Wealthfront Advisers LLC Buys Shares of 42,108 Cencora, Inc. $COR

Key Points

• Wealthfront Advisers purchased 42,108 Cencora shares worth approximately $11.9 million during the second quarter. Institutional investors and hedge funds collectively own 97.52% of the company.
• Cencora exceeded quarterly expectations, reporting $4.48 in EPS versus the $4.35 consensus and $84.75 billion in revenue, up 5.1% year over year. The company also declared a $0.60 quarterly dividend and authorized a $2 billion share-repurchase program.
• Analysts maintain a favorable outlook, with 13 Buy ratings and three Holds producing a “Moderate Buy” consensus and a $374.25 average price target, compared with the stock’s reported price of $316.38.

Wealthfront Advisers LLC purchased a new stake in shares of Cencora, Inc. (NYSE:COR - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 42,108 shares of the company's stock, valued at approximately $11,916,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Cencora by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 23,617,117 shares of the company's stock valued at $7,976,681,000 after acquiring an additional 221,570 shares during the period. BlackRock Inc. acquired a new position in shares of Cencora in the second quarter valued at $5,154,136,000. State Street Corp raised its stake in shares of Cencora by 1.3% in the fourth quarter. State Street Corp now owns 9,305,507 shares of the company's stock valued at $3,142,935,000 after purchasing an additional 115,191 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its stake in Cencora by 160.1% in the fourth 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 acquiring an additional 4,123,795 shares during the period. Finally, Geode Capital Management LLC raised its position in Cencora by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 5,459,476 shares of the company's stock worth $1,843,268,000 after purchasing an additional 169,055 shares in the last quarter. 97.52% of the stock is owned by institutional investors and hedge funds.

Cencora Stock Up 1.2%

Shares of COR stock opened at $316.38 on Wednesday. Cencora, Inc. has a 12-month low of $244.82 and a 12-month high of $377.54. The company has a quick ratio of 0.58, a current ratio of 0.93 and a debt-to-equity ratio of 3.53. The firm has a fifty day moving average of $300.49 and a 200-day moving average of $312.40. The company has a market capitalization of $60.37 billion, a price-to-earnings ratio of 23.50, a P/E/G ratio of 1.80 and a beta of 0.57.

Cencora (NYSE:COR - Get Free Report) last released its quarterly 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 the consensus estimate of $84.31 billion. Cencora had a return on equity of 125.45% and a net margin of 0.79%.The company's revenue for the quarter was up 5.1% on a year-over-year basis. During the same quarter last year, the business posted $4.00 EPS. As a group, equities research analysts predict that Cencora, Inc. will post 17.87 earnings per share for the current fiscal year.

Cencora Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Friday, August 14th. Cencora's dividend payout ratio (DPR) is currently 17.83%.

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Weiss Ratings upgraded shares of Cencora from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. William Blair initiated coverage on Cencora in a research report on Tuesday, April 28th. They issued a "market perform" rating on the stock. JPMorgan Chase & Co. raised their target price on shares of Cencora from $382.00 to $390.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Evercore restated an "outperform" rating and issued a $350.00 price target on shares of Cencora in a research report on Thursday, August 6th. Finally, Morgan Stanley increased their price target on shares of Cencora from $342.00 to $346.00 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 company currently has a consensus rating of "Moderate Buy" and a consensus price target of $374.25.

Insider Transactions at Cencora

In other news, Director Lauren M. Tyler bought 550 shares of the business's stock in a transaction on Monday, June 22nd. The shares were purchased at an average price of $270.23 per share, for a total transaction of $148,626.50. Following the purchase, the director owned 4,359 shares of the company's stock, valued at approximately $1,177,932.57. The trade was a 14.44% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.38% of the company's stock.

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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