Freestone Grove Partners LP Invests $41.20 Million in Cencora, Inc. $COR

Key Points

• Freestone Grove Partners acquired 145,577 Cencora shares worth approximately $41.2 million, giving it about a 0.08% stake. Institutional investors collectively own 97.52% of the company.
• Cencora exceeded quarterly expectations, reporting $4.48 in EPS versus the $4.35 consensus and $84.75 billion in revenue, up 5.1% year over year. The company also authorized a $2 billion share-repurchase program and declared a quarterly dividend of $0.60 per share.
• Wall Street remains positive, with 13 Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $370.85, above the reported share price of $327.94.

Freestone Grove Partners LP purchased a new position in shares of Cencora, Inc. (NYSE:COR - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 145,577 shares of the company's stock, valued at approximately $41,195,000. Freestone Grove Partners LP owned about 0.08% of Cencora at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Kemnay Advisory Services Inc. acquired a new position in shares of Cencora in the fourth quarter valued at about $25,000. Oakworth Capital Inc. acquired a new stake in Cencora in the 4th quarter worth about $26,000. Elyxium Wealth LLC bought a new stake in Cencora in the 4th quarter valued at about $27,000. Archer Investment Corp boosted its holdings in Cencora by 134.3% in the 4th quarter. Archer Investment Corp now owns 82 shares of the company's stock valued at $28,000 after purchasing an additional 47 shares during the period. Finally, Motiv8 Investments LLC acquired a new position in shares of Cencora during the 4th quarter worth approximately $29,000. 97.52% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cencora

In other Cencora news, Director Lauren M. Tyler acquired 550 shares of the company's stock in a transaction that occurred on 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 transaction, the director directly owned 4,359 shares in the company, valued at $1,177,932.57. This represents a 14.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Elizabeth S. Campbell sold 11,300 shares of the firm's stock in a transaction dated 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 in the company, valued at $6,305,754.60. This trade represents a 36.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.38% of the company's stock.

Cencora Price Performance

Shares of NYSE:COR opened at $327.94 on Thursday. The firm has a 50 day moving average of $305.39 and a 200-day moving average of $311.07. Cencora, Inc. has a 12 month low of $244.82 and a 12 month high of $377.54. 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 stock has a market capitalization of $62.58 billion, a PE ratio of 24.36, a PEG ratio of 1.88 and a beta of 0.57.

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

Cencora declared that its board has approved a share repurchase program on Thursday, May 21st that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 3.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's management believes its shares are undervalued.

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 issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Friday, August 14th. Cencora's dividend payout ratio (DPR) is currently 17.83%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on COR. Morgan Stanley lifted their price target on shares of Cencora from $342.00 to $346.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. UBS Group increased their price target on Cencora from $412.00 to $430.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Barclays lowered their price objective on Cencora from $425.00 to $350.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 10th. Robert W. Baird set a $370.00 price objective on Cencora in a report on Thursday, August 6th. Finally, Evercore reiterated an "outperform" rating and set a $350.00 target price on shares of Cencora in a research report on Thursday, August 6th. Thirteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Cencora presently has a consensus rating of "Moderate Buy" and a consensus target price of $370.85.

Cencora 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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