Should You Be Positive about the Long-Term Fundamentals of Pfizer (PFE)?

Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy underperformed the Russell 1000 Index. With the revival of growth and technology stocks, the strategy’s underweight exposure to the sector was a headwind on the relative performance. Technology and communication services holdings of the strategy collectively performed well but did not keep pace with those in the index. It benefited from the strength of investments in the materials and consumer discretionary sectors. The strategy returned 6.04% (net) in the quarter compared to 8.58% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.

Diamond Hill Large Cap Strategy highlighted stocks like Pfizer Inc. (NYSE:PFE) in the second quarter 2023 investor letter. Headquartered in New York, New York, Pfizer Inc. (NYSE:PFE) is a global biopharmaceutical company. On September 14, 2023, Pfizer Inc. (NYSE:PFE) stock closed at $34.15 per share. One-month return of Pfizer Inc. (NYSE:PFE) was -6.85%, and its shares lost 25.81% of their value over the last 52 weeks. Pfizer Inc. (NYSE:PFE) has a market capitalization of $192.81 billion.

Diamond Hill Large Cap Strategy made the following comment about Pfizer Inc. (NYSE:PFE) in its Q2 2023 investor letter:

“Our bottom contributors in Q2 included health insurance company Humana, biopharmaceutical company Pfizer Inc. (NYSE:PFE) and global entertainment company Disney. Pharmaceutical giant Pfizer has been dealing with a decline in sales due to lower COVID vaccination levels. Additionally, in 2023, management is increasing spend as the company invests in new product launches. That said, we remain positive about the long-term company fundamentals.”

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Pfizer Inc. (NYSE:PFE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 73 hedge fund portfolios held Pfizer Inc. (NYSE:PFE) at the end of second quarter which was 73 in the previous quarter.

We discussed Pfizer Inc. (NYSE:PFE) in another article and shared the list of stocks to buy with steady dividends. In addition, please check out our hedge fund investor letters Q2 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.