Core Capital Management & Research inc. Buys Shares of 15,845 Cencora, Inc. $COR

Key Points

• Core Capital Management & Research initiated a Cencora stake of 15,845 shares valued at approximately $4.48 million, representing 2.4% of its portfolio. Institutional investors collectively own 97.52% of COR.
• Cencora exceeded quarterly expectations, reporting $4.48 in adjusted earnings per share and $84.75 billion in revenue, with revenue up 5.1% year over year.
• The company authorized a $2 billion share buyback and maintains a quarterly dividend of $0.60 per share. Analysts give COR a “Moderate Buy” consensus rating with an average price target of $370.85.

Core Capital Management & Research inc. purchased a new stake in Cencora, Inc. (NYSE:COR - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 15,845 shares of the company's stock, valued at approximately $4,484,000. Cencora comprises approximately 2.4% of Core Capital Management & Research inc.'s investment portfolio, making the stock its 17th largest holding.

Several other institutional investors and hedge funds have also modified their holdings of COR. Accent Capital Management LLC raised its stake in Cencora by 36.1% during the fourth quarter. Accent Capital Management LLC now owns 113 shares of the company's stock worth $38,000 after acquiring an additional 30 shares in the last quarter. MCF Advisors LLC grew its holdings in shares of Cencora by 11.0% during the 4th quarter. MCF Advisors LLC now owns 303 shares of the company's stock valued at $102,000 after purchasing an additional 30 shares during the last quarter. CYBER HORNET ETFs LLC increased its position in Cencora by 6.8% during the 4th quarter. CYBER HORNET ETFs LLC now owns 485 shares of the company's stock worth $164,000 after purchasing an additional 31 shares in the last quarter. Steph & Co. lifted its stake in Cencora by 23.5% in the 1st quarter. Steph & Co. now owns 168 shares of the company's stock valued at $53,000 after purchasing an additional 32 shares during the last quarter. Finally, Beacon Pointe Advisors LLC boosted its position in Cencora by 1.1% in the fourth quarter. Beacon Pointe Advisors LLC now owns 3,492 shares of the company's stock valued at $1,180,000 after buying an additional 37 shares in the last quarter. 97.52% of the stock is currently owned by institutional investors.

Cencora Price Performance

Shares of COR opened at $323.89 on Thursday. The business has a 50-day moving average of $314.82 and a 200-day moving average of $308.81. The company has a debt-to-equity ratio of 3.53, a current ratio of 0.93 and a quick ratio of 0.58. The company has a market capitalization of $61.81 billion, a price-to-earnings ratio of 24.06, a price-to-earnings-growth ratio of 1.84 and a beta of 0.57. Cencora, Inc. has a 1 year low of $244.82 and a 1 year high of $377.54.

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, beating 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 net margin of 0.79% and a return on equity of 125.45%. The company's revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.00 EPS. As a group, equities research analysts anticipate that Cencora, Inc. will post 17.87 earnings per share for the current year.

Cencora declared that its board has authorized a stock buyback program on Thursday, May 21st that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 3.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Cencora Announces Dividend

The business also recently announced 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 dividend yield of 0.7%. The ex-dividend date was Friday, August 14th. Cencora's payout ratio is presently 17.83%.

Insider Buying and Selling at Cencora

In other Cencora news, EVP Elizabeth Campbell sold 11,300 shares of Cencora stock in a transaction on Monday, August 24th. The shares were sold at an average price of $324.12, for a total value of $3,662,556.00. Following the completion of the sale, the executive vice president directly owned 19,455 shares of the company's stock, valued at approximately $6,305,754.60. The trade was a 36.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lauren M. Tyler bought 550 shares of Cencora stock in a transaction dated Monday, June 22nd. The stock was purchased at an average price of $270.23 per share, with a total value of $148,626.50. Following the completion of the purchase, the director owned 4,359 shares in the company, valued at $1,177,932.57. This trade represents a 14.44% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.38% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

COR has been the subject of a number of research reports. Citigroup reiterated a "buy" rating on shares of Cencora in a research note on Thursday, August 6th. Bank of America increased their target price on Cencora from $280.00 to $285.00 and gave the company a "neutral" rating in a research report on Wednesday, June 24th. UBS Group boosted their price target on Cencora from $412.00 to $430.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Weiss Ratings upgraded shares of Cencora from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, August 6th. Finally, Morgan Stanley boosted their target price on shares of Cencora from $342.00 to $346.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Thirteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $370.85.

Cencora Company Profile

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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