Engineers Gate Manager LP Has $10.88 Million Stake in Cencora, Inc. $COR

Engineers Gate Manager LP grew its stake in Cencora, Inc. (NYSE:COR) by 407.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 38,453 shares of the company’s stock after purchasing an additional 30,882 shares during the period. Engineers Gate Manager LP’s holdings in Cencora were worth $10,881,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Kemnay Advisory Services Inc. bought a new stake in shares of Cencora in the 4th quarter worth about $25,000. Elyxium Wealth LLC bought a new position in shares of Cencora in the fourth quarter worth about $27,000. Motiv8 Investments LLC bought a new position in Cencora in the 4th quarter worth approximately $29,000. Basepoint Wealth LLC bought a new stake in shares of Cencora during the fourth quarter worth $32,000. Finally, Elevation Wealth Partners LLC boosted its holdings in Cencora by 506.2% in the second 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 last quarter. Institutional investors own 97.52% of the company’s stock.

Insiders Place Their Bets

In related news, Director Lauren M. Tyler acquired 550 shares of the business’s stock in a transaction on Monday, June 22nd. The stock was purchased at an average cost of $270.23 per share, for a total transaction of $148,626.50. Following the completion of the transaction, the director directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Elizabeth S. Campbell sold 11,300 shares of Cencora stock in a transaction on Monday, August 24th. The stock was sold at an average price of $324.12, for a total value of $3,662,556.00. Following the sale, the executive vice president directly owned 19,455 shares of the company’s stock, valued at $6,305,754.60. This represents a 36.74% decrease in their position. The SEC filing for this sale provides additional information. 0.38% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Robert W. Baird set a $370.00 price objective on shares of Cencora in a research note on Thursday, August 6th. Wells Fargo & Company upped their target price on shares of Cencora from $331.00 to $395.00 and gave the company an “overweight” rating in a research report on Tuesday, August 11th. Bank of America increased their price target on Cencora from $280.00 to $285.00 and gave the company a “neutral” rating in a research note on Wednesday, June 24th. Morgan Stanley raised their price target on Cencora from $342.00 to $346.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Finally, UBS Group lifted their price objective on Cencora from $412.00 to $430.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Thirteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Cencora has an average rating of “Moderate Buy” and an average target price of $370.85.

Cencora Stock Performance

Shares of COR stock opened at $321.34 on Friday. 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 52 week low of $244.82 and a 52 week high of $377.54. The company’s 50 day moving average price is $315.32 and its two-hundred day moving average price is $308.53. The company has a market capitalization of $61.32 billion, a P/E ratio of 23.87, a price-to-earnings-growth ratio of 1.83 and a beta of 0.57.

Cencora (NYSE:COR) last announced its earnings results on Wednesday, August 5th. The company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.35 by $0.13. The firm had revenue of $84.75 billion during the quarter, compared to analyst estimates of $84.31 billion. Cencora had a net margin of 0.79% and a return on equity of 125.45%. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period in the prior year, the business earned $4.00 EPS. On average, analysts expect that Cencora, Inc. will post 17.87 earnings per share for the current fiscal year.

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

Cencora Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Friday, August 14th were paid a $0.60 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. Cencora’s dividend payout ratio (DPR) is currently 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.