Miller Value Partners, an investment management company, released its “Income Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the strategy returned -3.51% net of fees compared to a 3.72 % return for the ICE Bank of America High Yield Index and 7.50% for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Miller Value Partners Income Strategy highlighted stocks like Viatris Inc. (NASDAQ:VTRS) in the first quarter 2023 investor letter. Headquartered in Canonsburg, Pennsylvania, Viatris Inc. (NASDAQ:VTRS) is a healthcare company. On April 17, 2023, Viatris Inc. (NASDAQ:VTRS) stock closed at $9.91 per share. One-month return of Viatris Inc. (NASDAQ:VTRS) was 4.98%, and its shares lost 7.47% of their value over the last 52 weeks. Viatris Inc. (NASDAQ:VTRS) has a market capitalization of $11.86 billion.
Miller Value Partners Income Strategy made the following comment about Viatris Inc. (NASDAQ:VTRS) in its Q1 2023 investor letter:
“Viatris Inc. (NASDAQ:VTRS) dropped in the quarter after it reported 4Q22 net sales of $3.87B, -10.7% Y/Y (-2% excluding foreign exchange impact), below consensus of $3.96B, and EPS of $0.83, compared to a 4Q21 net loss per share of -$0.22, ahead of consensus of $0.72. The company generated FY22 FCF of $2.55B, or a FCF yield of 22.1% and paid down $3.3B of debt in 2022, bringing total debt reduction to $5.4B since 2021. Management maintained its annual dividend at $0.48/share for FY23, or a ~5.0% yield, and repurchased ~$250MM worth of shares in January and February of 2023, or ~2.2% of the company’s market cap. For FY23, management is guiding for revenues of $15.8B (-2.9% Y/Y), Adjusted EBITDA of $5.2B (33.0% margin), and FCF of $2.5B, at the respective midpoints. The company also announced that Scott Smith, a board member of Viatris since December 2022, has been appointed as the company’s new CEO effective 4/1/23. Smith has previously served as the president and chief operating officer at Celgene Corporation, and most recently held the position of President at BioAlta, a publicly traded biotechnology company focused on the development of Conditionally Active Biologics antibody therapeutics.”
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Viatris Inc. (NASDAQ:VTRS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held Viatris Inc. (NASDAQ:VTRS) at the end of the fourth quarter which was 50 in the previous quarter.
We discussed Viatris Inc. (NASDAQ:VTRS) in another article and shared the list of best low-priced stocks to buy. In addition, please check out our hedge fund investor letters Q1 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.
