Hsbc Holdings PLC Purchases 216,465 Shares of Cencora, Inc. $COR

Key Points

• HSBC increased its Cencora position by 38.8% in the second quarter, purchasing 216,465 additional shares and bringing its holdings to 773,956 shares valued at approximately $218.9 million. Institutional investors collectively own 97.52% of the company.
• Cencora reported quarterly earnings of $4.48 per share, beating estimates of $4.35, while revenue rose 5.1% year over year to $84.75 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $370.85.
• The company pays a quarterly dividend of $0.60 per share and has authorized a $2 billion share-repurchase program, allowing it to buy back up to 3.9% of outstanding shares.

Hsbc Holdings PLC lifted its position in shares of Cencora, Inc. (NYSE:COR - Free Report) by 38.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 773,956 shares of the company's stock after acquiring an additional 216,465 shares during the quarter. Hsbc Holdings PLC owned approximately 0.41% of Cencora worth $218,870,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Kingsview Wealth Management LLC acquired a new position in Cencora in the 2nd quarter worth about $488,000. Beacon Pointe Advisors LLC acquired a new stake in shares of Cencora during the second quarter valued at about $1,419,000. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in shares of Cencora during the second quarter valued at about $17,566,000. Empowered Funds LLC bought a new stake in shares of Cencora during the second quarter worth about $7,055,000. Finally, United Capital Financial Advisors LLC bought a new stake in shares of Cencora during the second quarter worth about $2,373,000. Institutional investors own 97.52% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on COR shares. Royal Bank Of Canada began coverage on Cencora in a research note on Wednesday, August 19th. They issued a "sector perform" rating and a $330.00 price objective for the company. JPMorgan Chase & Co. lifted their target price on shares of Cencora from $382.00 to $390.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Bank of America upped their price target on shares of Cencora from $280.00 to $285.00 and gave the company a "neutral" rating in a research report on Wednesday, June 24th. Citigroup reaffirmed a "buy" rating on shares of Cencora in a research note on Thursday, August 6th. Finally, Weiss Ratings upgraded shares of Cencora from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, August 6th. Thirteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Cencora has an average rating of "Moderate Buy" and a consensus price target of $370.85.

Cencora Price Performance

Shares of COR opened at $330.52 on Monday. The business has a 50-day moving average of $312.33 and a 200-day moving average of $309.52. 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 $63.07 billion, a price-to-earnings ratio of 24.56, a price-to-earnings-growth ratio of 1.88 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 announced its earnings results on Wednesday, August 5th. The company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.35 by $0.13. The business had revenue of $84.75 billion for the quarter, compared to analysts' expectations of $84.31 billion. Cencora had a return on equity of 125.45% and a net margin of 0.79%.The firm's revenue was up 5.1% on a year-over-year basis. During the same period in the prior year, the business posted $4.00 earnings per share. As a group, equities research analysts anticipate that Cencora, Inc. will post 17.87 earnings per share for the current year.

Cencora Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Friday, August 14th were given a dividend of $0.60 per share. The ex-dividend date was Friday, August 14th. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. Cencora's dividend payout ratio is 17.83%.

Cencora announced that its board has approved a stock repurchase program on Thursday, May 21st that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to reacquire up to 3.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Cencora

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

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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