QRG Capital Management Inc. Buys 18,762 Shares of Cencora, Inc. $COR

Key Points

• QRG Capital Management more than doubled its Cencora position in the second quarter, purchasing 18,762 additional shares for a total of 33,076 shares valued at approximately $9.36 million. Institutional investors now own 97.52% of the stock.
• Cencora reported quarterly EPS of $4.48, beating estimates by $0.13, while revenue rose 5.1% year over year to $84.75 billion. The company also paid a quarterly dividend of $0.60 per share, representing a 0.8% yield.
• Shares opened at $309.53, below the analyst consensus target of $370.85. Analysts maintain a “Moderate Buy” consensus, with 13 Buy ratings and three Holds.

QRG Capital Management Inc. increased its position in Cencora, Inc. (NYSE:COR - Free Report) by 131.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,076 shares of the company's stock after buying an additional 18,762 shares during the period. QRG Capital Management Inc.'s holdings in Cencora were worth $9,360,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Deutsche Bank AG purchased a new position in Cencora in the second quarter valued at about $286,673,000. ExodusPoint Capital Management LP bought a new stake in Cencora during the fourth quarter valued at $16,487,000. Impact Partnership Wealth LLC acquired a new stake in Cencora during the first quarter worth about $1,170,000. SEB Asset Management AB acquired a new stake in shares of Cencora during the 1st quarter worth approximately $134,139,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Cencora in the second quarter worth $841,000. 97.52% of the stock is currently owned by hedge funds and other institutional investors.

Cencora Stock Down 0.9%

COR opened at $309.53 on Friday. The company has a debt-to-equity ratio of 3.53, a quick ratio of 0.58 and a current ratio of 0.93. The firm has a market cap of $59.07 billion, a price-to-earnings ratio of 23.00, a PEG ratio of 1.78 and a beta of 0.57. Cencora, Inc. has a twelve month low of $244.82 and a twelve month high of $377.54. The firm's 50-day simple moving average is $317.97 and its 200-day simple moving average is $305.00.

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

Cencora Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Wells Fargo & Company upped their target price on Cencora from $331.00 to $395.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 11th. Wall Street Zen raised Cencora from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Morgan Stanley increased their target price on shares of Cencora from $342.00 to $346.00 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 stock a "neutral" rating in a research note on Wednesday, June 24th. Finally, Barclays reduced their target price 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. Thirteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $370.85.

Insiders Place Their Bets

In related news, EVP Elizabeth Campbell sold 11,300 shares of the company's stock in a transaction on 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. This represents a 36.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.38% of the company's stock.

Cencora Profile

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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