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Macroeconomic Factors Pulled Merck & Co. (MRK) in Q3

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. After a robust first half of the year, the S&P 500 Index declined 3.3% in the third quarter, leaving the market up 13.1% through the first nine months of 2023. On a relative basis, this year has not been good for the fund’s investment strategy. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Carillon Eagle Mid Cap Growth Fund highlighted stocks like Merck & Co., Inc. (NYSE:MRK) in the third quarter 2023 investor letter. Headquartered in Rahway, New Jersey, Merck & Co., Inc. (NYSE:MRK) is a healthcare company that operates through Pharmaceutical and Animal Health. On December 4, 2023, Merck & Co., Inc. (NYSE:MRK) stock closed at $105.06 per share. One-month return of Merck & Co., Inc. (NYSE:MRK) was 1.02%, and its shares lost 3.55% of their value over the last 52 weeks. Merck & Co., Inc. (NYSE:MRK) has a market capitalization of $266.224 billion.

Carillon Eagle Mid Cap Growth Fund made the following comment about Merck & Co., Inc. (NYSE:MRK) in its Q3 2023 investor letter:

"Merck & Co., Inc. (NYSE:MRK) underperformed in the third quarter, based on what we view as largely macroeconomic-related factors. The company continues to execute well, both clinically and fundamentally, but much of the biopharmaceutical industry has been weak as investors are gravitating to other, more cyclical sectors."

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Merck & Co., Inc. (NYSE:MRK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 85 hedge fund portfolios held Merck & Co., Inc. (NYSE:MRK) at the end of third quarter which was 78 in the previous quarter.

We discussed Merck & Co., Inc. (NYSE:MRK) in another article and shared billionaire Ken Fisher’s stock picks with huge upside potential. In addition, please check out our hedge fund investor letters Q3 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.