Accelerated Travel Trend Pushed Booking Holdings (BKNG) in Q1
Wedgewood Partners, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, Wedgewood Composite’s Net return was 9.8% compared to the Standard & Poor's Index’s 7.5%, Russell 1000 Growth Index’s 14.4%, and Russell 1000 Value Index’s 1.0% return for the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Wedgewood Partners highlighted stocks Booking Holdings Inc. (NASDAQ:BKNG) in the first quarter 2023 investor letter. Headquartered in Norwalk, Connecticut, Booking Holdings Inc. (NASDAQ:BKNG) provides online travel and restaurant booking services. On April 14, 2023, Booking Holdings Inc. (NASDAQ:BKNG) stock closed at $2,649.86 per share. One-month return of Booking Holdings Inc. (NASDAQ:BKNG) was 6.26%, and its shares gained 20.49% of their value over the last 52 weeks. Booking Holdings Inc. (NASDAQ:BKNG) has a market capitalization of $99.763 billion.
Wedgewood Partners made the following comment about Booking Holdings Inc. (NASDAQ:BKNG) in its Q1 2023 investor letter:
"Booking Holdings Inc. (NASDAQ:BKNG) was also a top contributor to performance. The Company reported accelerating travel trends into the beginning of 2023 with room night bookings up over +25% compared to 2019. Both domestic and, increasingly, international travelers have multiple years of pent-up travel aspirations as governments around the globe continue relaxing some of their most stringent, pandemic-related travel restrictions. We think populations are coming to grips with the risk of infection and will inevitably return to spending on travel well beyond pre-Covid levels. Booking Holdings represents a key source of demand for the small and medium sized hospitality industry and has the second largest global booking volume for alternative accommodations. We think the latter observation is particularly misunderstood by investors and represents substantial upside to the stock, regardless of the timing of the recovery of traditional hospitality spending."
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Booking Holdings Inc. (NASDAQ:BKNG) is in 21st position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 83 hedge fund portfolios held Booking Holdings Inc. (NASDAQ:BKNG) at the end of the fourth quarter which was 92 in the previous quarter.
We discussed Booking Holdings Inc. (NASDAQ:BKNG) in another article and shared Fiduciary Management Inc.'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.
