Here’s Why Oracle Corporation (ORCL) Detracted in Q3

Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. As measured by the S&P 500 Index, the markets were mixed in the third quarter. The fund returned -3.14% in the quarter compared to -3.27% return for the S&P 500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Sustainable Equity Fund highlighted stocks like Oracle Corporation (NYSE:ORCL) in the third quarter 2023 investor letter. Headquartered in Austin, Texas, Oracle Corporation (NYSE:ORCL) provides products and services for enterprise information technology environments. On October 25, 2023, Oracle Corporation (NYSE:ORCL) stock closed at $101.43 per share. One-month return of Oracle Corporation (NYSE:ORCL) was -3.05%, and its shares gained 35.57% of their value over the last 52 weeks. Oracle Corporation (NYSE:ORCL) has a market capitalization of $277.855 billion.

Madison Sustainable Equity Fund made the following comment about Oracle Corporation (NYSE:ORCL) in its Q3 2023 investor letter:

“NextEra, Estee Lauder, Target, Oracle Corporation (NYSE:ORCL), and TE Connectivity were the largest detractors. Oracle reported another solid quarter but its guidance for its second fiscal quarter of 2024 was lower than expected due to moving Cerner customers to the cloud and the related change in revenue recognition.”

Oracle ORCL

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Oracle Corporation (NYSE:ORCL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 84 hedge fund portfolios held Oracle Corporation (NYSE:ORCL) at the end of second quarter which was 67 in the previous quarter.

We discussed Oracle Corporation (NYSE:ORCL) in another article and shared the list of best technology dividend stocks to buy. 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.