Quartz Partners LLC Buys Shares of 15,650 Cencora, Inc. $COR

Key Points

• Quartz Partners LLC acquired 15,650 Cencora shares worth approximately $4.43 million in the second quarter, making COR 1.5% of its portfolio. Institutional investors collectively own 97.52% of the company.
• Cencora reported quarterly EPS of $4.48, exceeding estimates of $4.35, while revenue reached $84.75 billion, up 5.1% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $370.85.
• The company announced a quarterly dividend of $0.60 per share and authorized a $2 billion share buyback, allowing repurchases of up to 3.9% of outstanding shares.

Quartz Partners LLC bought a new stake in shares of Cencora, Inc. (NYSE:COR - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 15,650 shares of the company's stock, valued at approximately $4,429,000. Cencora comprises about 1.5% of Quartz Partners LLC's holdings, making the stock its 26th biggest position.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Cencora during the 2nd quarter worth approximately $66,000. United Bank bought a new position in Cencora in the 2nd quarter valued at $2,277,000. Shepherd Financial Partners LLC purchased a new stake in Cencora in the second quarter worth $1,576,000. Johnson Financial Group Inc. purchased a new stake in Cencora in the second quarter worth $177,000. Finally, West Family Investments Inc. bought a new stake in shares of Cencora during the second quarter worth $794,000. 97.52% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on COR shares. UBS Group boosted their target price on shares of Cencora from $412.00 to $430.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Evercore reaffirmed an "outperform" rating and issued a $350.00 price target on shares of Cencora in a research note on Thursday, August 6th. Royal Bank Of Canada assumed coverage on shares of Cencora in a report on Wednesday. They set a "sector perform" rating and a $330.00 price objective for the company. Weiss Ratings raised shares of Cencora from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Finally, Morgan Stanley upped their target price on shares of Cencora from $342.00 to $346.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Thirteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $370.85.

Cencora Price Performance

Shares of COR stock opened at $316.78 on Thursday. Cencora, Inc. has a twelve month low of $244.82 and a twelve month high of $377.54. The stock has a market capitalization of $60.45 billion, a price-to-earnings ratio of 23.53, a P/E/G ratio of 1.81 and a beta of 0.57. The stock has a fifty day simple moving average of $301.20 and a two-hundred day simple moving average of $312.16. The company has a current ratio of 0.93, a quick ratio of 0.58 and a debt-to-equity ratio of 3.53.

Cencora (NYSE:COR - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $4.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.35 by $0.13. The business 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 was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.00 EPS. On average, analysts predict 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 will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.8%. The ex-dividend date is Friday, August 14th. Cencora's dividend payout ratio is presently 17.83%.

Cencora declared that its board has initiated a share buyback plan on Thursday, May 21st that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 3.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Insider Transactions at Cencora

In other Cencora news, Director Lauren M. Tyler bought 550 shares of the business's stock in a transaction on Monday, June 22nd. The shares were acquired at an average price of $270.23 per share, with a total value of $148,626.50. Following the transaction, the director owned 4,359 shares of the company's stock, valued at approximately $1,177,932.57. This trade represents a 14.44% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.38% of the stock is currently owned by insiders.

Cencora Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source