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Should You Hold Booking Holdings (BKNG)?

Wedgewood Partners, an investment management company, released its first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, Wedgewood Composite’s net return was 11.5% compared to the Standard & Poor’s 10.6%, Russell 1000 Growth Index’s 11.4%, and Russell 1000 Value Index’s 9.0% return for the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Wedgewood Partners featured stocks like Booking Holdings Inc. (NASDAQ:BKNG) in the first quarter 2024 investor letter. Headquartered in Norwalk, Connecticut, Booking Holdings Inc. (NASDAQ:BKNG) provides online travel and restaurant booking services. On April 16, 2024, Booking Holdings Inc. (NASDAQ:BKNG) stock closed at $3,467.77 per share. One-month return of Booking Holdings Inc. (NASDAQ:BKNG) was -1.09%, and its shares gained 28.59% of their value over the last 52 weeks. Booking Holdings Inc. (NASDAQ:BKNG) has a market capitalization of $118.497 billion.

Wedgewood Partners stated the following regarding Booking Holdings Inc. (NASDAQ:BKNG) in its first quarter 2024 investor letter:

"Booking Holdings Inc. (NASDAQ:BKNG) contributed negatively to relative performance. The Company grew bookings on their platforms +16% and reported +22% growth in adjusted operating income during their fourth quarter of 2023. We think the market is cautious about the Company's results for 2024 because they will be lapping very high levels of growth compared to those in 2023 (full year 2023 bookings growth +24%). However, Booking's end markets continue to be quite healthy, outside of geographies affected by war because consumers still have plenty of wallet share to re-dedicate to travel compared to pre-COVID-19 numbers. We applaud the Company as they aggressively repurchase shares at valuation levels well below the market and peers. This should serve to compound our ownership in Booking's business, which has exceptional pro2itability."

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

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Booking Holdings Inc. (NASDAQ:BKNG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Booking Holdings Inc. (NASDAQ:BKNG) was held by 83 hedge fund portfolios, compared to 81 in the previous quarter, according to our database.

We previously discussed Booking Holdings Inc. (NASDAQ:BKNG) in another article, where we shared the list of biggest internet companies in the US. In addition, please check out our hedge fund investor letters Q1 2024 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.