Masimo Corporation (MASI) Stock Rallied 33.7% in Q4
Ensemble Capital Management, an investment management company, released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund saw exceptionally excellent absolute and relative performance in the fourth quarter. The fund was up 16.00% in the quarter while the S&P 500 appreciated 11.69%. The fund was up 21.75% for the full year vs the S&P 500 up 26.29%. The fund’s underperformance was due to its investment in First Republic, which the fund exited in March. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Ensemble Capital Management featured stocks such as Masimo Corporation (NASDAQ:MASI) in the fourth quarter 2023 investor letter. Headquartered in Irvine, California, Masimo Corporation (NASDAQ:MASI) is a medical technology company. On January 17, 2024, Masimo Corporation (NASDAQ:MASI) stock closed at $122.57 per share. One-month return of Masimo Corporation (NASDAQ:MASI) was 4.01%, and its shares lost 24.80% of their value over the last 52 weeks. Masimo Corporation (NASDAQ:MASI) has a market capitalization of $6.477 billion.
Ensemble Capital Management stated the following regarding Masimo Corporation (NASDAQ:MASI) in its fourth quarter 2023 investor letter:
"Masimo Corporation (NASDAQ:MASI) (4.00% weight in the Fund): Masimo reported disappointing third quarter earnings, although they did indicate that demand for their core hospital sensing solutions is seeing a pickup in demand. But as the economic outlook improved beginning in mid October, investors began returning to stocks like Masimo that have been beaten down on investor worries. At least this quarter, our view that Masimo’s share price has fallen far, far more than its corporate fundamentals would justify was supported by the market, with the share price rallying 33.7%."
A smiling healthcare professional, treating a patient with the PLEX platform.
Masimo Corporation (NASDAQ:MASI) is not our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Masimo Corporation (NASDAQ:MASI) at the end of third quarter which was 40 in the previous quarter.
We discussed Masimo Corporation (NASDAQ:MASI) in another article and shared Ensemble Capital Management's views on the company in the previous quarter. 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.
