At the end of the second quarter of 2022, 15 hedge funds in the database of Insider Monkey held stakes worth $155 million in Manulife Financial Corporation (NYSE:MFC), compared to 19 in the preceding quarter worth $517.5 million.
Just like Humana Inc. (NYSE:HUM), Cigna Corporation (NYSE:CI), and MetLife, Inc. (NYSE:MET), Manulife Financial Corporation (NYSE:MFC) is one of the best insurance stocks to buy according to hedge funds.
In its Q2 2022 investor letter, Harding Loenver, an asset management firm, highlighted a few stocks and Manulife Financial Corporation (NYSE:MFC) was one of them. Here is what the fund said:
“Manulife Financial Corporation (NYSE:MFC), the Canadian life insurer operating primarily in North America and Asia, is a new holding. Manulife offers a full suite of life insurance products as well as retirement and wealth management services. While the wealth management and retirement products appeal to the aging populations of the Western world, long-term life insurance products address the needs of the growing number of middle-class families in places like China and southeast Asia. COVID-19-induced lockdowns in China brought the shares down to a significant discount to our estimate of long-term value. The holding now serves as a nice diversifier to our Asia-centered insurers AIA and Ping An.”
Number of Hedge Fund Holders: 11
Clover Health Investments, Corp. (NASDAQ:CLOV) operates as a medicare advantage insurer in the United States. It is one of the top insurance stocks to invest in. On July 14, Clover Health Investments said that it will offer Medicare Advantage plans in 13 new counties across South Carolina, Tennessee, and Georgia. The company said that eligible people will be able to sign up for Clover’s plans during the Medicare Advantage Annual Enrolment Period from October 15 to December 7.
On August 9, Citi analyst Jason Cassorla maintained a Neutral rating on Clover Health Investments, Corp. (NASDAQ:CLOV) stock and raised the price target to $3.50 from $3, highlighting the earnings beat of the firm in the second quarter.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Two Sigma Advisors is a leading shareholder in Clover Health Investments, Corp. (NASDAQ:CLOV), with 2.88 million shares worth more than $6.2 million.
Number of Hedge Fund Holders: 14
American Equity Investment Life Holding Company (NYSE:AEL) provides insurance products in the United States. It is one of the major insurance stocks to invest in. On January 7, Brookfield Asset Management Reinsurance said it has purchased an additional 6,755,000 shares of common stock of American Equity Investment Life Holding Company, bringing its total combined equity interest in AEL to nearly 16%.
On October 7, Piper Sandler analyst John Barnidge maintained an Overweight rating on American Equity Investment Life Holding Company (NYSE:AEL) stock and raised the price target to $47 from $46.
At the end of the second quarter of 2022, 14 hedge funds in the database of Insider Monkey held stakes worth $103 million in American Equity Investment Life Holding Company (NYSE:AEL), compared to 17 in the previous quarter worth $155.7 million.
In its Q2 2022 investor letter, First Pacific Adivsors, an asset management firm, highlighted a few stocks and American Equity Investment Life Holding Company (NYSE:AEL) was one of them. Here is what the fund said:
“American Equity Investment Life Holding Company (NYSE:AEL), a leading writer of fixed index annuities, has continued to transition to its American Equity Investment (AEL) 2.0 business model. The plan’s main goals are to diversify the company’s assets into a broader array of investments, including private debt through strategic partnerships, and to increase its use of reinsurance to free up capital. We think this is an interesting, but somewhat aggressive plan. Thus far, the results have been impressive, but we continue to monitor the credit quality of their assets as they move toward achieving their target of having 40% of their portfolio invested in private assets, up from 15.4%.”
Number of Hedge Fund Holders: 32
Teladoc Health, Inc. (NYSE:TDOC) provides virtual healthcare services in the United States and internationally. It is one of the elite insurance stocks to invest in. On September 26, Teladoc Health said it was providing free 24/7 general medical telehealth visits to Florida residents. Individuals in Florida who cannot access medical care because of Hurricane Ian can now seek treatment from a licensed healthcare professional for any non-emergency illness by calling Teladoc directly.
On October 11, Barclays analyst Steve Valiquette maintained an Equal Weight rating on Teladoc Health, Inc. (NYSE:TDOC) stock and lowered the price target to $33 from $40, highlighting that the company's Q3 earning outlook was positive.
At the end of the second quarter of 2022, 32 hedge funds in the database of Insider Monkey held stakes worth $1.2 billion in Teladoc Health, Inc. (NYSE:TDOC), compared to 36 the preceding quarter worth $1.97 billion.
In its Q1 2022 investor letter, RiverPark Funds, an asset management firm, highlighted a few stocks and Teladoc Health, Inc. (NYSE:TDOC) was one of them. Here is what the fund said:
“Teladoc Health, Inc. (NYSE:TDOC) is the largest telehealth provider in the US and has recently begun to expand internationally. TDOC’s platform enables an ever-expanding list of patient-doctor interactions (including those for primary health care, mental health issues and chronic condition management) to transition from an on-site visit to one that can be done remotely with full video- based interaction. TDOC provides its platform of services on both a business-to-business and direct-to-consumer basis, through monthly subscription-based relationships. For its core business-to-business clients, the company contracts with a wide range of entities, including large scale employers (the company currently contracts with over 50% of the Fortune 500), health plans, health systems, and medical insurance companies, which currently cover more than 50 million members. For these customers, the company provides a win-win-win, as patients spend no time traveling and less time waiting, doctors are more efficient seeing more patients in less time, and payers (employers and plan sponsors) save money while being able to offer a highly popular additional benefit for their employees. This B to B market is projected to be a +$100 billion market opportunity and TDOC is the clear global market leader. For its direct-to- consumer clients, the company provides a growing suite of services for individuals to have affordable access to on-demand and scheduled medical services, for which their current insurance does not provide reimbursement (such as extended mental health counseling) (…read more)
Number of Hedge Fund Holders: 34
Molina Healthcare, Inc. (NYSE:MOH) provides managed health care services to low-income families and individuals under the Medicaid and Medicare programs and through the state insurance marketplaces. It is one of the prominent insurance stocks to invest in. On September 26, Molina Healthcare, UnitedHealth Group, and Centene Corporation were selected by the Department of Health and Human Services in Nebraska to administer the state’s Medicaid program known as Heritage Health. This is a five year contract which also includes options for two one-year renewals.
On October 3, JPMorgan analyst Calvin Sternick initiated coverage of Molina Healthcare, Inc. (NYSE:MOH) stock with an Overweight rating and a $360 price target, noting that the company’s focus on lower income demographics and cost management would sustain its industry-leading margin profile.
At the end of the second quarter of 2022, 34 hedge funds in the database of Insider Monkey held stakes worth $1.4 billion in Molina Healthcare, Inc. (NYSE:MOH), compared to 36 in the preceding quarter worth $1.7 billion.
In addition to Humana Inc. (NYSE:HUM), Cigna Corporation (NYSE:CI), and MetLife, Inc. (NYSE:MET), Molina Healthcare, Inc. (NYSE:MOH) is one of the best insurance stocks to buy according to hedge funds.
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Disclosure. None. Top 10 Health Insurance Stocks to Buy is originally published on Insider Monkey.
