Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 10.23% net of fees in the first quarter, compared to the Russell Midcap Growth Index’s 9.14% return. The strategy primarily benefitted from the stock selection while the sector allocation also contributed to the relative performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Mid Cap Strategy highlighted stocks like West Pharmaceutical Services, Inc. (NYSE:WST) in the first quarter 2023 investor letter. Headquartered in Exton, Pennsylvania, West Pharmaceutical Services, Inc. (NYSE:WST) is a manufacturer of healthcare products and injectable drug packaging. On May 26, 2023, West Pharmaceutical Services, Inc. (NYSE:WST) stock closed at $343.50 per share. One-month return of West Pharmaceutical Services, Inc. (NYSE:WST) was -4.91%, and its shares gained 6.945% of their value over the last 52 weeks. West Pharmaceutical Services, Inc. (NYSE:WST) has a market capitalization of $25.502 billion.
Conestoga Mid Cap Strategy made the following comment about West Pharmaceutical Services, Inc. (NYSE:WST) in its Q1 2023 investor letter:
“West Pharmaceutical Services, Inc. (NYSE:WST): WST is a leading manufacturer of packaging components and delivery systems for injectable drugs and healthcare products. WST beat revenue expectations for the fourth quarter by 8%, putting to rest fears that COVID revenue declines would hamper near term results. Management has talked about strength in the core business offsetting COVID declines and this was exhibited. For the full year 2022, ex-COVID revenue grew in the double-digits organically. Management projects COVID to be less than 3% of revenue in 2023, clearing the way for investors to own the name based on the attractive and more predictable core business.”
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West Pharmaceutical Services, Inc. (NYSE:WST) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held West Pharmaceutical Services, Inc. (NYSE:WST) at the end of the first quarter 2023 which was 41 in the previous quarter.
We discussed West Pharmaceutical Services, Inc. (NYSE:WST) in another article and shared Baron Asset Fund’s views on the company. 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.
