Broyhill Asset Management, an investment advisor, released a third-quarter 2024, investor letter. A copy of the letter can be downloaded here. Broyhill Partners appreciated 6% net of all fees and expenses in the third quarter. The top contributors in the quarter were Philip Morris, Fiserv, Avantor, and Baxter. There was only one material detractor: Dollar General. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Broyhill Asset Management highlighted stocks like Baxter International Inc. (NYSE:BAX), in the third quarter 2024 investor letter. Baxter International Inc. (NYSE:BAX) develops and provides healthcare products. The one-month return of Baxter International Inc. (NYSE:BAX) was -8.25%, and its shares lost 7.79% of their value over the last 52 weeks. On December 3, 2024, Baxter International Inc. (NYSE:BAX) stock closed at $33.13 per share with a market capitalization of $16.92 billion.
Broyhill Asset Management stated the following regarding Baxter International Inc. (NYSE:BAX) in its Q3 2024 investor letter:
Baxter gained 14%. The third quarter was a busy period for Baxter. The company entered into an agreement with Carlyle to sell its Kidney Care segment for $3.8 billion. The proceeds will allow it to pay down debt ahead of schedule, simplifying its balance sheet while it continues to drive operational improvements. During the quarter, Hurricane Helene disrupted supply at the company’s facility in North Carolina. Baxter is no stranger to IV supply disruptions, and we expect the current interruption will be immaterial to its long-term results.”
Patients connected to dialysis machines in a hospital ward, highlighting the company’s dialysis and intravenous therapies.
Baxter International Inc. (NYSE:BAX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Baxter International Inc. (NYSE:BAX) at the end of the third quarter which was 40 in the previous quarter. In the third quarter, Baxter International Inc.’s (NYSE:BAX) sales increased 4% on a reported basis and constant currency basis. While we acknowledge the potential of Baxter International Inc. (NYSE:BAX) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Baxter International Inc. (NYSE:BAX) and shared Parnassus Value Equity Fund’s views on the company in the previous quarter. Broyhill Asset Management increased its holdings in Baxter International Inc. (NYSE:BAX) in Q2 2024. In addition, please check out our hedge fund investor letters Q3 2024 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.