Cencora, Inc. $COR Shares Acquired by Engineers Gate Manager LP

Engineers Gate Manager LP boosted its stake in Cencora, Inc. (NYSE:COR) by 407.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 38,453 shares of the company’s stock after buying an additional 30,882 shares during the period. Engineers Gate Manager LP’s holdings in Cencora were worth $10,881,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. California State Teachers Retirement System boosted its position in shares of Cencora by 26,305.7% during the 2nd quarter. California State Teachers Retirement System now owns 74,523,349 shares of the company’s stock valued at $21,088,617,000 after purchasing an additional 74,241,125 shares in the last quarter. BlackRock Inc. bought a new stake in shares of Cencora in the 2nd quarter worth approximately $5,154,136,000. T. Rowe Price Investment Management Inc. raised its holdings 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 in the last quarter. Bank of America Corp DE acquired a new stake in Cencora during the second quarter valued at approximately $1,056,625,000. Finally, Norges Bank acquired a new stake in Cencora during the fourth quarter valued at approximately $822,506,000. 97.52% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cencora

In other news, EVP Elizabeth S. Campbell sold 11,300 shares of the business’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $324.12, for a total value of $3,662,556.00. Following the completion of the sale, the executive vice president directly owned 19,455 shares in the company, valued at approximately $6,305,754.60. The trade was a 36.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 cost 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 approximately $1,177,932.57. The trade was a 14.44% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on COR. Bank of America upped their target price on Cencora from $280.00 to $285.00 and gave the company a “neutral” rating in a report on Wednesday, June 24th. Weiss Ratings upgraded Cencora from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $330.00 price objective on shares of Cencora in a research note on Tuesday. Wall Street Zen upgraded shares of Cencora from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Finally, Citigroup reissued a “buy” rating on shares of Cencora in a research report on Thursday, August 6th. Thirteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $370.85.

Cencora Stock Down 0.6%

Shares of Cencora stock opened at $321.34 on Friday. The firm has a market cap of $61.32 billion, a price-to-earnings ratio of 23.87, a P/E/G ratio of 1.83 and a beta of 0.57. The stock has a 50-day simple moving average of $315.32 and a 200-day simple moving average of $308.53. Cencora, Inc. has a 52-week low of $244.82 and a 52-week high of $377.54. The company has a debt-to-equity ratio of 3.53, a current ratio of 0.93 and a quick ratio of 0.58.

Cencora (NYSE:COR) last released its quarterly earnings data on Wednesday, August 5th. The company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates 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 firm’s revenue was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.00 earnings per share. On average, equities research analysts expect that Cencora, Inc. will post 17.87 earnings per share for the current fiscal year.

Cencora announced that its Board of Directors has initiated a stock repurchase program on Thursday, May 21st that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Cencora Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Friday, August 14th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Friday, August 14th. Cencora’s dividend payout ratio is presently 17.83%.

About Cencora

Cencora, Inc (NYSE:COR) is a global healthcare company that provides pharmaceutical sourcing, distribution and related services. The company connects biopharmaceutical manufacturers with pharmacies, hospitals, health systems, physician practices and other healthcare providers, helping move prescription medicines and healthcare products through the supply chain.

Cencora’s operations include pharmaceutical distribution, specialty pharmaceutical services, manufacturer support and patient-centered solutions.