Van ECK Associates Corp Cuts Stake in Cencora, Inc. $COR

Key Points

• Van ECK Associates reduced its Cencora stake by 16.4% in the second quarter, selling 27,987 shares and retaining 142,944 shares valued at approximately $40.45 million. Institutional investors collectively own 97.52% of the company.
• Cencora reported quarterly EPS of $4.48, exceeding 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 $370.85.
• The company authorized a $2 billion share-repurchase program and declared a quarterly dividend of $0.60 per share, equivalent to a 0.7% annualized yield.

Van ECK Associates Corp lessened its holdings in Cencora, Inc. (NYSE:COR - Free Report) by 16.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 142,944 shares of the company's stock after selling 27,987 shares during the quarter. Van ECK Associates Corp owned 0.07% of Cencora worth $40,450,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in COR. Kemnay Advisory Services Inc. purchased a new position in shares of Cencora in the fourth quarter worth about $25,000. Elyxium Wealth LLC purchased a new stake in Cencora during the 4th quarter valued at about $27,000. Elevation Wealth Partners LLC boosted its holdings in Cencora by 506.2% during the 2nd quarter. Elevation Wealth Partners LLC now owns 97 shares of the company's stock valued at $27,000 after acquiring an additional 81 shares during the period. Bell Investment Advisors Inc bought a new position in Cencora during the 2nd quarter worth approximately $28,000. Finally, Caitlin John LLC bought a new position in Cencora during the 2nd quarter worth approximately $28,000. 97.52% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Elizabeth S. Campbell sold 11,300 shares of Cencora stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $324.12, for a total transaction of $3,662,556.00. Following the sale, the executive vice president owned 19,455 shares of the company's stock, valued at approximately $6,305,754.60. The trade was a 36.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lauren M. Tyler purchased 550 shares of Cencora stock in a transaction that occurred on Monday, June 22nd. The shares were bought at an average price of $270.23 per share, for a total transaction of $148,626.50. Following the transaction, the director directly owned 4,359 shares of the company's stock, valued at $1,177,932.57. This trade represents a 14.44% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.38% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have weighed in on the company. Citigroup reiterated a "buy" rating on shares of Cencora in a research report on Thursday, August 6th. Morgan Stanley raised their target price on shares of Cencora from $342.00 to $346.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Bank of America lifted their target price 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. Royal Bank Of Canada initiated coverage on shares of Cencora in a report on Wednesday, August 19th. They set a "sector perform" rating and a $330.00 price target for the company. Finally, JPMorgan Chase & Co. increased their price target on shares of Cencora from $382.00 to $390.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Thirteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $370.85.

Cencora Trading Up 0.3%

NYSE COR opened at $322.12 on Friday. The stock has a market cap of $61.47 billion, a P/E ratio of 23.93, a price-to-earnings-growth ratio of 1.85 and a beta of 0.57. Cencora, Inc. has a fifty-two week low of $244.82 and a fifty-two week high of $377.54. The stock has a 50 day simple moving average of $307.38 and a two-hundred day simple moving average of $310.88. The company has a debt-to-equity ratio of 3.53, a quick ratio of 0.58 and a current ratio of 0.93.

Cencora (NYSE:COR - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.35 by $0.13. The firm had revenue of $84.75 billion for the quarter, compared to analysts' expectations 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 period in the previous year, the firm earned $4.00 earnings per share. On average, analysts forecast that Cencora, Inc. will post 17.87 earnings per share for the current year.

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

Cencora Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Friday, August 14th. Cencora's payout ratio is presently 17.83%.

Cencora 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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