Heartland Advisors: “Haemonetics (HAE) is a Recession-Friendly Stock”

Heartland Advisors, an investment management firm, published its “Heartland Value Plus Fund” second-quarter 2022 investor letter – a copy of which can be downloaded here. Stocks slid into a bear market amid rising rates and inflation, and now investors seem to be wondering whether Federal Reserve rate hikes might trigger a recession. Against this backdrop, the firm believes it’s more important than ever to focus on well-run, quality businesses with strong balance sheets. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, Heartland Value Plus Fund mentioned Haemonetics Corporation (NYSE:HAE) and explained its insights into the company. Founded in 1971, Haemonetics Corporation (NYSE:HAE) is a Boston, Massachusetts-based healthcare company with a $3.4 billion market capitalization. Haemonetics Corporation (NYSE:HAE) delivered a 26.60% return since the beginning of the year, while its 12-month returns are up by 14.03%. The stock closed at $67.15 per share on July 25, 2022.

Here is what Heartland Value Plus Fund has to say about Haemonetics Corporation (NYSE:HAE) in its Q2 2022 investor letter:

“Haemonetics, which provides disposables and devices used for blood and plasma collection, appears to be a recession-friendly stock as its products are not economically dependent. Moreover, as households feel economic pressures, they are more likely to donate plasma, for which they are compensated.”

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Our calculations show that Haemonetics Corporation (NYSE:HAE) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Haemonetics Corporation (NYSE:HAE) was in 16 hedge fund portfolios at the end of the second quarter of 2022, compared to 29 funds in the previous quarter. Haemonetics Corporation (NYSE:HAE) delivered a 19.89% return in the past 3 months.

In March 2022, we also shared another hedge fund’s views on Haemonetics Corporation (NYSE:HAE) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.