Multiple Reasons Led to the Fall of Envista Holdings Corporation (NVST) in Q4

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy underperformed the Russell Midcap Growth Index and returned 13.66% (gross) and 13.44% (net) while the index return was -14.55%. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare Capital U.S. Mid Cap Growth Strategy featured stocks like Envista Holdings Corporation (NYSE:NVST) in the fourth quarter 2023 investor letter. Headquartered in Brea, California, Envista Holdings Corporation (NYSE:NVST) engages in the business of dental products. On March 28, 2024, Envista Holdings Corporation (NYSE:NVST) stock closed at $21.38 per share. One-month return of Envista Holdings Corporation (NYSE:NVST) was 3.54%, and its shares lost 46.36% of their value over the last 52 weeks. Envista Holdings Corporation (NYSE:NVST) has a market capitalization of $3.668 billion.

TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Envista Holdings Corporation (NYSE:NVST) in its fourth quarter 2023 investor letter:

“Our preference within Health Care is for novel therapies to address unmet medical needs, specialized providers, and innovators. Envista Holdings Corporation (NYSE:NVST) develops and manufactures dental products. We exited the position on the combination of disappointing third quarter results and lowered forward guidance. They reported softness in adult orthodontics and high-end implants. Envista’s stock sold off by -19% while held during the quarter.”

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A close-up of a dental bracket and wires being fitted into a patient’s mouth.

Envista Holdings Corporation (NYSE:NVST) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Envista Holdings Corporation (NYSE:NVST) was held by 33 hedge fund portfolios, up from 31 in the previous quarter, according to our database.

We discussed Envista Holdings Corporation (NYSE:NVST) in another article and shared Ariel Small Cap Value Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.