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3. The Estée Lauder Companies Inc. (NYSE:EL)

Number of Hedge Fund Holders: 45

The Estée Lauder Companies Inc. (NYSE:EL) is a renowned American multinational cosmetics company, serving as a manufacturer and marketer of makeup, skincare, fragrance, and hair care products. With a global presence, the company distributes its products in approximately 150 countries and territories under various brand names, including Estée Lauder, Aramis, and Clinique, among others.

On November 1, The Estée Lauder Companies Inc. (NYSE:EL) announced its financial results for Q3 2023. Despite a 10% year-over-year decline in revenues to $3.5 billion, the company reported a net income of $36 million. Notably, it generated a normalized EPS of $0.11, surpassing consensus estimates by $0.31.

As of Q3 2023, a total of 45 hedge funds out of the 910 funds tracked by Insider Monkey reported holding stakes in The Estee Lauder Companies Inc (NYSE:EL).

In the third quarter investor letter, Madison Investments, an investment advisor, mentioned The Estée Lauder Companies Inc. (NYSE:EL). Here is what the firm said:

“NextEra, The Estée Lauder Companies Inc. (NYSE:EL), Target, Oracle, and TE Connectivity were the largest detractors. Estee Lauder has seen a steep decline in its travel retail business in both China and Korea. We expect the travel retail business to begin to recover as we move into 2024.”