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Saturday, 18 January 2025 04:18
posted by pgjoker
By Lewis Krauskopf
NEW YORK, July 13 (Reuters) - Shares of U.S. healthcare companies are
gaining favor as investors bank on their ability to weather rocky economic times and the stocks look more reasonably valued than other defensive sectors.
Healthcare has been the top-performing S&P 500 sector over the past month, rising nearly 3% while the broader market has fallen modestly.
The group has fallen 8.7% so far this year, less severe than the nearly 20% drop for
the benchmark S&P 500 overall.
Strategists at Goldman Sachs, Morgan Stanley and BofA Global Research
are among those favoring the healthcare sector, given that the companies' businesses are expected to hold up better than others should the economy
face a downturn.
"We feel like it is one of the last opportunities to play defense at a reasonable price," said Walter Todd, chief
investment officer at Greenwood Capital in South Carolina.
Greenwood is overweight healthcare stocks in its large-cap portfolios including shares of
Johnson & Johnson, Thermo Fisher Scientific and Pfizer Inc.
How healthcare companies are performing will become more clear in the coming days as second-quarter
reports roll in, starting on Friday with UnitedHealth
Group Inc, the largest U.S. healthcare company by
market value.
Earnings in the healthcare sector - which includes large drugmakers,
medical equipment companies, health insurers and biotech firms - have outperformed
in recent recessionary periods. That makes them an attractive target for investors looking
for assets that can weather a potential downturn, as
recession worries grow amid aggressive monetary policy tightening from the Federal Reserve.
For example, while overall S&P 500 earnings fell for nine straight quarters during the Great Recession in 2007-2009, the healthcare sector posted earnings growth in those periods, according to
Refinitiv IBES data.
Over the last 25 years, earnings per share for the sector have increased nearly 10% annually compared with 6.6%
annual growth for the S&P 500, while producing "much more consistent annual growth relative to the broader market," according to Eric Potoker, U.S.
healthcare equity strategist in the CIO office of UBS Global Wealth
Management.
"If they have healthcare needs, that is usually one of the last places that people will ration," Potoker said.
Healthcare also remains relatively more attractive than other so-called defensive
stocks based on standard valuation metrics.
Healthcare is trading at 15.7 times forward earnings estimates against its long-term price-to-earnings
average of 17.5 times, according to Refinitiv Datastream.
That represents a 10% discount.
Meanwhile, other defensive sectors are trading at
premiums relative to their historical valuations - with utilities
at a premium of over 30% and consumer staples at a 12% premium.
Unlike healthcare stocks, utilities and staples, at 19.4 times and 20.1 times, respectively,
are also trading above the 16.1 times P/E ratio of the
overall S&P 500.
"We find other traditionally defensive sectors, including utilities and staples, to be expensive relative to the broader market," Tony DeSpirito,
chief investment officer of U.S. fundamental equities at BlackRock, said
in his third-quarter equity outlook in which he described "an underappreciated opportunity in healthcare stocks."
To be sure, should investors become more upbeat about the economy, that could
lead them to leave behind healthcare shares for more cyclically sensitive stocks such
as financials or industrials.
Healthcare also for years has faced persistent investor concerns about regulatory changes, particularly related to potential U.S.
action to rein in prescription drug prices,
which has created a cloud over the stocks.
In the coming months, Democrats in U.S. Congress could try to pass
a drug-pricing bill, and "biopharma stocks could be volatile if legislation progresses," analysts at
SVB Securities said in a note.
(Reporting by Lewis Krauskopf in New York Editing by Ira
Iosebashvili and Matthew Lewis) -
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Saturday, 18 January 2025 04:11
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Saturday, 18 January 2025 04:11
posted by Aviator - 9te
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Saturday, 18 January 2025 04:10
posted by Forplolo
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Страшно
Как быть чтоб нарядили
Всякое видала но яко чтобы прям сильно ужель ни однажды ебисесь вы на рот небольшой этакими порно-казино ссылками
проститутки энгельс
шлюхи в энгельсе
гей парни на выбор энгельс
горячие порно-геи
жгучие Бляди и путаны энгельс
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мошенники глотают сперму
шлюхи энгельса анал
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шлюхи энгельса анал
Старые потаскухи веселятся в течение нагоняе вместе с молодым соседом. Бляди не дремлют.
Вакханалии бабок
Молодые бляди Проиграла в рулетку и еще рассчиталась естеством что-что город спаяли в сеть. Что делать?
Хардкор
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Saturday, 18 January 2025 04:09
posted by Accident Attorney Near Me
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