Fred Alger Management LLC Makes New $1.45 Million Investment in Cencora, Inc. $COR

Key Points

• Fred Alger Management LLC has made a new investment of approximately $1.45 million in Cencora, Inc., acquiring 5,213 shares during the first quarter.
• Cencora recently reported earnings of $4.00 EPS for the quarter, exceeding analysts' expectations, with revenues of $80.66 billion, marking an 8.7% increase year-over-year.
• The company announced a quarterly dividend of $0.55 per share, with a current annualized yield of 0.7% and a payout ratio of 22.63%.

Fred Alger Management LLC bought a new position in shares of Cencora, Inc. (NYSE:COR - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 5,213 shares of the company's stock, valued at approximately $1,450,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Cencora by 8.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,647,310 shares of the company's stock worth $2,682,821,000 after buying an additional 787,858 shares in the last quarter. Wellington Management Group LLP raised its stake in Cencora by 7.2% during the first quarter. Wellington Management Group LLP now owns 5,421,262 shares of the company's stock worth $1,507,599,000 after acquiring an additional 363,402 shares in the last quarter. Boston Partners raised its stake in Cencora by 8.1% during the first quarter. Boston Partners now owns 5,411,193 shares of the company's stock worth $1,505,984,000 after acquiring an additional 404,093 shares in the last quarter. Invesco Ltd. raised its stake in Cencora by 42.1% during the first quarter. Invesco Ltd. now owns 4,607,964 shares of the company's stock worth $1,281,429,000 after acquiring an additional 1,364,433 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Cencora by 9.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,711,281 shares of the company's stock worth $475,890,000 after acquiring an additional 154,311 shares in the last quarter. Institutional investors and hedge funds own 97.52% of the company's stock.

Analyst Upgrades and Downgrades

COR has been the subject of several research analyst reports. Jefferies Financial Group boosted their target price on Cencora from $275.00 to $300.00 and gave the stock a "hold" rating in a research note on Monday, June 30th. Morgan Stanley set a $330.00 target price on Cencora and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Finally, Wells Fargo & Company boosted their price target on Cencora from $337.00 to $354.00 and gave the stock an "overweight" rating in a report on Wednesday, August 13th. Nine investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, Cencora presently has an average rating of "Moderate Buy" and an average price target of $311.25.

Cencora Trading Up 0.0%

Shares of NYSE:COR traded up $0.03 during midday trading on Friday, hitting $302.83. 1,189,360 shares of the stock were exchanged, compared to its average volume of 1,313,938. The stock has a market capitalization of $58.71 billion, a price-to-earnings ratio of 31.16, a P/E/G ratio of 1.44 and a beta of 0.62. The company has a debt-to-equity ratio of 3.64, a quick ratio of 0.53 and a current ratio of 0.90. The business's 50-day moving average price is $293.24 and its 200 day moving average price is $285.74. Cencora, Inc. has a 12 month low of $218.65 and a 12 month high of $309.35.

Cencora (NYSE:COR - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $4.00 earnings per share for the quarter, topping the consensus estimate of $3.79 by $0.21. The company had revenue of $80.66 billion for the quarter, compared to analysts' expectations of $80.34 billion. Cencora had a return on equity of 267.36% and a net margin of 0.60%.The business's quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the business posted $3.34 earnings per share. Analysts predict that Cencora, Inc. will post 15.37 earnings per share for the current year.

Cencora Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th were given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Friday, August 15th. Cencora's dividend payout ratio is currently 22.63%.

Insider Buying and Selling

In other Cencora news, CEO Robert P. Mauch sold 4,968 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $294.11, for a total transaction of $1,461,138.48. Following the completion of the sale, the chief executive officer owned 42,351 shares of the company's stock, valued at approximately $12,455,852.61. This represents a 10.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Steven H. Collis sold 14,578 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $292.67, for a total transaction of $4,266,543.26. Following the sale, the chairman directly owned 309,913 shares of the company's stock, valued at $90,702,237.71. This represents a 4.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,125 shares of company stock valued at $9,993,789 in the last three months. Insiders own 10.80% of the company's stock.

Cencora Company Profile

Cencora, Inc sources and distributes pharmaceutical products. The company's U.S. Healthcare Solutions segment distributes pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and alternate site pharmacies, and other customers; provides pharmacy management, staffing, and other consulting services; supply management software to retail and institutional healthcare providers; packaging solutions to various institutional and retail healthcare providers; clinical trial support, product post-approval, and commercialization support services; data analytics, outcomes research, and additional services for biotechnology and pharmaceutical manufacturers; pharmaceuticals, vaccines, parasiticides, diagnostics, micro feed ingredients, and other products to the companion animal and production animal markets; and sales force services to manufacturers.