Is Parker-Hannifin Corporation (PH) a Resilient Stock?

Madison Investments, an investment advisor, released its “Madison Investors Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund advanced 8.5% compared to an 8.7% return for S&P 500 Index benchmark.  In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Investors Fund highlighted stocks like Parker-Hannifin Corporation (NYSE:PH) in the second quarter 2023 investor letter. Headquartered in Cleveland, Ohio, Parker-Hannifin Corporation (NYSE:PH) manufactures motion and control technologies and systems. On July 13, 2023, Parker-Hannifin Corporation (NYSE:PH) stock closed at $398.66 per share. One-month return of Parker-Hannifin Corporation (NYSE:PH) was 8.01%, and its shares gained 60.52% of their value over the last 52 weeks. Parker-Hannifin Corporation (NYSE:PH) has a market capitalization of $51.146 billion.

Madison Investors Fund made the following comment about Parker-Hannifin Corporation (NYSE:PH) in its second quarter 2023 investor letter:

In the second quarter, the top five contributors to performance were Alphabet, Copart, Alcon, Parker-Hannifin Corporation (NYSE:PH), and PACCAR. Parker-Hannifin is a leading diversified industrial manufacturer. Despite the slowing economic backdrop across much of the world, Parker-Hannifin’s performance has remained relatively resilient, and management is executing well on integrating the recent Meggitt acquisition.

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Parker-Hannifin Corporation (NYSE:PH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 49 hedge fund portfolios held Parker-Hannifin Corporation (NYSE:PH) at the end of first quarter 2023 which was 47 in the previous quarter.

We discussed Parker-Hannifin Corporation (NYSE:PH) in another article and shared the list of best manufacturing stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.