing Purchasing Managers’ Indexes have continued to trend lower. We think these headwinds are temporary and continue to believe Mettler has a solid long-term outlook.”
3. Bristol-Myers Squibb Company (NYSE:BMY)
Number of Billionaire Holders: 18
Based in New Jersey, Bristol-Myers Squibb Company (NYSE:BMY) is a biotechnology company focused on the discovery, development, and delivery of innovative medicines for serious diseases across oncology, hematology, immunology, cardiovascular disease, and fibrosis.
On October 8, Bristol-Myers Squibb Company (NYSE:BMY) announced that it had entered into a definitive merger agreement to acquire Mirati Therapeutics, Inc. (NASDAQ:MRTX), in an all-cash transaction which values the target company at $4.8 billion. The acquisition is expected to strengthen and diversify the oncology portfolio of the company.
On December 6, the Board of Directors of Bristol-Myers Squibb Company (NYSE:BMY) declared a quarterly dividend of $0.60 per share, representing a 5.3% increase over last year’s quarterly rate. This marks the 15th consecutive year of dividend increases and the 92nd consecutive year of dividend payments.
2. Pfizer Inc. (NYSE:PFE)
Number of Billionaire Holders: 18
Founded in 1849, New York-based, Pfizer Inc. (NYSE:PFE) is a leading research-based biopharmaceutical company. Its product portfolio and pipeline includes several pharmaceutical therapies for primary care, specialty care, and oncology, including mRNA-based COVID-19 vaccine – COMIRNATY, and covid-19 treatment – PAXLOVID.
On October 31, Pfizer Inc. (NYSE:PFE) released its financial results for the third quarter of 2023. Its revenues declined by 42% y-o-y to $13.2 billion, while it reported a net loss of $2.4 billion. The drastic drop resulted from a decline in the company’s revenue from Comirnaty and Paxlovid. On the other hand, the revenues for non-covid products of the company increased 10% operationally.
On December 1, Pfizer Inc. (NYSE:PFE) announced topline data from the Phase 2b clinical trial investigating its oral Glucagon-like peptide-1 receptor agonist (GLP-1RA) candidate, danuglipron, in adults with obesity and without type 2 diabetes. The study demonstrated statistically significant change in body weight from baseline.
As of Q3 2023, 73 of the 910 hedge funds tracked by Insider Monkey were long Pfizer Inc. (NYSE:PFE), holding shares worth $2.4 billion. Prominent hedge funds such as Citadel Investment Group, D E Shaw, and Two Sigma Advisors, among others, held the most shares of the company.
1. Cigna Corporation (NYSE:CI)
Number of Billionaire Holders: 19
Based in Bloomfield, Connecticut, Cigna Corporation (NYSE:CI) is a global health company with primary businesses including Evernorth Health Service – a pharmacy, care and benefits solutions provider; and Cigna Healthcare – a health benefits provider serving customers and clients across United States as well as internationally.
On November 2, Cigna Corporation (NYSE:CI) released its financial results for Q3 2023. Its revenue increased by 8% y-o-y to $49 billion while net income shrunk by 49% y-o-y to $1.4 billion. The normalized EPS of the company, at $6.77, surpassed consensus estimates by $0.09.
Following the earnings release, RBC Capital analyst Ben Hendrix raised the price target for Cigna Corporation (NYSE:CI) shares from $300 to $327 and maintained a ‘Sector Perform’ rating for the shares.
As of Q3 2023, Cigna Corporation (NYSE:CI) shares were held by 74 out of 910 hedge funds tracked by Insider Monkey with a total value of $2.8 billion. The stock counted 19 billionaires among its shareholders, with ownership of $1.3 billion worth of its shares.
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