Should You Sell The New York Times Company (NYT)?

Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTMX returned -22.47%, Advisor Class fund APDMX posted a return of -22.43%, and Institutional Class fund APHMX returned -22.40%, compared to a return of -21.07% for the Russell Midcap Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Artisan Partners discussed stocks like The New York Times Company (NYSE:NYT) in the second quarter 2022 investor letter. Headquartered in New York, New York, The New York Times Company (NYSE:NYT) is a news and information provider for various platforms. On September 27, 2022, The New York Times Company (NYSE:NYT) stock closed at $28.41 per share. One-month return of The New York Times Company (NYSE:NYT) was -6.82% and its shares lost 42.99% of their value over the last 52 weeks. The New York Times Company (NYSE:NYT) has a market capitalization of $4.723 billion.

Here is what Artisan Partners specifically said about The New York Times Company (NYSE:NYT) in its Q2 2022 investor letter:

“The New York Times Company (NYSE:NYT) is an iconic US news publisher with over 8 million subscribers globally. The company continues to build a solid digital subscription business, led not only by the core news product, but also by ancillary offerings such as cooking and games. However, operating margin expansion, which we had expected to see based on the success of the company’s digital strategy, has been disappointing. This has been due to the recent dilutive acquisition of sports website The Athletic as well as accelerating profit declines in the company’s legacy print business. Thus, we have been harvesting our position in favor of more attractive opportunities in our pipeline.”

Pixabay/Public Domain

The New York Times Company (NYSE:NYT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held The New York Times Company (NYSE:NYT) at the end of the second quarter which was 38 in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.