Conestoga Capital Advisors, an asset management company, released its “Conestoga Mid Cap Growth Fund” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the Mid Cap composite returned -4.84% net of fees compared to a -0.65% return for the Russell Mid Cap Growth Index. Negative stock selection and allocation effects led to the fund’s underperformance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Conestoga Capital Advisors highlighted stocks like West Pharmaceutical Services, Inc. (NYSE:WST) in the Q3 2022 investor letter. Headquartered in Exton, Pennsylvania, West Pharmaceutical Services, Inc. (NYSE:WST) is a manufacturer of healthcare products and injectable drug packaging. On December 16, 2022, West Pharmaceutical Services, Inc. (NYSE:WST) stock closed at $226.10 per share. One-month return of West Pharmaceutical Services, Inc. (NYSE:WST) was 0.38%, and its shares lost 48.50% of their value over the last 52 weeks. West Pharmaceutical Services, Inc. (NYSE:WST) has a market capitalization of $16.739 billion.
Conestoga Capital Advisors made the following comment about West Pharmaceutical Services, Inc. (NYSE:WST) in its Q3 2022 investor letter:
“West Pharmaceutical Services, Inc. (NYSE:WST): Similar to its industry peers, WST saw its share price decline despite solid overall results. WST reported 23% organic growth (ex-COVID) in the second quarter as the biologics market continues to perform well. WST did reduce full-year guidance by $100 million to account for greater foreign currency headwinds ($75mm impact) and slowing COVID demand ($85mm impact). This implies a guidance raise of $60 million on the base business, which we view as important to driving long term appreciation. WST also set expectations for COVID revenue to decline by 30-50% in 2023 after declining 20% to $375 million in 2022.”
Photo by National Cancer Institute on Unsplash
West Pharmaceutical Services, Inc. (NYSE:WST) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held West Pharmaceutical Services, Inc. (NYSE:WST) at the end of the third quarter, which was 34 in the previous quarter.
We discussed West Pharmaceutical Services, Inc. (NYSE:WST) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.
