Masimo Corporation (MASI) Rose on Guidance

Ensemble Capital Management, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy returned 3.48% in the first quarter compared to 7.50% for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Ensemble Capital highlighted stocks like Masimo Corporation (NASDAQ:MASI) in the first quarter 2023 investor letter. Headquartered in Irvine, California, Masimo Corporation (NASDAQ:MASI) is a medical technology company. On April 20, 2023, Masimo Corporation (NASDAQ:MASI) stock closed at $195.61 per share. One-month return of Masimo Corporation (NASDAQ:MASI) was 13.15%, and its shares gained 56.59% of their value over the last 52 weeks. Masimo Corporation (NASDAQ:MASI) has a market capitalization of $10.289 billion.

Ensemble Capital made the following comment about Masimo Corporation (NASDAQ:MASI) in its Q1 2023 investor letter:

Masimo Corporation (NASDAQ:MASI) (+24.73%): While Masimo’s acquisition of Sound United in February of 2022 caused the stock to drop dramatically and was one of the catalysts of our underperformance last year, since the day the stock dropped on the deal it has subsequently been the best performing stock in our portfolio, outperforming the S&P 500 by 31%. In February, the company raised their guidance for the year as they announced a price increase on their core pulse oximetry products that are so mission critical for hospitals. In response to pressure from an activist investor and shareholders more generally, the company also made changes to some of their governance practices and will expand the size of their board to include new, independent board members.”

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Masimo Corporation (NASDAQ:MASI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Masimo Corporation (NASDAQ:MASI) at the end of the fourth quarter which was 38 in the previous quarter.

We discussed Masimo Corporation (NASDAQ:MASI) in another article and shared the list of best mid-cap 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.