Park National Corp OH Boosts Holdings in Cencora, Inc. $COR

Key Points

• Park National Corp OH more than doubled its Cencora stake by 115.2% in the third quarter, acquiring 39,594 additional shares and bringing its holdings to 73,966 shares valued at approximately $22.2 million.
• Cencora has a consensus “Moderate Buy” rating from analysts, with 13 Buy ratings and three Holds and an average price target of $370.85, above its reported trading price of $315.30.
• The company exceeded quarterly expectations, reporting EPS of $4.48 versus the $4.35 estimate and revenue of $84.75 billion, up 5.1% year over year. Cencora also announced a quarterly dividend of $0.60 per share, yielding about 0.8% annually.

Park National Corp OH grew its stake in shares of Cencora, Inc. (NYSE:COR - Free Report) by 115.2% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 73,966 shares of the company's stock after buying an additional 39,594 shares during the period. Park National Corp OH's holdings in Cencora were worth $22,208,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Elevation Wealth Partners LLC raised its holdings in Cencora by 506.2% in the 2nd quarter. Elevation Wealth Partners LLC now owns 97 shares of the company's stock valued at $27,000 after acquiring an additional 81 shares in the last quarter. Bell Investment Advisors Inc acquired a new stake in shares of Cencora during the 2nd quarter worth approximately $28,000. Caitlin John LLC acquired a new stake in shares of Cencora during the 2nd quarter worth approximately $28,000. Cassaday & Co Wealth Management LLC bought a new stake in shares of Cencora during the first quarter valued at approximately $35,000. Finally, Western Wealth Management LLC acquired a new position in shares of Cencora in the first quarter valued at $49,000. Institutional investors own 97.52% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on COR. Wells Fargo & Company lifted their price target on shares of Cencora from $331.00 to $395.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 11th. JPMorgan Chase & Co. increased their price objective on shares of Cencora from $382.00 to $390.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Citigroup reiterated a "buy" rating on shares of Cencora in a research report on Thursday, August 6th. Barclays cut their price target on shares of Cencora from $425.00 to $350.00 and set an "overweight" rating for the company in a research note on Wednesday, June 10th. Finally, Robert W. Baird set a $370.00 price objective on Cencora 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. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $370.85.

Cencora Price Performance

NYSE:COR traded up $6.25 on Monday, reaching $315.30. The stock had a trading volume of 289,101 shares, compared to its average volume of 1,487,207. 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 $60.17 billion, a P/E ratio of 23.44, a price-to-earnings-growth ratio of 1.59 and a beta of 0.58. Cencora, Inc. has a 1-year low of $244.82 and a 1-year high of $377.54. The stock has a fifty day moving average price of $318.13 and a 200-day moving average price of $303.07.

Cencora (NYSE:COR - Get Free Report) last posted its earnings results 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. The company had revenue of $84.75 billion during the quarter, compared to analysts' expectations of $84.31 billion. Cencora had a net margin of 0.79% and a return on equity of 125.45%. Cencora's quarterly revenue was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.00 earnings per share. Research analysts forecast that Cencora, Inc. will post 17.87 EPS for the current year.

Cencora Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Friday, August 14th were paid a $0.60 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.40 dividend on an annualized basis and a yield of 0.8%. Cencora's payout ratio is currently 17.83%.

Insider Activity at Cencora

In other Cencora news, EVP Elizabeth Campbell sold 11,300 shares of the business'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 transaction, the executive vice president directly owned 19,455 shares of the company's stock, valued at approximately $6,305,754.60. The trade was a 36.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.38% of the company's stock.

Cencora Profile

Cencora, formerly known as AmerisourceBergen, is a global pharmaceutical solutions company that sources, distributes and supports the delivery of medicines and healthcare products. The company serves pharmaceutical manufacturers, healthcare providers, pharmacies and animal-health customers through its supply-chain and commercialization services.

Its activities include pharmaceutical and specialty-product distribution, manufacturer services, specialty logistics, clinical-trial support, patient-support programs and other services designed to help bring medicines to market and improve access to treatment.

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