Meridian Funds, managed by ArrowMark Partners, released its “Meridian Growth Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 4.69% (net) compared to a 4.72% return for the Russell 2500 Growth Index. Positive factors during the quarter helped the fund’s performance. An emphasis on quality was beneficial for the fund in the upmarket. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Meridian Growth Fund highlighted stocks like Omnicell, Inc. (NASDAQ:OMCL) in the Q4 2022 investor letter. Headquartered in Mountain View, California, Omnicell, Inc. (NASDAQ:OMCL) is a medication management solutions and adherence tools provider for healthcare systems. On March 16, 2023, Omnicell, Inc. (NASDAQ:OMCL) stock closed at $56.97 per share. One-month return of Omnicell, Inc. (NASDAQ:OMCL) was 5.48%, and its shares lost 58.47% of their value over the last 52 weeks. Omnicell, Inc. (NASDAQ:OMCL) has a market capitalization of $2.563 billion.
Meridian Growth Fund made the following comment about Omnicell, Inc. (NASDAQ:OMCL) in its Q4 2022 investor letter:
“Omnicell, Inc. (NASDAQ:OMCL), develops medication management systems for healthcare systems and retail pharmacies in the U.S. and internationally. Its offerings consist of hardware and software components and are used by customers ranging from robot[1]central pharmacies to hospitals that deploy automated dispensing systems such as bedside cabinets. We believe Omnicell’s market-leading position holds attractive growth potential, especially as we anticipate healthcare systems and pharmacy operators will remain aggressively cost-conscious. The stock slumped during the quarter as the company lowered its near-term revenue and profit targets due primarily to two key factors. First, the implementation of completed deals slowed, bogged down by industry labor shortages and an overly active respiratory illness season that prompted customers to extend their plans by three to six months. Second, the company experienced a slowdown in capital budgeting decisions by over-stressed hospitals, which resulted in a decline in new bookings and awarded contracts. Despite the near-term challenges, we continue to believe in Omnicell’s potential and maintained our position during the quarter.”
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Omnicell, Inc. (NASDAQ:OMCL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Omnicell, Inc. (NASDAQ:OMCL) at the end of the fourth quarter which was 23 in the previous quarter.
We discussed Omnicell, Inc. (NASDAQ:OMCL) in another article and shared ClearBridge Small Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 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.
