Here’s Why Booking Holdings (BKNG) Rose in Q3

ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 3000 Index, in the quarter.  The strategy gained two out of 10 sectors in which it invested during the quarter, on an absolute basis. Communication services and consumer discretionary sectors were the sole contributors while the information technology (IT) and utilities sectors detracted. Overall stock selection and sector allocation detracted on a relative basis. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

ClearBridge Sustainability Leaders Strategy highlighted stocks like Booking Holdings Inc. (NASDAQ:BKNG) in the third quarter 2023 investor letter. Headquartered in Norwalk, Connecticut, Booking Holdings Inc. (NASDAQ:BKNG) provides online travel and restaurant booking services. On December 27, 2023, Booking Holdings Inc. (NASDAQ:BKNG) stock closed at $3,534.64 per share. One-month return of Booking Holdings Inc. (NASDAQ:BKNG) was 13.08%, and its shares gained 76.42% of their value over the last 52 weeks. Booking Holdings Inc. (NASDAQ:BKNG) has a market capitalization of $123.323 billion.

ClearBridge Sustainability Leaders Strategy made the following comment about Booking Holdings Inc. (NASDAQ:BKNG) in its Q3 2023 investor letter:

“Also in the consumer discretionary sector, Booking Holdings Inc. (NASDAQ:BKNG) shares rose as travel and leisure companies continued to fare well, with a strong summer season of travel driving positive sentiment. Booking maintains a strong competitive moat, in terms of direct traffic share and marketing efficiency, and its strength in alternative accommodations. These are growing faster than hotels and reached 34% of lodging room nights during the third quarter, which was notable as Booking has yet to reach full feature parity versus rival Airbnb (ABNB) — suggesting there is some room to grow there.”

A fast-paced travel agent making a bookings for a family vacation package.

Booking Holdings Inc. (NASDAQ:BKNG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. s per our database, 81 hedge fund portfolios held Booking Holdings Inc. (NASDAQ:BKNG) at the end of third quarter which was 78 in the previous quarter.

We discussed Booking Holdings Inc. (NASDAQ:BKNG) in another article and shared the list of most profitable Robinhood stocks. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

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