Patton Fund Management Inc. Invests $3.38 Million in Cencora, Inc. $COR

Key Points

• Patton Fund Management Inc. has invested approximately $3.38 million in Cencora, Inc., acquiring a total of 11,266 shares, making it the firm's 23rd largest holding.
• Cencora reported stellar earnings, with an EPS of $4.00 for the last quarter, exceeding expectations, and achieved a revenue of $80.66 billion, marking an 8.7% increase year-over-year.
• The company also declared a $0.55 quarterly dividend, yielding 0.7%, with a dividend payout ratio of 22.63%.

Patton Fund Management Inc. bought a new stake in shares of Cencora, Inc. (NYSE:COR - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 11,266 shares of the company's stock, valued at approximately $3,378,000. Cencora comprises approximately 2.4% of Patton Fund Management Inc.'s portfolio, making the stock its 23rd largest holding.

A number of other hedge funds and other institutional investors also recently bought and sold shares of COR. GAMMA Investing LLC lifted its position in Cencora by 43,561.9% during the first quarter. GAMMA Investing LLC now owns 1,598,461 shares of the company's stock valued at $444,516,000 after acquiring an additional 1,594,800 shares during the last quarter. Invesco Ltd. lifted its position in Cencora by 42.1% during the first quarter. Invesco Ltd. now owns 4,607,964 shares of the company's stock valued at $1,281,429,000 after acquiring an additional 1,364,433 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in Cencora by 4,459.6% during the first quarter. T. Rowe Price Investment Management Inc. now owns 997,233 shares of the company's stock valued at $277,321,000 after acquiring an additional 975,362 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Cencora by 8.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,647,310 shares of the company's stock valued at $2,682,821,000 after acquiring an additional 787,858 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in Cencora during the first quarter valued at approximately $181,284,000. Hedge funds and other institutional investors own 97.52% of the company's stock.

Cencora Stock Performance

Shares of NYSE COR opened at $306.94 on Friday. The company's fifty day moving average price is $293.00 and its 200 day moving average price is $288.35. Cencora, Inc. has a 1 year low of $218.65 and a 1 year high of $310.00. The company has a market capitalization of $59.51 billion, a PE ratio of 31.58, a price-to-earnings-growth ratio of 1.52 and a beta of 0.62. The company has a debt-to-equity ratio of 3.64, a quick ratio of 0.53 and a current ratio of 0.90.

Cencora (NYSE:COR - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $4.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.79 by $0.21. The business had revenue of $80.66 billion for the quarter, compared to the consensus estimate of $80.34 billion. Cencora had a net margin of 0.60% and a return on equity of 267.36%. The company's revenue was up 8.7% compared to the same quarter last year. During the same period last year, the firm posted $3.34 earnings per share. On average, research analysts predict that Cencora, Inc. will post 15.37 earnings per share for the current year.

Cencora Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th were given a dividend of $0.55 per share. The ex-dividend date was Friday, August 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 0.7%. Cencora's dividend payout ratio (DPR) is currently 22.63%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on COR shares. Jefferies Financial Group upped their price target on shares of Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a research note on Monday, June 30th. Morgan Stanley set a $330.00 price target on shares of Cencora and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Finally, Wells Fargo & Company upped their price target on shares of Cencora from $337.00 to $354.00 and gave the company an "overweight" rating in a research note on Wednesday, August 13th. Nine 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 stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $311.25.

Insider Transactions at Cencora

In other Cencora news, CEO Robert P. Mauch sold 5,097 shares of Cencora stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $290.00, for a total transaction of $1,478,130.00. Following the completion of the sale, the chief executive officer directly owned 39,274 shares in the company, valued at $11,389,460. This trade represents a 11.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Steven H. Collis sold 31,350 shares of Cencora stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $289.86, for a total transaction of $9,087,111.00. Following the sale, the chairman owned 305,913 shares of the company's stock, valued at approximately $88,671,942.18. This represents a 9.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,993 shares of company stock valued at $16,292,923. Company insiders own 10.80% of the company's stock.

Cencora Company Profile

Cencora, Inc sources and distributes pharmaceutical products. The company's U.S. Healthcare Solutions segment distributes pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and alternate site pharmacies, and other customers; provides pharmacy management, staffing, and other consulting services; supply management software to retail and institutional healthcare providers; packaging solutions to various institutional and retail healthcare providers; clinical trial support, product post-approval, and commercialization support services; data analytics, outcomes research, and additional services for biotechnology and pharmaceutical manufacturers; pharmaceuticals, vaccines, parasiticides, diagnostics, micro feed ingredients, and other products to the companion animal and production animal markets; and sales force services to manufacturers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.