Madison Funds Exited its Position in Embecta Corp. (EMBC)

Madison Funds, managed by Madison Asset Management, LLC, released its “Madison Investors Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. During the quarter, the fund (Class Y) declined 11.8% compared to a return of -16.1% for the S&P 500 Index. The information technology sector is the fund’s leading quarterly performance contributor. In addition, you can check the top 5 holdings of the fund to learn about its best picks in 2022.

Madison Funds discussed stocks like Embecta Corp. (NASDAQ:EMBC) in the second quarter investor letter. Headquartered in Parsippany, New Jersey, Embecta Corp. (NASDAQ:EMBC) is a medical device company. On September 21, 2022, Embecta Corp. (NASDAQ:EMBC) stock closed at $30.31 per share. One-month return of Embecta Corp. (NASDAQ:EMBC) was -6.10% and its shares gained 6.76% of their value over the last 3 months. Embecta Corp. (NASDAQ:EMBC) has a market capitalization of $1.753 billion.

Here is what Madison Funds specifically said about Embecta Corp. (NASDAQ:EMBC) in its Q2 2022 investor letter:

“During the quarter, we exited Embecta Corp. (NASDAQ:EMBC) and initiated a position in Nike. We received shares in Embecta as a result of Becton Dickinson spinning-off its Diabetes Care segment. In our assessment, Embecta was fairly valued, so we decided to exit the holding.”

Embecta Corp. (NASDAQ:EMBC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Embecta Corp. (NASDAQ:EMBC) at the end of the second quarter which was 1 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.