ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 3000 Index, in the quarter. The strategy gained two out of 10 sectors in which it invested during the quarter, on an absolute basis. Communication services and consumer discretionary sectors were the sole contributors while the information technology (IT) and utilities sectors detracted. Overall stock selection and sector allocation detracted on a relative basis. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
ClearBridge Sustainability Leaders Strategy highlighted stocks like CVS Health Corporation (NYSE:CVS) in the third quarter 2023 investor letter. Headquartered in Woonsocket, Rhode Island, CVS Health Corporation (NYSE:CVS) is a health services provider that operates through Health Care Benefits, Pharmacy Services, and Retail/LTC segments. On December 27, 2023, CVS Health Corporation (NYSE:CVS) stock closed at $78.82 per share. One-month return of CVS Health Corporation (NYSE:CVS) was 16.00%, and its shares lost 15.66% of their value over the last 52 weeks. CVS Health Corporation (NYSE:CVS) has a market capitalization of $101.433 billion.
ClearBridge Sustainability Leaders Strategy made the following comment about CVS Health Corporation (NYSE:CVS) in its Q3 2023 investor letter:
“Other health care holdings such as managed care company UnitedHealth Group and health care services company CVS Health Corporation (NYSE:CVS) were also rewarded in the third quarter. CVS, though a marginal contributor, has been weighed down in 2023 by an acquisition deal for Oak Street Health, an increase in medical benefits costs and a decline in the company’s overall Medicare Advantage star rating, but recent operational improvements suggest progress in its transition from a retailer to a diversified health care services company. Oak Street Health is a potential foundational asset for CVS’s retail primary care strategy, and we are positive on the company’s long-term prospects.”
A pharmacist in a hospital pharmacy stands next to a row of various drug containers.
CVS Health Corporation (NYSE:CVS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 64 hedge fund portfolios held CVS Health Corporation (NYSE:CVS) at the end of third quarter which was 66 in the previous quarter.
We discussed CVS Health Corporation (NYSE:CVS) in another article and shared the list of undervalued defensive stocks for 2024. In addition, please check out our hedge fund investor letters Q3 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.
