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Here’s Why You Should Invest in Smith & Nephew plc (SNN)

Soumya Eswaran
·2-min read

Oakmark Funds, advised by Harris Associates, released its “Oakmark International Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. For the quarter ended March 31, 2024, the fund returned 0.11% compared to the MSCI World ex U.S. Index benchmark’s 5.59% return. Since its inception in September 1992, the fund returned an average of 8.55% per year compared to the index’s 6.10% return over the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Oakmark International Fund featured stocks Smith & Nephew plc (NYSE:SNN) in the first quarter 2024 investor letter. Headquartered in Watford, the United Kingdom, Smith & Nephew plc (NYSE:SNN) develops, manufactures, markets, and sells medical devices and services. On April 5, 2024, Smith & Nephew plc (NYSE:SNN) stock closed at $24.47 per share. One-month return of Smith & Nephew plc (NYSE:SNN) was -12.49%, and its shares lost 14.00% of their value over the last 52 weeks. Smith & Nephew plc (NYSE:SNN) has a market capitalization of $10.689 billion.

Oakmark International Fund stated the following regarding Smith & Nephew plc (NYSE:SNN) in its first quarter 2024 investor letter:

"Smith & Nephew plc (NYSE:SNN) is a global medical device manufacturer operating in attractive end markets. The company currently generates the majority of its earnings through its sports medicine and advanced wound management businesses, which command strong market share positions and offer favorable growth prospects. The company’s orthopedics business has historically underperformed its peers, but we are pleased by the decisive actions taken by new CEO Deepak Nath, which we expect will improve growth, margins and return on invested capital for the orthopedics segment. We believe the company is in the early stages of its margin improvement journey and an upgrade of the product portfolio in recent years will drive sustainably higher revenue growth than in the past. We were able to purchase Smith & Nephew shares at a discount to our estimate of intrinsic value, despite the company’s improving fundamental outlook."

A healthcare professional putting the finishing touches on a patient's knee implant in an operating theater.

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Smith & Nephew plc (NYSE:SNN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Smith & Nephew plc (NYSE:SNN) was held by 11 hedge fund portfolios, compared to 13 in the previous quarter, according to our database.

We discussed Smith & Nephew plc (NYSE:SNN) in another article and shared the list of biggest ostomy companies and suppliers in the world. In addition, please check out our hedge fund investor letters Q1 2024 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.