3,733,921 Shares in Cencora, Inc. $COR Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 3.73 million Cencora shares worth approximately $1.06 billion, giving it a 1.96% stake. Institutional investors collectively own 97.52% of the company.
• Analysts maintain a positive outlook, with 13 Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $370.85.
• Cencora exceeded quarterly earnings and revenue expectations, while its board authorized a $2 billion share-repurchase program and the company continued paying a $0.60 quarterly dividend.

Bank of America Corp DE purchased a new position in shares of Cencora, Inc. (NYSE:COR - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,733,921 shares of the company's stock, valued at approximately $1,056,625,000. Bank of America Corp DE owned about 1.96% of Cencora as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of COR. BlackRock Inc. acquired a new stake in Cencora during the second quarter worth approximately $5,154,136,000. T. Rowe Price Investment Management Inc. grew its position in shares of Cencora by 160.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,700,091 shares of the company's stock valued at $2,262,956,000 after purchasing an additional 4,123,795 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Cencora by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 5,459,476 shares of the company's stock valued at $1,843,268,000 after purchasing an additional 169,055 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Cencora by 6.5% during the fourth quarter. JPMorgan Chase & Co. now owns 4,982,557 shares of the company's stock worth $1,682,859,000 after purchasing an additional 304,760 shares during the period. Finally, Capital Research Global Investors increased its stake in shares of Cencora by 3.3% during the fourth quarter. Capital Research Global Investors now owns 2,749,577 shares of the company's stock worth $928,670,000 after purchasing an additional 88,544 shares during the period. Institutional investors own 97.52% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on COR shares. Barclays dropped 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. 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 report on Tuesday, August 11th. Robert W. Baird set a $370.00 price objective on shares of Cencora in a research note on Thursday, August 6th. Bank of America boosted their price objective on shares of Cencora from $280.00 to $285.00 and gave the company a "neutral" rating in a report on Wednesday, June 24th. Finally, Citigroup restated a "buy" rating on shares of Cencora in a research report on Thursday, August 6th. Thirteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $370.85.

Insiders Place Their Bets

In other Cencora news, EVP Elizabeth S. Campbell sold 11,300 shares of Cencora stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $324.12, for a total value of $3,662,556.00. Following the transaction, the executive vice president owned 19,455 shares in the company, valued at $6,305,754.60. The trade was a 36.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lauren M. Tyler bought 550 shares of the stock in a transaction 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 purchase, the director owned 4,359 shares of the company's stock, valued at approximately $1,177,932.57. This represents a 14.44% increase in their position. The disclosure for this purchase is available in the SEC filing. 0.38% of the stock is currently owned by insiders.

Cencora Stock Up 1.6%

COR stock opened at $326.67 on Tuesday. Cencora, Inc. has a 52 week low of $244.82 and a 52 week high of $377.54. The business has a 50-day simple moving average of $316.38 and a 200 day simple moving average of $307.95. 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 company has a market cap of $62.34 billion, a PE ratio of 24.27, a price-to-earnings-growth ratio of 1.82 and a beta of 0.57.

Cencora (NYSE:COR - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.35 by $0.13. Cencora had a net margin of 0.79% and a return on equity of 125.45%. The firm had revenue of $84.75 billion for the quarter, compared to analyst estimates of $84.31 billion. During the same period last year, the firm earned $4.00 EPS. The business's quarterly revenue was up 5.1% compared to the same quarter last year. Sell-side analysts anticipate that Cencora, Inc. will post 17.87 EPS for the current fiscal year.

Cencora Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Friday, August 14th were paid a $0.60 dividend. The ex-dividend date was Friday, August 14th. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. Cencora's dividend payout ratio (DPR) is presently 17.83%.

Cencora announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 21st that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's management believes its stock is undervalued.

About Cencora

Cencora, Inc NYSE: COR is a global healthcare company that provides pharmaceutical sourcing, distribution and related services. The company connects biopharmaceutical manufacturers with pharmacies, hospitals, health systems, physician practices and other healthcare providers, helping move prescription medicines and healthcare products through the supply chain.

Cencora's operations include pharmaceutical distribution, specialty pharmaceutical services, manufacturer support and patient-centered solutions.

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