Alcon (ALC) Fell on Investors’ Sentiments

Madison Investments, an investment advisor, released its “Madison Investors Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Fund (class Y) declined -1.3% compared to a -3.3% decline for the S&P 500 Index benchmark.  In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Investors Fund highlighted stocks like Alcon Inc. (NYSE:ALC) in the third quarter 2023 investor letter. Headquartered in Geneva, Switzerland, Alcon Inc. (NYSE:ALC) engages in the research, development, manufacturing, and distribution of eye care products. On October 27, 2023, Alcon Inc. (NYSE:ALC) stock closed at $70.02 per share. One-month return of Alcon Inc. (NYSE:ALC) was -7.17%, and its shares gained 15.39% of their value over the last 52 weeks. Alcon Inc. (NYSE:ALC) has a market capitalization of $34.543 billion.

Madison Investors Fund made the following comment about Alcon Inc. (NYSE:ALC) in its Q3 2023 investor letter:

“The bottom five individual contributors were Dollar Tree, Fiserv, Analog Devices, Lowe’s Companies, and Alcon Inc. (NYSE:ALC). Eye care devices company Alcon continues to report strong revenue and profit growth. However, investor sentiment towards many medical technology companies soured during the quarter, which we suspect impacted Alcon.”

eye medicine

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Alcon Inc. (NYSE:ALC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Alcon Inc. (NYSE:ALC) at the end of second quarter which was 30 in the previous quarter.

We discussed Alcon Inc. (NYSE:ALC) in another article and shared Aristotle Capital’s International Equity strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.