Summit Global Investments reduced its position in Cencora, Inc. (NYSE:COR – Free Report) by 27.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,130 shares of the company’s stock after selling 3,441 shares during the quarter. Summit Global Investments’ holdings in Cencora were worth $2,868,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. United Bank lifted its stake in shares of Cencora by 4.5% in the second quarter. United Bank now owns 7,032 shares of the company’s stock worth $2,109,000 after buying an additional 305 shares in the last quarter. Nebula Research & Development LLC purchased a new stake in Cencora during the 2nd quarter valued at about $595,000. Treasurer of the State of North Carolina grew its stake in Cencora by 7.9% during the 2nd quarter. Treasurer of the State of North Carolina now owns 85,534 shares of the company’s stock valued at $25,647,000 after acquiring an additional 6,244 shares in the last quarter. Diversify Advisory Services LLC raised its holdings in Cencora by 94.1% in the 2nd quarter. Diversify Advisory Services LLC now owns 2,585 shares of the company’s stock valued at $747,000 after acquiring an additional 1,253 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in Cencora by 26.0% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 73,452 shares of the company’s stock valued at $22,025,000 after acquiring an additional 15,154 shares during the last quarter. Hedge funds and other institutional investors own 97.52% of the company’s stock.
Cencora Stock Performance
NYSE:COR opened at $303.65 on Tuesday. The company has a debt-to-equity ratio of 3.40, a current ratio of 0.95 and a quick ratio of 0.59. The firm has a market capitalization of $59.08 billion, a price-to-earnings ratio of 23.29, a PEG ratio of 1.71 and a beta of 0.58. The company’s 50-day moving average is $280.85 and its two-hundred day moving average is $317.26. Cencora, Inc. has a 1-year low of $244.82 and a 1-year high of $377.54.
Cencora Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.8%. The ex-dividend date was Friday, May 15th. Cencora’s dividend payout ratio is presently 18.40%.
Cencora announced that its Board of Directors has initiated a share repurchase program on Thursday, May 21st that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to purchase up to 3.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
Analysts Set New Price Targets
Several research analysts have recently weighed in on the company. Robert W. Baird lowered their target price on Cencora from $420.00 to $339.00 and set an “outperform” rating on the stock in a report on Thursday, May 7th. Evercore set a $360.00 price target on Cencora in a report on Wednesday, April 8th. Morgan Stanley set a $342.00 price objective on Cencora in a research report on Friday, May 8th. UBS Group boosted their price objective on Cencora from $410.00 to $412.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Finally, Bank of America upped their target price on Cencora from $280.00 to $285.00 and gave the company a “neutral” rating in a report on Wednesday, June 24th. Eleven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $367.75.
Check Out Our Latest Report on Cencora
Insider Transactions at Cencora
In other Cencora news, Director Lauren M. Tyler bought 550 shares of the business’s stock in a transaction on Monday, June 22nd. The stock was bought at an average price of $270.23 per share, with a total value of $148,626.50. Following the completion of the purchase, the director directly owned 4,359 shares in the company, valued at $1,177,932.57. The trade was a 14.44% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.38% of the stock is currently owned by company insiders.
Cencora Profile
Cencora (NYSE:COR) is a global healthcare services and pharmaceutical distribution company that provides end-to-end solutions across the pharmaceutical supply chain. The company’s core activities include wholesale drug distribution, specialty drug distribution, and the operation of specialty pharmacies, complemented by logistics, cold-chain management and other fulfillment services designed to support complex and temperature-sensitive therapies.
Beyond physical distribution, Cencora offers a range of commercial and patient-focused services for pharmaceutical manufacturers and healthcare providers.
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