Occidental Asset Management LLC Purchases New Shares in Cencora, Inc. $COR

Occidental Asset Management LLC bought a new stake in shares of Cencora, Inc. (NYSE:COR) in the 2nd quarter, Holdings Channel reports. The fund bought 20,097 shares of the company’s stock, valued at approximately $5,687,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in COR. T. Rowe Price Investment Management Inc. increased its position in shares of Cencora by 160.1% in 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 purchasing an additional 4,123,795 shares during the last quarter. Norges Bank bought a new stake in shares of Cencora in the 4th quarter worth approximately $822,506,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Cencora in the second quarter valued at $483,772,000. Marshall Wace LLP grew its position in Cencora by 518.9% in the 3rd 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 last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake 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 acquiring an additional 1,241,186 shares in the last quarter. Institutional investors own 97.52% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on COR. Robert W. Baird set a $370.00 price target on shares of Cencora in a research note on Thursday, August 6th. Barclays reduced their price target 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. Bank of America lifted their target price 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. Citigroup reissued a “buy” rating on shares of Cencora in a report on Thursday, August 6th. Finally, Evercore reaffirmed an “outperform” rating and issued a $350.00 price target 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 assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cencora presently has a consensus rating of “Moderate Buy” and a consensus price target of $374.25.

Cencora Stock Performance

COR opened at $312.51 on Tuesday. Cencora, Inc. has a 1 year low of $244.82 and a 1 year high of $377.54. The stock has a market cap of $59.64 billion, a PE ratio of 23.22, a P/E/G 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 stock’s 50 day simple moving average is $299.75 and its 200-day simple moving average is $312.64.

Cencora (NYSE:COR) last released 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 the consensus estimate of $84.31 billion. During the same period in the previous year, the business earned $4.00 earnings per share. The company’s quarterly revenue was up 5.1% on a year-over-year basis. Sell-side analysts forecast that Cencora, Inc. will post 17.84 EPS for the current year.

Cencora Dividend Announcement

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

Cencora declared that its Board of Directors has initiated a share buyback plan on Thursday, May 21st that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 3.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Lauren M. Tyler purchased 550 shares of the business’s stock in a transaction dated Monday, June 22nd. The shares were acquired 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 of the company’s stock, valued at $1,177,932.57. The trade was a 14.44% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.38% of the stock is owned by company insiders.

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.