Danaher Corporation (DHR) Completed the Acquisition of Abcam
Headwaters Capital Management, an investment management company, released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund increased by +18.1% (+17.1% net) in the fourth quarter compared to a +12.8% return for the Russell Mid Cap Index. For the full year, the fund returned +34.8% (+33.0% net) compared to a +17.2% return for the index. The extraordinary strength of the fourth quarter 2023 market returns was fueled by investor optimism that inflation is moderating and the Fed’s clear signal that rate cuts are expected to start in 2024. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Headwaters Capital Management featured stocks such as Danaher Corporation (NYSE:DHR) in the fourth quarter 2023 investor letter. Headquartered in Washington, the District of Columbia, Danaher Corporation (NYSE:DHR) designs, manufactures, and markets professional, medical, industrial, and commercial products and services. On January 18, 2024, Danaher Corporation (NYSE:DHR) stock closed at $226.31 per share. One-month return of Danaher Corporation (NYSE:DHR) was -1.76%, and its shares lost 6.95% of their value over the last 52 weeks. Danaher Corporation (NYSE:DHR) has a market capitalization of $167.227 billion.
Headwaters Capital Management stated the following regarding Danaher Corporation (NYSE:DHR) in its fourth quarter 2023 investor letter:
"Danaher Corporation's (NYSE:DHR) acquisition offer for ABCM was approved by shareholders on 11/6/23. Shareholders approved the deal based on trough fundamentals (potential China weakness) and trough valuation (the broader market bottomed on 10/27). DHR took advantage of broader market fears and mis-aligned management incentives to acquire Abcam at a cheap price. While disappointing, ABCM was still a very successful investment for Headwaters as it outperformed the market by +27% during our ownership. The cash received from the acquisition was immediately re-deployed into the newest addition to the portfolio, IPAR (discussed below)."
A healthcare professional in a lab coat holding a microscope and looking at a slide under the lens.
Danaher Corporation (NYSE:DHR) is in 21st position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 103 hedge fund portfolios held Danaher Corporation (NYSE:DHR) at the end of third quarter which was 89 in the previous quarter.
We discussed Danaher Corporation (NYSE:DHR) in another article and shared the list of centi-billionaire Bill Gates’ top dividend stocks. In addition, please check out our hedge fund investor letters Q4 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.
