Alpine Global Management LLC Takes Position in Cencora, Inc. (NYSE:COR)

Alpine Global Management LLC purchased a new position in shares of Cencora, Inc. (NYSE:COR) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,129 shares of the company’s stock, valued at approximately $254,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of COR. Price T Rowe Associates Inc. MD increased its stake in Cencora by 0.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,859,452 shares of the company’s stock worth $1,990,542,000 after buying an additional 78,066 shares during the period. Bank of America Corp DE increased its position in shares of Cencora by 62.3% during the fourth quarter. Bank of America Corp DE now owns 5,193,807 shares of the company’s stock worth $1,166,944,000 after acquiring an additional 1,994,256 shares during the period. Boston Partners raised its stake in shares of Cencora by 2.6% during the fourth quarter. Boston Partners now owns 5,007,100 shares of the company’s stock valued at $1,128,058,000 after acquiring an additional 125,611 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Cencora by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 4,326,064 shares of the company’s stock valued at $969,471,000 after acquiring an additional 130,213 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Cencora by 20.4% in the fourth quarter. Invesco Ltd. now owns 3,243,531 shares of the company’s stock valued at $728,757,000 after purchasing an additional 550,246 shares during the period. Hedge funds and other institutional investors own 97.52% of the company’s stock.

Cencora Stock Performance

COR stock opened at $290.03 on Friday. The firm has a 50-day simple moving average of $281.86 and a two-hundred day simple moving average of $256.65. The company has a debt-to-equity ratio of 16.40, a quick ratio of 0.54 and a current ratio of 0.92. Cencora, Inc. has a one year low of $214.77 and a one year high of $309.35. The firm has a market cap of $56.21 billion, a price-to-earnings ratio of 41.26, a PEG ratio of 1.31 and a beta of 0.60.

Cencora (NYSE:COR) last announced its earnings results on Wednesday, May 7th. The company reported $4.42 earnings per share for the quarter, beating the consensus estimate of $4.07 by $0.35. The company had revenue of $75.50 billion during the quarter, compared to the consensus estimate of $75.41 billion. Cencora had a net margin of 0.46% and a return on equity of 328.62%. Cencora’s revenue was up 10.3% compared to the same quarter last year. During the same period last year, the firm earned $3.80 earnings per share. On average, equities analysts forecast that Cencora, Inc. will post 15.37 EPS for the current fiscal year.

Cencora Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Friday, May 16th will be paid a dividend of $0.55 per share. The ex-dividend date of this dividend is Friday, May 16th. This represents a $2.20 annualized dividend and a yield of 0.76%. Cencora’s dividend payout ratio (DPR) is 25.52%.

Insider Activity at Cencora

In other news, CEO Robert P. Mauch sold 4,970 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $255.00, for a total transaction of $1,267,350.00. Following the sale, the chief executive officer now owns 51,070 shares in the company, valued at approximately $13,022,850. The trade was a 8.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Lazarus Krikorian sold 2,000 shares of Cencora stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $260.06, for a total transaction of $520,120.00. Following the completion of the sale, the chief accounting officer now owns 20,154 shares of the company’s stock, valued at $5,241,249.24. This trade represents a 9.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 45,223 shares of company stock valued at $12,369,767 in the last ninety days. Corporate insiders own 10.80% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on COR shares. Wells Fargo & Company raised their price objective on Cencora from $251.00 to $274.00 and gave the stock an “equal weight” rating in a report on Friday, March 14th. Evercore ISI increased their target price on shares of Cencora from $270.00 to $280.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. Robert W. Baird boosted their price target on shares of Cencora from $314.00 to $350.00 and gave the company an “outperform” rating in a report on Thursday, May 8th. Bank of America upped their price target on shares of Cencora from $270.00 to $285.00 and gave the stock a “neutral” rating in a research report on Friday, April 11th. Finally, Wall Street Zen upgraded shares of Cencora from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Cencora currently has a consensus rating of “Moderate Buy” and a consensus target price of $301.18.

About Cencora

Cencora, Inc sources and distributes pharmaceutical products. The company's U.S. Healthcare Solutions segment distributes pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and alternate site pharmacies, and other customers; provides pharmacy management, staffing, and other consulting services; supply management software to retail and institutional healthcare providers; packaging solutions to various institutional and retail healthcare providers; clinical trial support, product post-approval, and commercialization support services; data analytics, outcomes research, and additional services for biotechnology and pharmaceutical manufacturers; pharmaceuticals, vaccines, parasiticides, diagnostics, micro feed ingredients, and other products to the companion animal and production animal markets; and sales force services to manufacturers.