Deutsche Bank AG Purchases Shares of 1,013,049 Cencora, Inc. $COR

Key Points

• Deutsche Bank initiated a sizable Cencora position, purchasing 1,013,049 shares worth approximately $286.7 million and representing about 0.52% of the company. Institutional investors collectively own 97.52% of Cencora.
• Analyst sentiment remains positive: 13 analysts rate Cencora a Buy and two rate it Hold, producing a “Moderate Buy” consensus and an average price target of $374.25.
• Cencora exceeded quarterly expectations, reporting $4.48 in adjusted earnings per share and $84.75 billion in revenue, while also announcing a $0.60 quarterly dividend and a $2 billion share-repurchase program.

Deutsche Bank AG purchased a new position 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 fund purchased 1,013,049 shares of the company's stock, valued at approximately $286,673,000. Deutsche Bank AG owned approximately 0.52% of Cencora as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. T. Rowe Price Investment Management Inc. lifted its position in shares of Cencora by 160.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,700,091 shares of the company's stock worth $2,262,956,000 after buying an additional 4,123,795 shares in the last quarter. Norges Bank bought a new position in Cencora during the fourth quarter valued at approximately $822,506,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Cencora during the 2nd quarter valued at approximately $483,772,000. Marshall Wace LLP grew its holdings in Cencora by 518.9% during the 3rd quarter. Marshall Wace LLP now owns 1,995,118 shares of the company's stock valued at $623,534,000 after buying an additional 1,672,762 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Cencora by 528.9% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,475,859 shares of the company's stock worth $461,250,000 after acquiring an additional 1,241,186 shares during the last quarter. Institutional investors own 97.52% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on COR. Weiss Ratings raised Cencora from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, August 6th. Morgan Stanley raised their target price on shares of Cencora from $342.00 to $346.00 and gave the company an "overweight" rating in a report on Friday, August 7th. UBS Group boosted their price target on shares of Cencora from $412.00 to $430.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Citigroup reaffirmed a "buy" rating on shares of Cencora in a research note on Thursday, August 6th. Finally, Robert W. Baird set a $370.00 price target on shares of Cencora in a research note on Thursday, August 6th. Thirteen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $374.25.

Insiders Place Their Bets

In other Cencora news, Director Lauren M. Tyler bought 550 shares of the firm's stock in a transaction dated 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 transaction, 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.38% of the stock is currently owned by insiders.

Cencora Stock Up 1.2%

Shares of NYSE:COR opened at $316.38 on Wednesday. The firm has a market capitalization of $60.37 billion, a PE ratio of 23.50, a price-to-earnings-growth ratio of 1.80 and a beta of 0.57. The business has a 50 day simple moving average of $300.49 and a two-hundred day simple moving average of $312.40. Cencora, Inc. has a 1 year low of $244.82 and a 1 year high of $377.54. The company has a debt-to-equity ratio of 3.53, a current ratio of 0.93 and a quick ratio of 0.58.

Cencora (NYSE:COR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.35 by $0.13. Cencora had a return on equity of 125.45% and a net margin of 0.79%.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 business posted $4.00 earnings per share. The company's revenue for the quarter was up 5.1% on a year-over-year basis. On average, equities analysts predict that Cencora, Inc. will post 17.87 EPS for the current year.

Cencora Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be paid a $0.60 dividend. The ex-dividend date is Friday, August 14th. This represents a $2.40 dividend on an annualized basis and a yield of 0.8%. Cencora's dividend payout ratio (DPR) is presently 17.83%.

Cencora declared that its board has approved a share 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 purchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Cencora Company 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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