Corient Private Wealth LP Purchases 19,068 Shares of Cencora, Inc. $COR

Key Points

• Corient Private Wealth more than doubled its Cencora position in the second quarter, purchasing 19,068 shares and bringing its total holdings to 37,601 shares valued at approximately $10.64 million. Institutional investors own 97.52% of the company.
• Analysts maintain a favorable outlook, with 13 Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $370.85. Cencora recently exceeded quarterly earnings and revenue estimates, reporting $4.48 in EPS and $84.75 billion in revenue.
• Cencora shares opened at $318.54, down 1.5%, while the company supports shareholders through a $0.60 quarterly dividend and a newly authorized $2 billion stock-buyback program covering up to 3.9% of outstanding shares.

Corient Private Wealth LP lifted its holdings in Cencora, Inc. (NYSE:COR - Free Report) by 102.9% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 37,601 shares of the company's stock after buying an additional 19,068 shares during the period. Corient Private Wealth LP's holdings in Cencora were worth $10,640,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of COR. Accent Capital Management LLC boosted its holdings in shares of Cencora by 36.1% in the 4th quarter. Accent Capital Management LLC now owns 113 shares of the company's stock worth $38,000 after buying an additional 30 shares during the last quarter. MCF Advisors LLC increased its holdings in Cencora by 11.0% during the fourth quarter. MCF Advisors LLC now owns 303 shares of the company's stock worth $102,000 after buying an additional 30 shares during the last quarter. CYBER HORNET ETFs LLC raised its position in Cencora by 6.8% in the fourth quarter. CYBER HORNET ETFs LLC now owns 485 shares of the company's stock worth $164,000 after acquiring an additional 31 shares during the period. Steph & Co. boosted its stake in Cencora by 23.5% in the first quarter. Steph & Co. now owns 168 shares of the company's stock valued at $53,000 after acquiring an additional 32 shares during the last quarter. Finally, Cornerstone Wealth Group LLC boosted its stake in Cencora by 1.6% in the first quarter. Cornerstone Wealth Group LLC now owns 2,434 shares of the company's stock valued at $760,000 after acquiring an additional 38 shares during the last quarter. 97.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on COR shares. UBS Group raised their price target on shares of Cencora from $412.00 to $430.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Bank of America upped their price objective on Cencora from $280.00 to $285.00 and gave the company a "neutral" rating in a research note on Wednesday, June 24th. Evercore reissued an "outperform" rating and set a $350.00 price objective on shares of Cencora in a report on Thursday, August 6th. Barclays decreased their target price on Cencora from $425.00 to $350.00 and set an "overweight" rating for the company in a research report on Wednesday, June 10th. Finally, Robert W. Baird set a $370.00 price target on Cencora in a research report on Thursday, August 6th. Thirteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Cencora has a consensus rating of "Moderate Buy" and a consensus target price of $370.85.

Cencora Stock Down 1.5%

Shares of NYSE COR opened at $318.54 on Thursday. 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 $60.79 billion, a P/E ratio of 23.67, a P/E/G ratio of 1.83 and a beta of 0.57. 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 $316.93 and a two-hundred day simple moving average of $307.33.

Cencora (NYSE:COR - Get Free Report) last announced its quarterly earnings results 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. 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 the consensus estimate of $84.31 billion. During the same period in the prior year, the firm posted $4.00 earnings per share. The company's revenue for the quarter was up 5.1% on a year-over-year basis. Research analysts anticipate that Cencora, Inc. will post 17.87 earnings per share for the current fiscal year.

Cencora Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 31st. Shareholders 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 yield of 0.8%. Cencora's dividend payout ratio is currently 17.83%.

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

Insider Buying and Selling at Cencora

In other news, Director Lauren M. Tyler purchased 550 shares of the firm's stock in a transaction dated Monday, June 22nd. The shares were purchased at an average price of $270.23 per share, with a total value of $148,626.50. Following the completion of the acquisition, the director owned 4,359 shares in the company, valued at $1,177,932.57. This trade represents a 14.44% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 sale, the executive vice president directly owned 19,455 shares of the company's stock, valued at $6,305,754.60. This represents a 36.74% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.38% of the stock is owned by company insiders.

Cencora 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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