Is Coty (COTY) a Growth Stock to Invest in?
Meridian Funds, managed by ArrowMark Partners, released its “Meridian Enhanced Equity Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined -12.74% net compared to a -16.10% return for the S&P 500 Index. The portfolio strategy to mitigate capital losses helped the fund to outperform in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Meridian Funds highlighted stocks like Coty Inc. (NYSE:COTY) in the Q3 2022 investor letter. Headquartered in New York, New York, Coty Inc. (NYSE:COTY) engages in the business of beauty products. On December 8, 2022, Coty Inc. (NYSE:COTY) stock closed at $8.02 per share. One-month return of Coty Inc. (NYSE:COTY) was 3.35%, and its shares lost 20.99% of their value over the last 52 weeks. Coty Inc. (NYSE:COTY) has a market capitalization of $6.818 billion.
Meridian Funds made the following comment about Coty Inc. (NYSE:COTY) in its Q3 2022 investor letter:
"Similarly, Coty Inc. (NYSE:COTY) benefited from the market’s rising appetite for more defensive names during the quarter. The beauty products Coty manufactures and distributes saw steady market share gains, especially as core customers expanded their work and leisure activities outside of the home. The company also operates a broad distribution network and holds a deep intellectual property portfolio across key categories within the cosmetic and fragrance industries. Additionally, Coty is building momentum around a business transformation that’s in the early innings but has already seen success in e-commerce and direct-to-consumer gains, as well as a rising presence in China."
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Coty Inc. (NYSE:COTY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Coty Inc. (NYSE:COTY) at the end of the third quarter, which was 29 in the previous quarter.
We discussed Coty Inc. (NYSE:COTY) in another article and shared the list of biggest beauty companies in the world. 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.
