Vitaliy Katsenelson's Contrarian Edge: Price of these promising drug-related stocks shows investors are too cautious about the healthcare sector [MarketWatch]
Change Healthcare Inc. - Tangible Equity Units (CHNGU)
Company Research
Source: MarketWatch
Opinion: Price of these promising drug-related stocks shows investors are too cautious about the healthcare sector My investment management firm’s portfolio has a large position in the healthcare sector, and with AbbVie’s $63 billion takeover bid for Allergan earlier this week, it’s timely to review why we bought into this sector. Without commenting on Allergan AGN, +0.97% shares of which we own, or AbbVie ABBV, +3.50% , which we do not, healthcare companies in general are noncyclical — healthcare consumption is stable and independent of the whims of the global economy. The world’s population is aging rapidly, and as people get older they consume more healthcare services. This creates a strong tailwind. These are good businesses. In general they have solid balance sheets, above-average returns on capital, and they generate a lot of cash, which is used to pay dividends and buy back stock. These defensive features have not mattered much lately, as we are entering the 10th year of
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