Globeflex Capital L P acquired a new position in shares of Cencora, Inc. (NYSE:COR – Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,443 shares of the company’s stock, valued at approximately $974,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Haverford Trust Co acquired a new stake in shares of Cencora in the second quarter valued at about $241,000. Clear Harbor Asset Management LLC purchased a new stake in shares of Cencora during the second quarter worth about $1,494,000. Bank of Nova Scotia acquired a new position in shares of Cencora during the 2nd quarter worth about $12,649,000. Kendall Capital Management acquired a new position in shares of Cencora during the 2nd quarter worth about $4,886,000. Finally, Elevation Point Wealth Partners LLC purchased a new position in Cencora in the 2nd quarter valued at about $4,045,000. 97.52% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several research firms recently issued reports on COR. Bank of America lifted their price objective on Cencora from $280.00 to $285.00 and gave the stock a “neutral” rating in a report on Wednesday, June 24th. Barclays reduced their target price on Cencora from $425.00 to $350.00 and set an “overweight” rating for the company in a report on Wednesday, June 10th. William Blair initiated coverage on Cencora in a research report on Tuesday, April 28th. They issued a “market perform” rating on the stock. Evercore reaffirmed an “outperform” rating and issued a $350.00 price target on shares of Cencora in a research note on Thursday, August 6th. Finally, Morgan Stanley boosted their price target on Cencora from $342.00 to $346.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Thirteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $370.85.
Cencora Stock Up 1.7%
Shares of NYSE COR opened at $323.56 on Tuesday. The stock has a market cap of $61.75 billion, a PE ratio of 24.04, a P/E/G ratio of 1.83 and a beta of 0.57. The company has a current ratio of 0.93, a quick ratio of 0.58 and a debt-to-equity ratio of 3.53. Cencora, Inc. has a 12-month low of $244.82 and a 12-month high of $377.54. The company has a 50-day moving average of $303.43 and a 200 day moving average of $311.25.
Cencora (NYSE:COR – Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.35 by $0.13. Cencora had a net margin of 0.79% and a return on equity of 125.45%. The business had revenue of $84.75 billion for the quarter, compared to analyst estimates of $84.31 billion. During the same period last year, the company posted $4.00 EPS. The business’s revenue was up 5.1% on a year-over-year basis. As a group, sell-side analysts predict that Cencora, Inc. will post 17.87 EPS for the current fiscal year.
Cencora Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Friday, August 14th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Friday, August 14th. Cencora’s payout ratio is currently 17.83%.
Cencora announced that its board has authorized a stock repurchase plan on Thursday, May 21st that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to reacquire up to 3.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
Insider Activity at Cencora
In other news, Director Lauren M. Tyler purchased 550 shares of the stock in a transaction dated Monday, June 22nd. The shares were purchased at an average price of $270.23 per share, with a total value of $148,626.50. Following the transaction, the director owned 4,359 shares in the company, valued at $1,177,932.57. The trade was a 14.44% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.38% of the stock is currently owned by corporate insiders.
Cencora Company 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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