Summit Global Investments Buys Shares of 8,066 Cencora, Inc. $COR

Key Points

• Summit Global Investments initiated a Cencora position by purchasing 8,066 shares worth approximately $2.28 million. Institutional investors collectively own 97.52% of the company.
• Wall Street sentiment remains positive, with 13 Buy ratings and two Holds; Cencora has a “Moderate Buy” consensus rating and an average price target of $374.25.
• Cencora exceeded quarterly earnings and revenue expectations, while also declaring a $0.60 quarterly dividend and authorizing a $2 billion share-repurchase program.

Summit Global Investments bought a new position in shares of Cencora, Inc. (NYSE:COR - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 8,066 shares of the company's stock, valued at approximately $2,283,000.

Other large investors have also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. raised its stake in shares of Cencora by 160.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,700,091 shares of the company's stock valued at $2,262,956,000 after purchasing an additional 4,123,795 shares during the period. Norges Bank bought a new position in Cencora in the 4th quarter worth about $822,506,000. Marshall Wace LLP grew its holdings in Cencora by 518.9% during the 3rd quarter. Marshall Wace LLP now owns 1,995,118 shares of the company's stock valued at $623,534,000 after buying an additional 1,672,762 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Cencora by 528.9% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,475,859 shares of the company's stock valued at $461,250,000 after buying an additional 1,241,186 shares in the last quarter. Finally, Viking Global Investors LP increased its position in shares of Cencora by 95.0% during the second quarter. Viking Global Investors LP now owns 2,081,732 shares of the company's stock valued at $624,207,000 after buying an additional 1,013,913 shares during the period. 97.52% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on COR. Wells Fargo & Company increased their price target on shares of Cencora from $331.00 to $395.00 and gave the stock an "overweight" rating in a report on Tuesday. Weiss Ratings raised shares of Cencora from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, August 6th. UBS Group boosted their price objective 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. Citigroup reaffirmed a "buy" rating on shares of Cencora in a report on Thursday, August 6th. Finally, Robert W. Baird set a $370.00 target price on shares of Cencora in a research note on Thursday, August 6th. Thirteen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $374.25.

Insider Transactions at Cencora

In other news, Director Lauren M. Tyler purchased 550 shares of the company's stock in a transaction on Monday, June 22nd. The stock was purchased at an average price of $270.23 per share, with a total value of $148,626.50. Following the completion of 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 legal filing with the Securities & Exchange Commission, which is available through this link. 0.38% of the stock is currently owned by company insiders.

Cencora Price Performance

Shares of NYSE:COR opened at $313.86 on Friday. The company's fifty day moving average price is $298.98 and its 200-day moving average price is $313.24. The company has a debt-to-equity ratio of 3.53, a current ratio of 0.93 and a quick ratio of 0.58. The firm has a market capitalization of $59.89 billion, a price-to-earnings ratio of 23.32, a PEG ratio of 1.78 and a beta of 0.57. Cencora, Inc. has a one year low of $244.82 and a one year high of $377.54.

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 analysts' consensus estimates of $4.35 by $0.13. Cencora had a net margin of 0.79% and a return on equity of 125.45%. The company had revenue of $84.75 billion during the quarter, compared to the consensus estimate of $84.31 billion. During the same period in the previous year, the firm posted $4.00 EPS. The firm's revenue was up 5.1% compared to the same quarter last year. On average, equities research analysts anticipate that Cencora, Inc. will post 17.84 earnings per share for the current fiscal year.

Cencora Dividend Announcement

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

Cencora announced that its board has authorized a share buyback program on Thursday, May 21st that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 3.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

About Cencora

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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