Lorne Steinberg, president, Lorne Steinberg Wealth Management
Lorne Steinberg, president of Lorne Steinberg Wealth Management, discusses his top picks: Allstate, CVS Health, ING Groep NV.Allstate is an exceptionally well-run property and casualty insurer, as evidenced by its enviable track record of free cash flow generation. This company is a model of value creation, as it has repurchased over half of its shares over the past fifteen years, while growing its market share and raising dividends.
At the current price, the shares trade at about ten times 2024 earnings, with a three per cent dividend yield, offering significant upside with a comfortable margin of safety.CVS is arguably the best-positioned company in the U.S. health-care delivery industry. U.S. reimbursement models are evolving to value-based care and the company is leveraging its medical, pharmacy and lab data to deliver a lower cost, more effective model.
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