Summit Global Investments Acquires New Position in Cencora, Inc. (NYSE:COR)

Summit Global Investments bought a new position in Cencora, Inc. (NYSE:COR) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,321 shares of the company’s stock, valued at approximately $297,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. New Millennium Group LLC bought a new stake in Cencora in the 2nd quarter worth about $26,000. TCTC Holdings LLC bought a new stake in shares of Cencora in the first quarter worth approximately $29,000. TFO Wealth Partners LLC purchased a new position in shares of Cencora during the first quarter valued at approximately $30,000. MFA Wealth Advisors LLC bought a new position in Cencora during the second quarter valued at approximately $30,000. Finally, Concord Wealth Partners purchased a new stake in Cencora in the third quarter worth approximately $30,000. Institutional investors own 97.52% of the company’s stock.

Cencora Stock Performance

Cencora stock opened at $248.41 on Monday. The company’s 50-day moving average price is $231.95 and its 200-day moving average price is $230.74. The company has a quick ratio of 0.55, a current ratio of 0.88 and a debt-to-equity ratio of 4.84. The company has a market cap of $48.95 billion, a PE ratio of 33.08, a price-to-earnings-growth ratio of 1.55 and a beta of 0.44. Cencora, Inc. has a twelve month low of $191.11 and a twelve month high of $251.00.

Cencora Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.55 per share. The ex-dividend date is Friday, November 15th. This is an increase from Cencora’s previous quarterly dividend of $0.51. This represents a $2.20 dividend on an annualized basis and a yield of 0.89%. Cencora’s dividend payout ratio is 27.16%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on COR shares. Wells Fargo & Company increased their price target on Cencora from $236.00 to $249.00 and gave the company an “equal weight” rating in a report on Thursday, August 1st. Robert W. Baird raised their target price on Cencora from $287.00 to $292.00 and gave the stock an “outperform” rating in a research report on Thursday. Bank of America reaffirmed a “neutral” rating and set a $245.00 price target (down previously from $275.00) on shares of Cencora in a research report on Wednesday, September 18th. Barclays upped their target price on shares of Cencora from $263.00 to $290.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Leerink Partners dropped their price target on shares of Cencora from $277.00 to $275.00 and set an “outperform” rating on the stock in a research note on Monday, October 7th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $271.20.

Insider Activity

In related news, Chairman Steven H. Collis sold 21,509 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $235.80, for a total value of $5,071,822.20. Following the completion of the sale, the chairman now directly owns 285,088 shares in the company, valued at $67,223,750.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 15.80% of the company’s stock.

Cencora Profile

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.