Conestoga Capital Advisors, an asset management company, released its “Mid-Cap Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. It was a solid quarter as many asset classes moved higher. The S&P Index, which tracks the performance of large-cap stocks, reached an all-time high on March 28th, and the Russell 2000 Index, which tracks the performance of small-cap stocks, appreciated to within 10% of their peak levels. The Mid Cap Composite rose 5.44% net of fees in the first quarter, compared to a 9.50% return for the Russell Midcap Growth Index. Stock selection was the leading performance detractor in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Conestoga Capital Advisors Mid-Cap Strategy highlighted stocks like West Pharmaceutical Services, Inc. (NYSE:WST), in the first quarter 2024 investor letter. West Pharmaceutical Services, Inc. (NYSE:WST), with a market capitalization of $24.055 billion, develops, produces, and markets containment and delivery solutions for the pharmaceutical industry. One-month return of West Pharmaceutical Services, Inc. (NYSE:WST) was -10.75%, and its shares lost 3.41% of their value over the last 52 weeks. On May 23, 2024, West Pharmaceutical Services, Inc. (NYSE:WST) stock closed at $328.59 per share.
Conestoga Capital Advisors Mid-Cap Strategy stated the following regarding West Pharmaceutical Services, Inc. (NYSE:WST) in its first quarter 2024 investor letter:
“West Pharmaceutical Services, Inc. (NYSE:WST): WST, a market leader in containment and delivery solutions for the pharmaceutical industry, bounced back after being a laggard in the fourth quarter of 2024. WST reported disappointing revenue results for the fourth quarter and issued 2024 guidance below consensus, however, they see channel inventory destocking near its end, which has plagued the life sciences and pharmaceuticals industries. WST management has forecasted revenue growth accelerating each quarter of 2024 and still expects strong underlying demand, notably as large new drug classes such as GLP-1’s continue to scale.”
A closeup of multiple drug containment systems in an array of colors.
West Pharmaceutical Services, Inc.’s (NYSE:WST) trailing 12 months revenue is $2.93 billion with 19.42% profit margin. As per the latest earnings call, compared to first quarter 2023, West Pharmaceutical Services, Inc. (NYSE:WST) experienced a low single digit decrease in organic sales, a decline in operating profit and diluted EPS in the first quarter.
West Pharmaceutical Services, Inc. (NYSE:WST) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held West Pharmaceutical Services, Inc. (NYSE:WST) at the end of the first quarter which was 42 in the previous quarter.
In another article, we discussed West Pharmaceutical Services, Inc. (NYSE:WST) and shared ClearBridge Mid Cap Growth Strategy’s views on the company. West Pharmaceutical Services, Inc. (NYSE:WST) was a bottom contributor of Conestoga Capital Advisors in the fourth quarter 2023. In addition, please check out our hedge fund investor letters Q1 2024 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.
