National Pension Service Raises Stake in Cencora, Inc. $COR

Key Points

• National Pension Service increased its Cencora stake by 3.9% in the second quarter, bringing its holdings to 737,713 shares worth approximately $208.8 million. Institutional investors collectively own 97.52% of the company.
• Analysts remain broadly positive, with 13 Buy ratings and three Holds, producing a consensus “Moderate Buy” rating and an average price target of $370.85.
• Cencora exceeded quarterly expectations, reporting $4.48 in EPS and $84.75 billion in revenue, while revenue rose 5.1% year over year. The company also maintains a $2 billion share-repurchase authorization and pays a quarterly dividend of $0.60 per share.

National Pension Service increased its holdings in Cencora, Inc. (NYSE:COR - Free Report) by 3.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 737,713 shares of the company's stock after buying an additional 27,882 shares during the quarter. National Pension Service owned about 0.39% of Cencora worth $208,758,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Deutsche Bank AG acquired a new stake in shares of Cencora during the 2nd quarter worth approximately $286,673,000. ExodusPoint Capital Management LP acquired a new position in shares of Cencora in the 4th quarter valued at $16,487,000. Impact Partnership Wealth LLC acquired a new position in shares of Cencora in the 1st quarter valued at $1,170,000. SEB Asset Management AB purchased a new stake in Cencora during the first quarter worth $134,139,000. Finally, Summit Global Investments purchased a new stake in Cencora during the second quarter worth $2,283,000. 97.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on COR shares. Weiss Ratings upgraded shares of Cencora from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Wells Fargo & Company upped their price objective on shares of Cencora from $331.00 to $395.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 11th. Citigroup reissued a "buy" rating on shares of Cencora in a research note on Thursday, August 6th. JPMorgan Chase & Co. lifted their price target on Cencora from $382.00 to $390.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Finally, Barclays reduced their price target on Cencora from $425.00 to $350.00 and set an "overweight" rating for the company in a report on Wednesday, June 10th. Thirteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $370.85.

Cencora Stock Performance

NYSE COR opened at $321.34 on Friday. The company has a market cap of $61.32 billion, a PE ratio of 23.87, a price-to-earnings-growth ratio of 1.83 and a beta of 0.57. The stock's 50 day simple moving average is $315.32 and its 200-day simple moving average is $308.53. 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 EPS 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 during the quarter, compared to analysts' expectations of $84.31 billion. During the same period in the previous year, the business earned $4.00 earnings per share. The firm's revenue for the quarter was up 5.1% on a year-over-year basis. As a group, equities research analysts anticipate that Cencora, Inc. will post 17.87 EPS for the current fiscal year.

Cencora Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Friday, August 14th were given 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 was Friday, August 14th. Cencora's dividend payout ratio is 17.83%.

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

Insider Transactions at Cencora

In other Cencora news, EVP Elizabeth S. Campbell sold 11,300 shares of the 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 owned 19,455 shares in the company, valued at approximately $6,305,754.60. This represents a 36.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lauren M. Tyler bought 550 shares of the stock in a transaction dated Monday, June 22nd. The shares were bought at an average price of $270.23 per share, for a total transaction of $148,626.50. Following the completion of 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 ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.38% of the stock is owned by corporate insiders.

About Cencora

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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