HealthCor Management, L.P. recently filed their 13F report for the third quarter of 2022, which ended on 2022-09-30.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
HealthCor Management, L.P. is a hedge fund sponsor based out of New York City, New York. The company was originally established in 2005 by cofounders Joseph Patrick Healey and Arthur B. Cohen, both of whom are still with the company acting as its Co-CEOs. HealthCor Management describes itself as an “experienced value based investor that is dedicated to identifying global healthcare and life science equity securities that are mispriced.” The company began with the launch of its long short equity hedge fund strategy and would become registered with the SEC as an investment advisory in 2012. HealthCor Management conducts its research internally, utilizing a fundamental methodology to make its investment decisions. The company leverages its “specialized knowledge of key medical, scientific, regulatory and intellectual property data with a bottom-up approach to security selection.” The company focuses on financial analysis and invests in companies with “strong balance sheets, cash flow, top line organic growth and earnings revisions as well as management teams that seek to grow shareholder value,” at the same time taking into account “industry themes such as utilization, consolidation, and regulatory activity when investing and concentrates in high conviction names which demonstrate margin of safety attributes.” As such, HealthCor Management invests almost exclusively in the health care sector, which alone makes up over 95% of its total asset allocations, and also invests in the consumer staples sector to a lesser degree. The company holds its allocations an average of 1.5 quarters and holds its top 10 allocations, which makes up over half of its total asset allocations, an average of only 0.6 quarters on average. HealthCor Management manages over $3.1 billion in total assets under management spread across 11 total accounts. The company mainly caters to pooled investment vehicles, which makes up over three quarters of its client base.
As of the latest 13F report, the guru’s equity portfolio contained 59 stocks valued at a total of $800.00Mil. The top holdings were BMRN(8.05%), ABBV(5.21%), and A(5.14%).
According to GuruFocus data, these were HealthCor Management, L.P.’s top five trades of the quarter.
Biogen Inc
HealthCor Management, L.P. reduced their investment in NAS:BIIB by 343,690 shares. The trade had a 7.05% impact on the equity portfolio. During the quarter, the stock traded for an average price of $212.38.
On 11/15/2022, Biogen Inc traded for a price of $299.06 per share and a market cap of $43.07Bil. The stock has returned 10.59% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Biogen Inc has a price-earnings ratio of 15.23, a price-book ratio of 3.37, a EV-to-Ebitda ratio of 10.70 and a price-sales ratio of 4.23.
The price-to-GF Value ratio is 1.28, earning the stock a GF Value rank of 3.
Horizon Therapeutics PLC
HealthCor Management, L.P. reduced their investment in NAS:HZNP by 674,320 shares. The trade had a 5.4% impact on the equity portfolio. During the quarter, the stock traded for an average price of $69.87.
On 11/15/2022, Horizon Therapeutics PLC traded for a price of $75.05 per share and a market cap of $17.01Bil. The stock has returned -31.69% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 6 out of 10.
In terms of valuation, Horizon Therapeutics PLC has a price-earnings ratio of 30.76, a price-book ratio of 3.43, a EV-to-Ebitda ratio of 16.27 and a price-sales ratio of 4.79.
The price-to-GF Value ratio is 0.60, earning the stock a GF Value rank of 8.
AbbVie Inc
The guru established a new position worth 310,250 shares in NYSE:ABBV, giving the stock a 5.21% weight in the equity portfolio. Shares traded for an average price of $143.5 during the quarter.
On 11/15/2022, AbbVie Inc traded for a price of $151.74 per share and a market cap of $268.35Bil. The stock has returned 34.55% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, AbbVie Inc has a price-earnings ratio of 20.26, a price-book ratio of 16.79, a price-earnings-to-growth (PEG) ratio of 1.42, a EV-to-Ebitda ratio of 12.77 and a price-sales ratio of 4.67.
The price-to-GF Value ratio is 1.14, earning the stock a GF Value rank of 3.
Thermo Fisher Scientific Inc
The guru established a new position worth 51,240 shares in NYSE:TMO, giving the stock a 3.25% weight in the equity portfolio. Shares traded for an average price of $559.63 during the quarter.
On 11/15/2022, Thermo Fisher Scientific Inc traded for a price of $534.77 per share and a market cap of $209.73Bil. The stock has returned -15.63% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Thermo Fisher Scientific Inc has a price-earnings ratio of 30.06, a price-book ratio of 4.82, a price-earnings-to-growth (PEG) ratio of 1.28, a EV-to-Ebitda ratio of 20.08 and a price-sales ratio of 4.79.
The price-to-GF Value ratio is 0.84, earning the stock a GF Value rank of 7.
Boston Scientific Corp
HealthCor Management, L.P. reduced their investment in NYSE:BSX by 849,390 shares. The trade had a 3.18% impact on the equity portfolio. During the quarter, the stock traded for an average price of $40.12.
On 11/15/2022, Boston Scientific Corp traded for a price of $42.24 per share and a market cap of $60.50Bil. The stock has returned 0.40% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 6 out of 10.
In terms of valuation, Boston Scientific Corp has a price-earnings ratio of 100.57, a price-book ratio of 3.43, a price-earnings-to-growth (PEG) ratio of 16.22, a EV-to-Ebitda ratio of 27.75 and a price-sales ratio of 4.83.
The price-to-GF Value ratio is 0.91, earning the stock a GF Value rank of 6.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
Want to provide feedback on this article? Have questions or concerns? Get in touch with us here, or email us at [email protected]!
This article is general in nature and does not represent the opinions of GuruFocus or any of its affiliates. This article is not intended to be financial advice, nor does it constitute investment advice or recommendations. It was written without regard to your individual situation or financial goals. We aim to bring you fundamental, data-driven analysis, The information on this site is in no way guaranteed for completeness, accuracy or in any other way.
