Wedge Capital Management L L P NC Increases Position in Cencora, Inc. $COR

Key Points

• Wedge Capital Management increased its Cencora stake by 31% in the second quarter, bringing its holdings to 105,614 shares valued at approximately $29.9 million. Institutional investors and hedge funds collectively own 97.52% of the company.
• Cencora exceeded quarterly expectations, reporting $4.48 in adjusted earnings per share on $84.75 billion in revenue, with revenue up 5.1% year over year. Analysts maintain a “Moderate Buy” consensus rating and a $374.25 average price target.
• The company authorized a $2 billion share-repurchase plan and declared a quarterly dividend of $0.60 per share, equivalent to a 0.7% annual yield.

Wedge Capital Management L L P NC lifted its stake in Cencora, Inc. (NYSE:COR - Free Report) by 31.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 105,614 shares of the company's stock after buying an additional 24,968 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.05% of Cencora worth $29,887,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. United Bank boosted its holdings in Cencora by 4.5% during the second quarter. United Bank now owns 7,032 shares of the company's stock worth $2,109,000 after buying an additional 305 shares in the last quarter. Nebula Research & Development LLC purchased a new stake in shares of Cencora during the 2nd quarter worth about $595,000. Treasurer of the State of North Carolina increased its stake in shares of Cencora by 7.9% in the 2nd quarter. Treasurer of the State of North Carolina now owns 85,534 shares of the company's stock valued at $25,647,000 after purchasing an additional 6,244 shares in the last quarter. Diversify Advisory Services LLC increased its stake in shares of Cencora by 94.1% in the 2nd quarter. Diversify Advisory Services LLC now owns 2,585 shares of the company's stock valued at $747,000 after purchasing an additional 1,253 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in Cencora by 26.0% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 73,452 shares of the company's stock worth $22,025,000 after purchasing an additional 15,154 shares during the period. 97.52% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cencora

In other news, Director Lauren M. Tyler purchased 550 shares of Cencora stock in a transaction dated Monday, June 22nd. The shares were purchased 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 in the company, valued at $1,177,932.57. This represents a 14.44% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Weiss Ratings raised Cencora from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, August 6th. Bank of America lifted their price target on shares of Cencora from $280.00 to $285.00 and gave the company a "neutral" rating in a research note on Wednesday, June 24th. William Blair started coverage on shares of Cencora in a research report on Tuesday, April 28th. They set a "market perform" rating for the company. UBS Group lifted their target price on shares of Cencora from $412.00 to $430.00 and gave the company a "buy" rating in a research 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 investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Cencora currently has a consensus rating of "Moderate Buy" and a consensus price target of $374.25.

Cencora Stock Up 2.5%

Shares of COR opened at $333.21 on Wednesday. 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, Inc. has a one year low of $244.82 and a one year high of $377.54. The stock has a market capitalization of $64.83 billion, a price-to-earnings ratio of 24.76, a PEG ratio of 1.87 and a beta of 0.57. The stock has a 50 day moving average price of $296.42 and a 200 day moving average price of $313.81.

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

Cencora announced that its board has approved 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 buy 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.

Cencora Dividend Announcement

The company 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 dividend on an annualized basis and a dividend yield of 0.7%. Cencora's dividend payout ratio (DPR) is currently 17.83%.

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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