Cencora, Inc. $COR Stock Purchased by GAMMA Investing LLC

Key Points

• GAMMA Investing LLC nearly doubled its Cencora position in the third quarter, increasing holdings by 95.4% to 13,920 shares valued at approximately $4.18 million. Institutional investors collectively own 97.52% of the company.
• Analyst sentiment remains positive, with 13 Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $372.07. JPMorgan and Leerink Partners recently raised their price targets.
• Cencora exceeded quarterly expectations, reporting $4.48 in EPS and $84.75 billion in revenue, while revenue increased 5.1% year over year. The company also declared a quarterly dividend of $0.60 per share, representing a 0.7% yield.

GAMMA Investing LLC lifted its position in Cencora, Inc. (NYSE:COR - Free Report) by 95.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 13,920 shares of the company's stock after purchasing an additional 6,796 shares during the period. GAMMA Investing LLC's holdings in Cencora were worth $4,179,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Elevation Wealth Partners LLC grew its holdings in Cencora by 506.2% in the 2nd quarter. Elevation Wealth Partners LLC now owns 97 shares of the company's stock worth $27,000 after acquiring an additional 81 shares during the last quarter. Bell Investment Advisors Inc purchased a new position in shares of Cencora in the second quarter valued at about $28,000. Caitlin John LLC bought a new position in shares of Cencora during the second quarter valued at about $28,000. Cassaday & Co Wealth Management LLC bought a new position in shares of Cencora during the first quarter valued at about $35,000. Finally, Western Wealth Management LLC bought a new position in shares of Cencora during the first quarter valued at about $49,000. 97.52% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Elizabeth 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 transaction of $3,662,556.00. Following the sale, the executive vice president owned 19,455 shares of the company's stock, 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. 0.38% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts recently issued reports on COR shares. Citigroup reissued a "buy" rating on shares of Cencora in a research note on Thursday, August 6th. JPMorgan Chase & Co. increased their price objective on Cencora from $382.00 to $390.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Weiss Ratings upgraded Cencora from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday. Leerink Partners lifted their price target on shares of Cencora from $380.00 to $388.00 and gave the company an "outperform" rating in a report on Wednesday. Finally, 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 research report on Wednesday, June 24th. Thirteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Cencora currently has a consensus rating of "Moderate Buy" and a consensus target price of $372.07.

Cencora Trading Up 1.2%

NYSE COR opened at $321.16 on Friday. The company has a quick ratio of 0.58, a current ratio of 0.93 and a debt-to-equity ratio of 3.53. Cencora, Inc. has a twelve month low of $244.82 and a twelve month high of $377.54. The firm has a market capitalization of $61.29 billion, a PE ratio of 23.86, a P/E/G ratio of 1.63 and a beta of 0.58. The stock's 50 day moving average is $318.25 and its 200 day moving average is $302.71.

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

Cencora Announces Dividend

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

Cencora Company Profile

Cencora, formerly known as AmerisourceBergen, is a global pharmaceutical solutions company that sources, distributes and supports the delivery of medicines and healthcare products. The company serves pharmaceutical manufacturers, healthcare providers, pharmacies and animal-health customers through its supply-chain and commercialization services.

Its activities include pharmaceutical and specialty-product distribution, manufacturer services, specialty logistics, clinical-trial support, patient-support programs and other services designed to help bring medicines to market and improve access to treatment.

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