Is it a Great Time to Exit Your Teleflex (TFX) Position?

ClearBridge Investments, an investment management firm, published its “Mid Cap Growth Strategy” third-quarter 2022 investor letter – a copy of which can be downloaded here. The ClearBridge Mid Cap Growth Strategy underperformed the Russell Midcap Growth Index during the third quarter. On an absolute basis, the Strategy had losses across eight of the 10 sectors in which it was invested during the quarter (out of 11 sectors total). The leading detractors were the health care and IT sectors, while the industrials and consumer discretionary sectors were positive contributors. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.

In its Q3 2022 investor letter, ClearBridge Investments Mid Cap Growth Strategy mentioned Teleflex Incorporated (NYSE:TFX) and explained its insights for the company. Founded in 1943, Teleflex Incorporated (NYSE:TFX) is a Wayne, Pennsylvania-based medical device company with a $10.1 billion market capitalization. Teleflex Incorporated (NYSE:TFX) delivered a -33.82% return since the beginning of the year, while its 12-month returns are down by -32.32%. The stock closed at $217.40 per share on November 18, 2022.

Here is what ClearBridge Investments Mid Cap Growth Strategy has to say about Teleflex Incorporated (NYSE:TFX) in its Q3 2022 investor letter:

“We also elected to exit our position in health care holding Teleflex (NYSE:TFX), which designs, develops and manufactures single-use medical devices for common diagnostic and therapeutic procedures in critical care and surgery. The rollout of the company’s UroLift System, a minimally invasive outpatient procedure for treating an enlarged prostate, has suffered emerging from the COVID-19 pandemic due to a number of delays and nursing shortages, resulting in the business growing below our expectations. The sale enables us to consolidate our health care exposure in companies that we believe have higher growth potential and more certain earnings runways.”

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Our calculations show that Teleflex Incorporated (NYSE:TFX) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Teleflex Incorporated (NYSE:TFX) was in 23 hedge fund portfolios at the end of the second quarter of 2022, compared to 29 funds in the previous quarter. Teleflex Incorporated (NYSE:TFX) delivered a -7.69% return in the past 3 months.

In October 2022, we also shared another hedge fund’s views on Teleflex Incorporated (NYSE:TFX) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.

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Disclosure: None. This article is originally published at Insider Monkey.