Do You Think Coty’s (COTY) Fundamentals Have Improved?
ClearBridge Investments, an investment management firm, released its fourth-quarter 2023 “Mid Cap Strategy” investor letter, which can be downloaded here. As a late-year rally was fueled by confidence about an economic soft landing, a dovish flip by the Fed, and broader market performance, mid-cap stocks saw strong gains. Due to an inconstant industrial and consumer discretionary asset performance, the Strategy underperformed its benchmark; however, the consumer staples stock pick was successful. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Mid Cap Strategy featured stocks like Coty Inc. (NYSE:COTY) in the Q4 2023 investor letter. Headquartered in New York, New York, Coty Inc. (NYSE:COTY) engages in the business of beauty products. On March 18, 2024, Coty Inc. (NYSE:COTY) stock closed at $12.09 per share. One-month return of Coty Inc. (NYSE:COTY) was -0.66%, and its shares gained 7.09% of their value over the last 52 weeks. Coty Inc. (NYSE:COTY) has a market capitalization of $10.823 billion.
ClearBridge Mid Cap Strategy stated the following regarding Coty Inc. (NYSE:COTY) in its fourth quarter 2023 investor letter:
"Our holdings in the consumer staples sector also helped drive performance. Restaurant foodstuff distributor Performance Food Group continues to benefit from greater consumer spending on dining. Likewise, Coty Inc. (NYSE:COTY), the global beauty company comprised of a market-leading prestige fragrance business and mass cosmetic business, reported strong quarterly earnings with outperformance across all geographic regions and operating segments. With the continued strength of the prestige fragrance market globally, we believe the company's fundamentals have improved much more than the stock's valuation."
A close-up of a woman's face wearing a beauty product, highlighting the company's range of luxury items.
Coty Inc. (NYSE:COTY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Coty Inc. (NYSE:COTY) was held by 21 hedge fund portfolios, compared to 24 in the previous quarter, according to our database.
We discussed Coty Inc. (NYSE:COTY) in another article and shared the list of stocks Billionaire Paul Tudor Jones and insiders love. 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.
