Paralel Advisors LLC Purchases New Position in Cencora, Inc. $COR

Key Points

• Paralel Advisors acquired 7,354 Cencora shares worth approximately $2.08 million in the second quarter. Institutional investors collectively own 97.52% of the company.
• Wall Street analysts remain positive, with 13 Buy ratings and three Holds, resulting in a “Moderate Buy” consensus and an average price target of $370.85.
• Cencora beat quarterly earnings and revenue expectations, while maintaining a $0.60 quarterly dividend and authorizing a $2 billion share-repurchase program.

Paralel Advisors LLC purchased a new position in Cencora, Inc. (NYSE:COR - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,354 shares of the company's stock, valued at approximately $2,081,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. bought a new stake in Cencora during the 2nd quarter valued at approximately $5,154,136,000. T. Rowe Price Investment Management Inc. raised its position in shares of Cencora by 160.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,700,091 shares of the company's stock worth $2,262,956,000 after acquiring an additional 4,123,795 shares in the last quarter. Norges Bank bought a new position in shares of Cencora in the 4th quarter worth approximately $822,506,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Cencora in the 2nd quarter valued at approximately $483,772,000. Finally, Marshall Wace LLP boosted its position in shares of Cencora by 518.9% during the third quarter. Marshall Wace LLP now owns 1,995,118 shares of the company's stock valued at $623,534,000 after purchasing an additional 1,672,762 shares in the last quarter. 97.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on COR shares. Barclays reduced their price target on Cencora from $425.00 to $350.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 10th. Morgan Stanley boosted 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. JPMorgan Chase & Co. boosted their target price on shares of Cencora from $382.00 to $390.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Wells Fargo & Company upped their target price 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. Finally, UBS Group lifted their price target on shares of Cencora from $412.00 to $430.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Thirteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Cencora presently has a consensus rating of "Moderate Buy" and a consensus target price of $370.85.

Insider Transactions at Cencora

In other news, Director Lauren M. Tyler purchased 550 shares of the company's stock in a transaction that occurred on 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 purchase, the director directly owned 4,359 shares in the company, valued at approximately $1,177,932.57. This trade represents a 14.44% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.38% of the stock is currently owned by insiders.

Cencora Stock Performance

Cencora stock opened at $315.15 on Friday. Cencora, Inc. has a twelve month low of $244.82 and a twelve month high of $377.54. The company has a quick ratio of 0.58, a current ratio of 0.93 and a debt-to-equity ratio of 3.53. The company has a market capitalization of $60.14 billion, a P/E ratio of 23.41, a PEG ratio of 1.82 and a beta of 0.57. The stock's 50 day moving average is $301.86 and its 200 day moving average is $311.85.

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

Cencora Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Friday, August 14th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Friday, August 14th. Cencora's payout ratio is currently 17.83%.

Cencora declared that its Board of Directors has initiated a stock repurchase program on Thursday, May 21st that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to purchase up to 3.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board believes its shares are undervalued.

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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