TimesSquare Capital Management LLC Acquires Shares of 418,087 Cencora, Inc. $COR

Key Points

• TimesSquare Capital Management acquired 418,087 Cencora shares worth approximately $118.3 million, making the company 1.7% of its portfolio. Institutional investors collectively own 97.52% of Cencora.
• Cencora reported quarterly earnings of $4.48 per share, beating estimates of $4.35, while revenue rose 5.1% year over year to $84.75 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $374.25.
• The company declared a quarterly dividend of $0.60 per share and authorized a $2 billion share repurchase plan, allowing buybacks of up to 3.9% of outstanding shares.

TimesSquare Capital Management LLC bought a new position in shares of Cencora, Inc. (NYSE:COR - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 418,087 shares of the company's stock, valued at approximately $118,310,000. Cencora makes up 1.7% of TimesSquare Capital Management LLC's investment portfolio, making the stock its 11th largest holding. TimesSquare Capital Management LLC owned about 0.21% of Cencora at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the stock. T. Rowe Price Investment Management Inc. increased its stake in 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 worth $2,262,956,000 after acquiring an additional 4,123,795 shares during the period. Norges Bank bought a new stake in shares of Cencora during the 4th quarter valued at $822,506,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Cencora during the 2nd quarter worth $483,772,000. Marshall Wace LLP increased its position in shares of Cencora by 518.9% in the third quarter. Marshall Wace LLP now owns 1,995,118 shares of the company's stock worth $623,534,000 after purchasing an additional 1,672,762 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Cencora by 528.9% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,475,859 shares of the company's stock worth $461,250,000 after purchasing an additional 1,241,186 shares during the period. 97.52% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Cencora from $382.00 to $390.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Barclays dropped their target price on shares of Cencora from $425.00 to $350.00 and set an "overweight" rating for the company in a research report on Wednesday, June 10th. Wall Street Zen raised shares of Cencora from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Bank of America increased their price target on shares of Cencora from $280.00 to $285.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 24th. Finally, Citigroup restated a "buy" rating on shares of Cencora in a research report on Thursday, August 6th. Thirteen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $374.25.

Cencora Trading Down 0.4%

Shares of Cencora stock opened at $312.51 on Tuesday. The firm has a market capitalization of $59.64 billion, a PE ratio of 23.22, a price-to-earnings-growth ratio of 1.80 and a beta of 0.57. The company has a current ratio of 0.93, a quick ratio of 0.58 and a debt-to-equity ratio of 3.53. The firm's 50 day moving average is $299.75 and its 200 day moving average is $312.64. Cencora, Inc. has a 1 year low of $244.82 and a 1 year high of $377.54.

Cencora (NYSE:COR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.35 by $0.13. Cencora had a net margin of 0.79% and a return on equity of 125.45%. The business had revenue of $84.75 billion during the quarter, compared to the consensus estimate of $84.31 billion. During the same quarter in the prior year, the firm earned $4.00 EPS. The firm's revenue was up 5.1% compared to the same quarter last year. Equities research analysts forecast that Cencora, Inc. will post 17.84 earnings per share for the current fiscal year.

Cencora Dividend Announcement

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

Cencora announced that its Board of Directors has approved a share buyback plan on Thursday, May 21st that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 3.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Insider Activity at Cencora

In other news, Director Lauren M. Tyler acquired 550 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The shares were bought at an average price of $270.23 per share, with a total value of $148,626.50. Following the acquisition, the director directly owned 4,359 shares in the company, valued at $1,177,932.57. The trade was a 14.44% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.38% of the company's stock.

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.

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