Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 10.23% net of fees in the first quarter, compared to the Russell Midcap Growth Index’s 9.14% return. The strategy primarily benefitted from the stock selection while the sector allocation also contributed to the relative performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Mid Cap Strategy highlighted stocks like IDEXX Laboratories, Inc. (NASDAQ:IDXX) in the first quarter 2023 investor letter. Headquartered in Westbrook, Maine, IDEXX Laboratories, Inc. (NASDAQ:IDXX) engages in the development and manufacturing of products and services for animal veterinary, livestock and poultry, dairy, and water testing. On May 26, 2023, IDEXX Laboratories, Inc. (NASDAQ:IDXX) stock closed at $468.94 per share. One-month return of IDEXX Laboratories, Inc. (NASDAQ:IDXX) was -4.72%, and its shares gained 17.64% of their value over the last 52 weeks. IDEXX Laboratories, Inc. (NASDAQ:IDXX) has a market capitalization of $38.924 billion.
Conestoga Mid Cap Strategy made the following comment about IDEXX Laboratories, Inc. (NASDAQ:IDXX) in its Q1 2023 investor letter:
“IDEXX Laboratories, Inc. (NASDAQ:IDXX): IDXX is the industry leader in providing instruments and consumables used in diagnostics, detection, and information systems for veterinary, food, and water testing applications. The Companion Animal Group (CAG) represents the vast majority of IDXX revenue, and this business has been a beneficiary of increased pet adoption trends throughout the COVID-19 pandemic. IDEXX reported a strong quarter and put forth very respectable guidance for 2023. Embedded in this guide is a larger-than-normal price increase (+7-8%, or roughly double the pre-pandemic annual price increase), demonstrating IDXX’s market leadership position and the pet owner’s willingness to absorb the increased price.”
Photo by Zoe Schaeffer on Unsplash
IDEXX Laboratories, Inc. (NASDAQ:IDXX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held IDEXX Laboratories, Inc. (NASDAQ:IDXX) at the end of first quarter 2023 which was 37 in the previous quarter.
We discussed IDEXX Laboratories, Inc. (NASDAQ:IDXX) in another article and shared Baron Asset Fund’s views on the company. 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.
