The Manufacturers Life Insurance Company Takes Position in Cencora, Inc. $COR

The Manufacturers Life Insurance Company purchased a new stake in shares of Cencora, Inc. (NYSE:COR) during the 2nd quarter, Holdings Channel reports. The fund purchased 1,108,447 shares of the company’s stock, valued at approximately $313,668,000.

Other institutional investors also recently bought and sold shares of the company. Trajan Wealth LLC bought a new position in Cencora during the second quarter valued at $43,326,000. Van Hulzen Asset Management LLC bought a new stake in shares of Cencora in the 2nd quarter worth about $762,000. Manning & Napier Advisors LLC bought a new stake in shares of Cencora in the 2nd quarter worth about $22,748,000. L2 Asset Management LLC purchased a new position in shares of Cencora during the 2nd quarter worth about $395,000. Finally, Vega Investment Solutions purchased a new position in shares of Cencora during the 2nd quarter worth about $2,578,000. 97.52% of the stock is currently owned by institutional investors.

Cencora Stock Performance

Cencora stock opened at $323.56 on Tuesday. The company has a debt-to-equity ratio of 3.53, a quick ratio of 0.58 and a current ratio of 0.93. The company has a market capitalization of $61.75 billion, a PE ratio of 24.04, a P/E/G ratio of 1.83 and a beta of 0.57. The company has a 50 day moving average price of $303.43 and a 200-day moving average price of $311.25. Cencora, Inc. has a fifty-two week low of $244.82 and a fifty-two week high of $377.54.

Cencora (NYSE:COR) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.35 by $0.13. The company had revenue of $84.75 billion for the quarter, compared to analysts’ expectations of $84.31 billion. Cencora had a return on equity of 125.45% and a net margin of 0.79%.Cencora’s revenue was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.00 earnings per share. As a group, equities analysts forecast that Cencora, Inc. will post 17.87 earnings per share for the current year.

Cencora Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Friday, August 14th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.7%. Cencora’s dividend payout ratio is presently 17.83%.

Cencora declared that its Board of Directors has initiated a stock buyback program on Thursday, May 21st that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 3.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts recently weighed in on COR shares. Morgan Stanley increased their price objective on shares of Cencora from $342.00 to $346.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Barclays dropped their target price on Cencora from $425.00 to $350.00 and set an “overweight” rating for the company in a research report on Wednesday, June 10th. Bank of America upped their target price on Cencora from $280.00 to $285.00 and gave the company a “neutral” rating in a research note on Wednesday, June 24th. JPMorgan Chase & Co. raised their price target on Cencora from $382.00 to $390.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Finally, Evercore restated an “outperform” rating and set a $350.00 price objective on shares of Cencora in a report on Thursday, August 6th. Thirteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $370.85.

Insider Activity

In other news, Director Lauren M. Tyler purchased 550 shares of the business’s stock in a transaction dated Monday, June 22nd. The shares were purchased at an average price of $270.23 per share, for a total transaction of $148,626.50. Following the completion of the purchase, the director owned 4,359 shares in the company, valued at approximately $1,177,932.57. This represents a 14.44% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.38% of the company’s stock.

About Cencora

Cencora (NYSE:COR) is a global healthcare services and pharmaceutical distribution company that provides end-to-end solutions across the pharmaceutical supply chain. The company’s core activities include wholesale drug distribution, specialty drug distribution, and the operation of specialty pharmacies, complemented by logistics, cold-chain management and other fulfillment services designed to support complex and temperature-sensitive therapies.

Beyond physical distribution, Cencora offers a range of commercial and patient-focused services for pharmaceutical manufacturers and healthcare providers.