TimesSquare Capital Management, an equity investment management company, released its “U.S. Focus Growth Strategy” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the strategy returned 0.08% (gross) and -0.13% (net) compared to -3.21% for the Russell Midcap Growth Index. The equity markets performed well in the second quarter, as long as one held only a small number of the biggest, fastest-growing U.S. stocks (i.e., the Magnificent Seven). In addition, please check the fund’s top five holdings to know its best picks in 2024.
TimesSquare Capital Management U.S. Focus Growth Strategy highlighted stocks like Cencora, Inc. (NYSE:COR), in the second quarter 2024 investor letter. Cencora, Inc. (NYSE:COR) sources and distributes pharmaceutical products. The one-month return of Cencora, Inc. (NYSE:COR) was -0.27%, and its shares gained 34.19% of their value over the last 52 weeks. On September 10, 2024, Cencora, Inc. (NYSE:COR) stock closed at $237.53 per share with a market capitalization of $46.444 billion.
TimesSquare Capital Management U.S. Focus Growth Strategy stated the following regarding Cencora, Inc. (NYSE:COR) in its Q2 2024 investor letter:
“Elsewhere there was a -7% retreat from Cencora, Inc. (NYSE:COR), which distributes pharmaceutical and medical products to pharmacies, hospitals, and other health care providers. While Cencora’s earnings exceeded expectations, and management increased its guidance for the balance of the fiscal year, recent revenues were less than anticipated. That dynamic came from temporary supply constraints on the GLP-1 anti-obesity drugs, which should pass soon.”
A close-up of a staff member counting pills in a pharmaceutical warehouse.
Cencora, Inc. (NYSE:COR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held Cencora, Inc. (NYSE:COR) at the end of the second quarter which was 56 in the previous quarter. Cencora, Inc.’s (NYSE:COR) second-quarter revenue of almost $74 billion and adjusted diluted EPS of $3.34 represent year-over-year increases of 11% and 14%, respectively. While we acknowledge the potential of Cencora, Inc. (NYSE:COR) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Cencora, Inc. (NYSE:COR) and shared TimesSquare Capital U.S. Focus Growth Strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.
