Concurrent Investment Advisors LLC Increases Stock Holdings in Cencora, Inc. $COR

Key Points

• Concurrent Investment Advisors more than doubled its Cencora position in the second quarter, raising its holdings by 108.5% to 26,097 shares worth approximately $7.4 million. Institutional investors collectively own 97.52% of the company.
• Analysts maintain a generally positive outlook, with 13 Buy ratings and three Holds, producing a “Moderate Buy” consensus and an average price target of $370.85.
• Cencora beat quarterly earnings and revenue estimates, while its board authorized a $2 billion share repurchase; the company also pays a quarterly dividend of $0.60 per share.

Concurrent Investment Advisors LLC lifted its position in shares of Cencora, Inc. (NYSE:COR - Free Report) by 108.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 26,097 shares of the company's stock after buying an additional 13,583 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Cencora were worth $7,385,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Deutsche Bank AG purchased a new position in Cencora during the second quarter worth $286,673,000. ExodusPoint Capital Management LP acquired a new stake in shares of Cencora during the fourth quarter valued at $16,487,000. Impact Partnership Wealth LLC purchased a new stake in Cencora during the 1st quarter worth about $1,170,000. SEB Asset Management AB purchased a new stake in Cencora during the 1st quarter worth about $134,139,000. Finally, Summit Global Investments acquired a new position in Cencora in the 2nd quarter valued at about $2,283,000. 97.52% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

COR has been the subject of several analyst reports. UBS Group boosted their price target on Cencora from $412.00 to $430.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Royal Bank Of Canada assumed coverage on Cencora in a report on Wednesday, August 19th. They issued a "sector perform" rating and a $330.00 price objective on the stock. Wells Fargo & Company lifted their price objective on Cencora from $331.00 to $395.00 and gave the company an "overweight" rating in a research note on Tuesday, August 11th. JPMorgan Chase & Co. increased their target price on shares of Cencora from $382.00 to $390.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Finally, Barclays dropped their target price on shares of Cencora from $425.00 to $350.00 and set an "overweight" rating for the company in a research report on Wednesday, June 10th. Thirteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $370.85.

Insider Activity

In related news, Director Lauren M. Tyler bought 550 shares of the company's stock in a transaction that occurred on Monday, June 22nd. The shares were acquired at an average cost of $270.23 per share, for a total transaction of $148,626.50. Following the acquisition, the director owned 4,359 shares in the company, valued at $1,177,932.57. This represents a 14.44% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Elizabeth Campbell sold 11,300 shares of the business's stock in a transaction that occurred on 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 directly owned 19,455 shares in the company, valued at $6,305,754.60. This trade represents a 36.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.38% of the company's stock.

Cencora Stock Down 2.0%

Shares of Cencora stock opened at $330.52 on Friday. Cencora, Inc. has a twelve month low of $244.82 and a twelve month high of $377.54. The stock has a market cap of $63.07 billion, a price-to-earnings ratio of 24.56, a price-to-earnings-growth ratio of 1.88 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. The company has a fifty day moving average price of $312.33 and a 200 day moving average price of $309.88.

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

Cencora Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 0.7%. Cencora's dividend payout ratio (DPR) is 17.83%.

Cencora announced that its board has authorized a share 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 shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

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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