Convergence Investment Partners LLC Purchases 725 Shares of Cencora, Inc. (NYSE:COR)

Convergence Investment Partners LLC grew its position in shares of Cencora, Inc. (NYSE:COR) by 16.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,160 shares of the company’s stock after purchasing an additional 725 shares during the period. Convergence Investment Partners LLC’s holdings in Cencora were worth $1,163,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of COR. Financial Advocates Investment Management lifted its position in Cencora by 4.7% in the 2nd quarter. Financial Advocates Investment Management now owns 978 shares of the company’s stock worth $220,000 after buying an additional 44 shares during the last quarter. Checchi Capital Advisers LLC lifted its holdings in shares of Cencora by 2.2% in the 2nd quarter. Checchi Capital Advisers LLC now owns 2,217 shares of the company’s stock worth $499,000 after acquiring an additional 48 shares during the last quarter. Valeo Financial Advisors LLC boosted its stake in shares of Cencora by 3.4% in the 2nd quarter. Valeo Financial Advisors LLC now owns 1,566 shares of the company’s stock valued at $353,000 after purchasing an additional 51 shares in the last quarter. Barlow Wealth Partners Inc. raised its position in Cencora by 5.4% in the 2nd quarter. Barlow Wealth Partners Inc. now owns 1,339 shares of the company’s stock worth $303,000 after purchasing an additional 68 shares during the period. Finally, Tevis Investment Management raised its position in Cencora by 4.9% in the 2nd quarter. Tevis Investment Management now owns 1,476 shares of the company’s stock worth $333,000 after purchasing an additional 69 shares during the period. 97.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on COR shares. Leerink Partners reaffirmed an “outperform” rating and set a $275.00 price objective on shares of Cencora in a research note on Thursday, June 27th. Robert W. Baird lifted their price target on Cencora from $285.00 to $287.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Wells Fargo & Company increased their price objective on Cencora from $236.00 to $249.00 and gave the company an “equal weight” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. lifted their target price on shares of Cencora from $280.00 to $287.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Finally, StockNews.com upgraded shares of Cencora from a “buy” rating to a “strong-buy” rating in a report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $258.63.

Cencora Trading Up 0.8 %

NYSE:COR traded up $1.97 during trading hours on Monday, hitting $239.57. The company had a trading volume of 1,229,100 shares, compared to its average volume of 1,361,154. The company has a debt-to-equity ratio of 3.93, a current ratio of 0.89 and a quick ratio of 0.55. Cencora, Inc. has a 52 week low of $171.65 and a 52 week high of $247.66. The company has a market capitalization of $47.78 billion, a PE ratio of 26.21, a price-to-earnings-growth ratio of 1.57 and a beta of 0.45. The stock has a 50-day moving average price of $231.85 and a 200 day moving average price of $232.95.

Cencora (NYSE:COR) last announced its earnings results on Wednesday, July 31st. The company reported $3.34 earnings per share for the quarter, beating analysts’ consensus estimates of $3.18 by $0.16. Cencora had a net margin of 0.65% and a return on equity of 266.60%. The firm had revenue of $74.20 billion for the quarter, compared to analyst estimates of $73.32 billion. During the same quarter in the previous year, the firm posted $2.92 EPS. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, equities research analysts predict that Cencora, Inc. will post 13.61 EPS for the current fiscal year.

Cencora Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 9th were paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date of this dividend was Friday, August 9th. Cencora’s payout ratio is presently 22.32%.

Insider Activity at Cencora

In related news, major shareholder Walgreens Boots Alliance, Inc. sold 4,438,171 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $240.56, for a total value of $1,067,646,415.76. Following the completion of the transaction, the insider now directly owns 19,980,000 shares in the company, valued at approximately $4,806,388,800. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, major shareholder Walgreens Boots Alliance, Inc. sold 4,438,171 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $240.56, for a total value of $1,067,646,415.76. Following the sale, the insider now owns 19,980,000 shares in the company, valued at approximately $4,806,388,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Silvana Battaglia sold 1,473 shares of Cencora stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $242.69, for a total value of $357,482.37. Following the transaction, the executive vice president now owns 10,948 shares of the company’s stock, valued at approximately $2,656,970.12. The disclosure for this sale can be found here. Insiders have sold 4,450,399 shares of company stock worth $1,070,392,799 over the last ninety days. 15.80% of the stock is owned by corporate insiders.

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.