Heartland Advisors, an investment management company, released its “Heartland Mid Cap Value Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The portfolio had a 5.7% gain in the first quarter compared to an 8.2% return in the Russell Midcap Value Index. The Strategy underperformed in Financials and Industrials due to a low hit rate on stock selection. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Heartland Mid Cap Value Fund featured stocks like Perrigo Company plc (NYSE:PRGO) in the Q1 2024 investor letter. Headquartered in Dublin, Ireland, Perrigo Company plc (NYSE:PRGO) provides over-the-counter health and wellness solutions. On April 12, 2024, Perrigo Company plc (NYSE:PRGO) stock closed at $30.32 per share. One-month return of Perrigo Company plc (NYSE:PRGO) was 1.03%, and its shares lost 17.65% of their value over the last 52 weeks. Perrigo Company plc (NYSE:PRGO) has a market capitalization of $4.109 billion.

Heartland Mid Cap Value Fund stated the following regarding Perrigo Company plc (NYSE:PRGO) in its first quarter 2024 investor letter:

"Healthcare. Perrigo Company plc (NYSE:PRGO) is an existing deep value holding that has slumped lately, but we’re encouraged by the self-help progress.

Shares of the consumer health company, with private-label brands spanning allergy and pain relief to digestive health products, fell in response to news that the cost to remediate its infant formula plants will run higher than expected. Last September, the Food and Drug Administration updated industry guidelines for the agency’s approach to inspections and compliance for infant formula production. This included more frequent cleaning of manufacturing facilities, resulting in a slowdown in production…” (Click here to read the full text) 5 Highest Paying Countries for Doctors

A doctor and a patient discussing the benefits of OTC health and wellness solutions.

Perrigo Company plc (NYSE:PRGO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Perrigo Company plc (NYSE:PRGO) was held by 41 hedge fund portfolios, compared to 31 in the previous quarter, according to our database.

We previously discussed Perrigo Company plc (NYSE:PRGO) in another article, where we shared the list of most undervalued pharmaceutical stocks to buy according to analysts. 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.