5,279 Shares in Cencora, Inc. $COR Purchased by Clear Harbor Asset Management LLC

Key Points

• Clear Harbor Asset Management acquired 5,279 Cencora shares valued at approximately $1.49 million, while institutional investors and hedge funds collectively own 97.52% of the stock.
• Cencora exceeded quarterly expectations, reporting $4.48 in earnings per share and $84.75 billion in revenue; revenue increased 5.1% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $370.85.
• The company declared a quarterly dividend of $0.60 per share and authorized a $2 billion share repurchase program, allowing buybacks of up to 3.9% of outstanding shares.

Clear Harbor Asset Management LLC acquired a new stake in shares of Cencora, Inc. (NYSE:COR - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 5,279 shares of the company's stock, valued at approximately $1,494,000.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. increased its stake in Cencora by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 23,617,117 shares of the company's stock worth $7,976,681,000 after purchasing an additional 221,570 shares in the last quarter. BlackRock Inc. purchased a new position in shares of Cencora in the second quarter worth approximately $5,154,136,000. State Street Corp increased its position in shares of Cencora by 1.3% in the fourth quarter. State Street Corp now owns 9,305,507 shares of the company's stock worth $3,142,935,000 after acquiring an additional 115,191 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in shares of Cencora by 160.1% during 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 acquiring an additional 4,123,795 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Cencora by 3.2% during 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 acquiring an additional 169,055 shares during the period. 97.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

COR has been the subject of a number of recent analyst reports. Weiss Ratings raised shares of Cencora from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, August 6th. William Blair assumed coverage on shares of Cencora in a research note on Tuesday, April 28th. They set a "market perform" rating on the stock. Morgan Stanley increased their target price on Cencora from $342.00 to $346.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Evercore reiterated an "outperform" rating and set a $350.00 price target on shares of Cencora in a report on Thursday, August 6th. Finally, Citigroup reiterated a "buy" rating on shares of Cencora in a report on Thursday, August 6th. Thirteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $370.85.

Cencora Stock Performance

COR stock opened at $317.89 on Friday. The firm has a 50 day simple moving average of $302.59 and a 200 day simple moving average of $311.89. Cencora, Inc. has a 52 week low of $244.82 and a 52 week high of $377.54. The stock has a market cap of $60.66 billion, a P/E ratio of 23.62, a P/E/G ratio of 1.83 and a beta of 0.57. The company has a debt-to-equity ratio of 3.53, a quick ratio of 0.58 and a current ratio of 0.93.

Cencora (NYSE:COR - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $4.48 earnings per share 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 quarter in the prior year, the business earned $4.00 EPS. The company's revenue for the quarter was up 5.1% compared to the same quarter last year. Research analysts anticipate that Cencora, Inc. will post 17.87 earnings per share 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 paid a $0.60 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.8%. Cencora's dividend payout ratio is 17.83%.

Cencora announced that its Board of Directors has initiated a stock buyback plan on Thursday, May 21st that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to repurchase up to 3.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Cencora

In other news, Director Lauren M. Tyler acquired 550 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The stock was acquired at an average cost of $270.23 per share, for a total transaction of $148,626.50. Following the completion of the acquisition, the director owned 4,359 shares in the company, valued at approximately $1,177,932.57. The trade was a 14.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.38% of the company's stock.

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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