In this article, we discuss the top 5 stock picks of Roberto Mignone’s Bridger Management. If you want to check out a detailed analysis of Mignone’s investment philosophy and current portfolio allocation strategies, go directly to Top 10 Stock Picks of Roberto Mignone’s Bridger Management.
5. AstraZeneca PLC (NASDAQ:AZN)
Bridger Management’s Stake Value: $24,882,000
Percentage of Bridger Management’s 13F Portfolio: 5.6%
Number of Hedge Fund Holders: 47
AstraZeneca PLC (NASDAQ:AZN) is a biopharmaceutical firm specializing in prescription drug research, production, and marketing. In addition to BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), Bridger Management also opened a new position in AstraZeneca PLC (NASDAQ:AZN). The fund bought $24.88 million worth of AZN shares in the second quarter.
AstraZeneca PLC (NASDAQ:AZN) was upgraded on August 29 by Argus analyst Jasper Hellweg from ‘Hold’ to ‘Buy’ with a $75 price target, noting a flurry of recent authorizations, acquisitions, and growth in its current portfolio. In addition, the Japanese Ministry of Health, Labour, and Welfare committee on August 30 authorized AstraZeneca PLC (NASDAQ:AZN)’s COVID treatment, Evusheld.
According to Insider Monkey’s second quarter database, 47 hedge funds placed long bets on AstraZeneca PLC (NASDAQ:AZN), compared to 45 funds in the earlier quarter. The total stakes owned in the second quarter amounted to $4.90 billion, up from $4.58 billion in the first quarter of 2022. Ken Fisher’s Fisher Asset Management is the leading shareholder of AstraZeneca PLC (NASDAQ:AZN), with 21.39 million shares worth approximately $1.41 billion.
In its Q1 2022 investor letter, Carillon Tower Advisers mentioned AstraZeneca PLC (NASDAQ:AZN). Here is what the firm had to say:
“AstraZeneca (NYSE:AZN) performed strongly and reported encouraging fourth-quarter earnings and initial 2022 guidance. AstraZeneca also announced positive clinical data for two drugs within its oncology business that should serve as important long-term growth drivers.”
4. Morgan Stanley (NYSE:MS)
Bridger Management’s Stake Value: $26,029,000
Percentage of Bridger Management’s 13F Portfolio: 5.86%
Number of Hedge Fund Holders: 58
Bridger Management made its first investment in Morgan Stanley (NYSE:MS), an American provider of worldwide financial services and investment management, during the fourth quarter of 2010, purchasing shares worth about $82.11 million. In Q2 2022, the hedge fund sold 32,378 Morgan Stanley (NYSE:MS) shares, reducing its position in the company by 9%. As a result, the fund’s MS stake amounted to over $26.03 million in Q2, representing 5.86% of Bridger Management’s portfolio.
As per Insider Monkey’s Q2 data, the number of hedge funds holding stakes in Morgan Stanley (NYSE:MS) decreased to 58 by the end of Q2, down from 61 at the end of Q1. The total stake value of those 58 funds was roughly $2.99 billion. With shares worth nearly $1.06 billion, Eagle Capital Management is the biggest Morgan Stanley (NYSE:MS) investor among those funds.
On July 15, Barclays analyst Jason Goldberg maintained an ‘Overweight’ rating on Morgan Stanley and decreased his price objective from $123 to $108 following the Q2 results.
In its Q2 2022 investor letter, Sound Shore Management mentioned Morgan Stanley (NYSE:MS). Here is what the firm had to say:
“Morgan Stanley (NYSE:MS) is a long term holding, retreated despite having business models that are more resilient, over-capitalized and underappreciated by the market. In June, the Federal Reserve’s stress tests again blessed the health of the overall banking system. Morgan Stanley stood out with an 11% increase in its annual dividend, yielding 4.1% at quarter’s end.”
3. Centene Corporation (NYSE:CNC)
Bridger Management’s Stake Value: $26,931,000
Percentage of Bridger Management’s 13F Portfolio: 6.07%
Number of Hedge Fund Holders: 58
Centene Corporation (NYSE:CNC) is a diversified healthcare corporation that focuses mainly on offering services to government-sponsored healthcare programs. Stephen Baxter, a Wells Fargo analyst, downgraded Centene Corporation (NYSE:CNC) from ‘Overweight’ to ‘Equal Weight’ on August 28 and lowered the price objective from $103 to $99. In a research note to investors, Baxter stated that contract awards made by the California Department of Health Care Services for the state’s Medicaid Managed Care program indicated a “near worst scenario” for Centene Corporation (NYSE:CNC).
Insider Monkey hedge fund database reveals that in the first quarter of 2022, 60 hedge funds were bullish on Centene Corporation (NYSE:CNC). However, in the second quarter of 2022, the number declined to 58 hedge funds. The most prominent stake was held by Viking Global, with 8.29 million shares worth $701.74 million.
According to the 13F filings for the second quarter of 2022, Bridger Management held 318,300 shares of Centene Corporation (NYSE:CNC), amounting to $26.93 million. Centene Corporation (NYSE:CNC) was the eighth-largest holding of the hedge fund and represented 6.07% of its 13F portfolio in the second quarter of 2022.
2. GoDaddy Inc. (NYSE:GDDY)
Bridger Management’s Stake Value: $31,020,000
Percentage of Bridger Management’s 13F Portfolio: 6.99%
Number of Hedge Fund Holders: 40
GoDaddy Inc. (NYSE:GDDY) offers web hosting and domain name registration services. It provides tools for hosting, creating, and securing websites. 40 hedge funds tracked by Insider Monkey reported owning stakes in the Tempe-based company as of the end of the second quarter, down from 43 in the previous quarter. The total value of the stakes was over $1.50 billion.
GoDaddy Inc. (NYSE:GDDY) announced “in-lineish” Q2 earnings and dropped its FY22 revenue target. Thus Evercore ISI analyst Mark Mahaney on August 4 removed GoDaddy Inc. (NYSE:GDDY) from the firm’s ‘Tactical Outperform’ list. He maintained an ‘In Line’ rating and a $91 price objective on the stock.
Bridger Management started building its position in GoDaddy Inc. (NYSE:GDDY) during the fourth quarter of 2016. In Q2 2022, the hedge fund slashed its position in the company by 30%, maintaining a stake worth $31.02 million. GoDaddy Inc. (NYSE:GDDY) accounted for 6.99% of Roberto Mignone’s portfolio.
1. Charter Communications, Inc. (NASDAQ:CHTR)
Bridger Management’s Stake Value: $31,935,000
Percentage of Bridger Management’s 13F Portfolio: 7.19%
Number of Hedge Fund Holders: 68
Broadband communications provider Charter Communications, Inc. (NASDAQ:CHTR) offers voice, internet, and video services. As of December 31, 2021, the corporation has 32.1 million household and enterprise clients.
On August 24, KeyBanc analyst Brandon Nispel increased his price objective on Charter Communications, Inc. (NASDAQ:CHTR) from $555 to $592 while maintaining an ‘Overweight’ rating on the stock. He did this because he was confident that growth would continue despite the company’s subpar KPIs.
Bridger Management reported owning shares worth $31.94 million of Charter Communications, Inc. (NASDAQ:CHTR) at the end of Q2 2022, increasing the position by 30% from last quarter. By the end of Q2 2022, 68 hedge funds tracked by Insider Monkey held stakes in Charter Communications, Inc. (NASDAQ:CHTR), down from 73 in the previous quarter. The aggregate value of these stakes was over $5.69 billion.
Harris Associates is one of the company’s most prominent stakeholders in Q2, holding shares worth roughly $1.95 billion. Next on the list is legendary investor and billionaire Warren Buffett’s Berkshire Hathaway. The Oracle of Omaha owns 3.83 million shares of Charter Communications, Inc. (NASDAQ:CHTR) worth $1.79 billion.
In its Q1 2022 investor letter, ClearBridge Investments highlighted a few stocks, and Charter Communications, Inc. (NASDAQ:CHTR) was one of them. Here is what the fund said:
“We also added to Charter Communications, Inc. (NASDAQ:CHTR), a historically strong performer that has faced headwinds recently due to a deceleration in broadband subscriber growth following a period of robust results during the pandemic.”
You can also take a peek at Top 10 Stock Picks of Glenn Greenberg’s Brave Warrior Capital and Top 10 Stock Picks of Cinctive Capital Management.
