Should You Hold NextEra Energy (NEE)?

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 NextEra Energy, Inc. (NYSE:NEE) in the third quarter 2023 investor letter. Headquartered in Mountain View, California, NextEra Energy, Inc. (NYSE:NEE) generates and distributes electric power. On October 24, 2023, NextEra Energy, Inc. (NYSE:NEE) stock closed at $55.12 per share. One-month return of NextEra Energy, Inc. (NYSE:NEE) was -8.07%, and its shares lost 27.09% of their value over the last 52 weeks. NextEra Energy, Inc. (NYSE:NEE) has a market capitalization of $111.547 billion.

Madison Sustainable Equity Fund made the following comment about NextEra Energy, Inc. (NYSE:NEE) in its Q3 2023 investor letter:

“Although NextEra Energy, Inc. (NYSE:NEE) reported an in-line second quarter, the stock has been weak primarily because of rising interest rates. NextEra also reported slower renewables backlog growth than expected. We do not view this as an issue as we expect the development pipeline timeline may not be as predictable as investors would like. The environment for renewables remains favorable both from a demand perspective as well as cost perspective.”

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NextEra Energy, Inc. (NYSE:NEE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held NextEra Energy, Inc. (NYSE:NEE) at the end of second quarter which was 59 in the previous quarter.

We discussed NextEra Energy, Inc. (NYSE:NEE) in another article and shared dividend capture strategy and high yield stocks to buy in November. 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.