Hsbc Holdings PLC bought a new stake in shares of Cencora, Inc. (NYSE:COR – Free Report) during the second quarter, HoldingsChannel.com reports. The fund bought 773,956 shares of the company’s stock, valued at approximately $218,870,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Kemnay Advisory Services Inc. purchased a new position in Cencora during the 4th quarter valued at $25,000. Oakworth Capital Inc. bought a new stake in shares of Cencora during the fourth quarter worth $26,000. Elyxium Wealth LLC bought a new stake in shares of Cencora during the fourth quarter worth $27,000. Elevation Wealth Partners LLC boosted its stake in shares of Cencora by 506.2% during the second quarter. Elevation Wealth Partners LLC now owns 97 shares of the company’s stock valued at $27,000 after purchasing an additional 81 shares during the period. Finally, Archer Investment Corp boosted its stake in shares of Cencora by 134.3% during the fourth quarter. Archer Investment Corp now owns 82 shares of the company’s stock valued at $28,000 after purchasing an additional 47 shares during the period. 97.52% of the stock is currently owned by hedge funds and other institutional investors.
Cencora Stock Up 1.4%
Cencora stock opened at $328.28 on Wednesday. The company has a quick ratio of 0.58, a current ratio of 0.93 and a debt-to-equity ratio of 3.53. The firm has a market cap of $62.65 billion, a price-to-earnings ratio of 24.39, a price-to-earnings-growth ratio of 1.86 and a beta of 0.57. The business’s 50-day moving average price is $304.37 and its 200 day moving average price is $311.24. Cencora, Inc. has a 52 week low of $244.82 and a 52 week high of $377.54.
Cencora Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be issued a $0.60 dividend. The ex-dividend date is Friday, August 14th. This represents a $2.40 dividend on an annualized basis and a yield of 0.7%. Cencora’s dividend payout ratio is presently 17.83%.
Cencora announced that its Board of Directors has initiated a share buyback program on Thursday, May 21st that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 3.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Analysts Set New Price Targets
COR has been the topic of several recent analyst reports. Wells Fargo & Company raised their price target on shares of Cencora from $331.00 to $395.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 11th. Citigroup reiterated a “buy” rating on shares of Cencora in a report on Thursday, August 6th. William Blair initiated coverage on Cencora in a report on Tuesday, April 28th. They issued a “market perform” rating on the stock. Royal Bank Of Canada began coverage on shares of Cencora in a research report on Wednesday, August 19th. They set a “sector perform” rating and a $330.00 target price for the company. Finally, JPMorgan Chase & Co. increased their price target on Cencora from $382.00 to $390.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Thirteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Cencora presently has an average rating of “Moderate Buy” and an average price target of $370.85.
Read Our Latest Research Report on Cencora
Insider Transactions at Cencora
In other Cencora news, EVP Elizabeth S. Campbell sold 11,300 shares of the business’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $324.12, for a total value of $3,662,556.00. Following the transaction, the executive vice president directly owned 19,455 shares in the company, valued at $6,305,754.60. The trade was a 36.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lauren M. Tyler acquired 550 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The shares were acquired at an average cost of $270.23 per share, with a total value of $148,626.50. Following the completion of the transaction, the director directly owned 4,359 shares in the company, valued at approximately $1,177,932.57. The trade was a 14.44% increase in their position. The SEC filing for this purchase provides additional information. 0.38% of the stock is currently owned by corporate insiders.
About Cencora
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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