1. Danaher Corporation (NYSE:DHR)
Number of Hedge Fund Holders: 90
Third Point’s Stake Value: $693,110,000
Third Point’s Holding Period: 7 years 6 months
Danaher Corporation (NYSE:DHR) specializes in the design, manufacturing, and marketing of a wide range of professional, medical, industrial, and commercial products and services. Danaher Corporation (NYSE:DHR) is the longest-held stock in Dan Loeb’s portfolio. In the first quarter of 2023, the billionaire owned 2.75 million shares of Danaher Corporation (NYSE:DHR) worth over $693 million.
On May 9, Danaher Corporation (NYSE:DHR) declared a $0.27 per share quarterly dividend, in line with previous. The dividend is payable on July 28, to shareholders of record on June 30.
According to Insider Monkey’s first quarter database, 90 hedge funds were bullish on Danaher Corporation (NYSE:DHR), compared to 88 funds in the earlier quarter. Charles Akre’s Akre Capital Management is a prominent stakeholder of the company, with a position worth 1.78 million shares worth $450.6 million.
Oakmark Global Fund made the following comment about Danaher Corporation (NYSE:DHR) in its second quarter 2023 investor letter:
“Danaher Corporation (NYSE:DHR) is a global leader in life sciences that maintains a portfolio of businesses primarily focused on bioprocessing, life science tools, genomics and diagnostics. In our view, Danaher has an excellent track record of creating shareholder value through smart capital allocation and world-class operational execution. The firm’s Danaher Business System employs a rigorous, process-driven approach to operational improvement that’s helped accelerate organic growth and expand margins through multiple leadership regimes. Danaher’s business mix has shifted dramatically in recent years after a series of transformative acquisitions and divestitures. We believe these portfolio moves leave the company attractively positioned in some of the industry’s fastest growing, most profitable niches. The upgraded portfolio contains premiere assets levered to secular growth areas, like biologics, molecular diagnostics, and genomics, that support many years of high-single-digit revenue growth and margin expansion. Near-term headwinds related to the pandemic are overshadowing this attractive long-term outlook. Danaher sells diagnostic tests and critical inputs needed for manufacturing Covid-19 vaccines. Robust demand for these products during the pandemic boosted the stock price in 2020 and 2021. As Covid-19 demand normalized, Danaher experienced sales headwinds and channel destocking on these products, which pressured the stock. We believe these near-term headwinds will ultimately prove short- lived. Danaher now trades at a discounted valuation relative to peers and private market transactions, which provided an attractive entry point to invest in this high-quality, resilient business.”
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