Organon & Co (OGN) Fell on Missed Consensus
Miller Value Partners, an investment management company, released its “Income Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 11.07% net of fees versus a 7.04% return for the benchmark, ICE BofA US High Yield Index, and underperforming the S&P 500’s 11.69% gain. Year-to-date the fund was up 12.59% net of fees compared to 13.44% for the benchmark and 26.29% return 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 featured stocks such as Organon & Co. (NYSE:OGN) in the fourth quarter 2023 investor letter. Headquartered in Jersey City, New Jersey, Organon & Co. (NYSE:OGN) is a pharmaceutical company that develops and delivers health solutions through a portfolio of prescription therapies and medical devices. On January 11, 2024, Organon & Co. (NYSE:OGN) stock closed at $16.83 per share. One-month return of Organon & Co. (NYSE:OGN) was 31.28%, and its shares lost 46.37% of their value over the last 52 weeks. Organon & Co. (NYSE:OGN) has a market capitalization of $4.302 billion.
Miller Value Partners Income Strategy stated the following regarding Organon & Co. (NYSE:OGN) in its fourth quarter 2023 investor letter:
"Organon & Co. (NYSE:OGN) missed consensus top-line and bottom-line consensus expectations driven by weakness in the company’s Women’s Health segment, which has been negatively impacted by generic competition, leading the market to conclude that management’s prior guidance for a return to growth may have been optimistic."
A pharmacist wearing a white lab coat and a face mask dispenses biosimilars at a pharmacy.
Organon & Co. (NYSE:OGN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Organon & Co. (NYSE:OGN) at the end of third quarter which was 31 in the previous quarter.
We discussed Organon & Co. (NYSE:OGN) in another article and shared the list of best low-priced dividend stocks to invest in. 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.
