AmerisourceBergen Corporation (ABC) Rose 23% in Q4

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 4.18% (net), compared to 6.90% for the Russell Midcap Growth Index. For the calendar year, the strategy returned -22.13% (net) compared to the benchmark’s return of -26.72%. Weakness in Consumer Staples, Energy, Health Care, Information Technology, and Real Estate holdings led to the underperformance of the portfolio in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

TimesSquare U.S. Mid Cap Growth Strategy highlighted stocks like AmerisourceBergen Corporation (NYSE:ABC) in the Q4 2022 investor letter. Headquartered in Conshohocken, Pennsylvania, AmerisourceBergen Corporation (NYSE:ABC) is a pharmaceutical products distributor. On March 30, 2023, AmerisourceBergen Corporation (NYSE:ABC) stock closed at $159.34 per share. One-month return of AmerisourceBergen Corporation (NYSE:ABC) was 2.04%, and its shares gained 1.80% of their value over the last 52 weeks. AmerisourceBergen Corporation (NYSE:ABC) has a market capitalization of $32.426 billion.

TimesSquare U.S. Mid Cap Growth Strategy made the following comment about AmerisourceBergen Corporation (NYSE:ABC) in its Q4 2022 investor letter:

“Pharmaceutical distributor AmerisourceBergen Corporation (NYSE:ABC) advanced 23% on the heels of a beat to fiscal fourth quarter estimates. Management acknowledged macroeconomic headwinds while emphasizing its international business has remained resilient while U.S. growth was strong.”

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AmerisourceBergen Corporation (NYSE:ABC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held AmerisourceBergen Corporation (NYSE:ABC) at the end of the fourth quarter which was 47 in the previous quarter.

We discussed AmerisourceBergen Corporation (NYSE:ABC) in another article and shared the list of best medical stocks to invest in. In addition, please check out our hedge fund investor letters Q4 2022 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.