Do You Think Teleflex Incorporated (TFX) is Facing Tougher Competition?

Baron Funds, an investment management company, released its “Baron Asset Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund appreciated 5.34% in the first quarter, trailing the Russell Midcap Growth Index, which returned 9.14%. Stock selection drove the fund to underperform in the quarter. IT, Communication Services, and Consumer Discretionary were the strongest performing sectors, while Energy and Financials were the principal laggards. Furthermore, defensive-oriented sectors, Health Care, Utilities, and Consumer Staples also struggled in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Baron Asset Fund highlighted stocks like Teleflex Incorporated (NYSE:TFX) in the first quarter 2023 investor letter. Headquartered in Wayne, Pennsylvania, Teleflex Incorporated (NYSE:TFX) is a medical device company. On May 1, 2023, Teleflex Incorporated (NYSE:TFX) stock closed at $274.11 per share. One-month return of Teleflex Incorporated (NYSE:TFX) was 7.04%, and its shares lost 3.77% of their value over the last 52 weeks. Teleflex Incorporated (NYSE:TFX) has a market capitalization of $12.874 billion.

Baron Asset Fund made the following comment about Teleflex Incorporated (NYSE:TFX) in its Q1 2023 investor letter:

“We exited our position in Teleflex Incorporated (NYSE:TFX), which sells single-use medical devices and the UroLift System for treating enlarged prostate glands. UroLift had been an important growth-driver for the business, and we lost conviction in its ability to achieve its targets in the face of a tougher competitive environment.”

Teleflex Incorporated (NYSE:TFX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Teleflex Incorporated (NYSE:TFX) at the end of the fourth quarter which was 23 in the previous quarter.

We discussed Teleflex Incorporated (NYSE:TFX) in another article and shared the list of best medical device stocks to buy. In addition, please check out our hedge fund investor letters Q1 2023 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.