Perigon Wealth Management LLC Makes New Investment in Cencora, Inc. $COR

Perigon Wealth Management LLC bought a new position in Cencora, Inc. (NYSE:COR) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 2,069 shares of the company’s stock, valued at approximately $585,000.

Several other hedge funds and other institutional investors also recently modified their holdings of COR. Commerzbank Aktiengesellschaft FI purchased a new stake in shares of Cencora during the 2nd quarter valued at approximately $329,000. Trust Co. of Vermont bought a new stake in Cencora during the 2nd quarter valued at $213,000. UP Strategic Wealth Investment Advisors LLC purchased a new stake in shares of Cencora during the second quarter worth $221,000. TimesSquare Capital Management LLC bought a new position in shares of Cencora in the second quarter worth $118,310,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Cencora in the second quarter valued at $483,772,000. Institutional investors own 97.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on COR shares. Barclays dropped their price objective on Cencora from $425.00 to $350.00 and set an “overweight” rating on the stock in a report on Wednesday, June 10th. Evercore reissued an “outperform” rating and issued a $350.00 price target on shares of Cencora in a report on Thursday, August 6th. Citigroup reaffirmed a “buy” rating on shares of Cencora in a research note on Thursday, August 6th. Morgan Stanley increased their target price on shares of Cencora from $342.00 to $346.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Finally, Weiss Ratings raised shares of Cencora from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Thirteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Cencora currently has a consensus rating of “Moderate Buy” and a consensus target price of $370.85.

Insiders Place Their Bets

In related news, Director Lauren M. Tyler bought 550 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was bought at an average cost of $270.23 per share, for a total transaction of $148,626.50. Following the acquisition, the director directly owned 4,359 shares of the company’s stock, valued at $1,177,932.57. The trade was a 14.44% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.38% of the stock is owned by corporate insiders.

Cencora Price Performance

Shares of NYSE:COR opened at $316.78 on Thursday. The stock has a market cap of $60.45 billion, a PE ratio of 23.53, a PEG ratio of 1.81 and a beta of 0.57. The company’s fifty day moving average is $301.20 and its 200 day moving average is $312.16. Cencora, Inc. has a 52 week low of $244.82 and a 52 week high of $377.54. The company has a quick ratio of 0.58, a current ratio of 0.93 and a debt-to-equity ratio of 3.53.

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

Cencora Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Friday, August 14th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Friday, August 14th. Cencora’s payout ratio is 17.83%.

Cencora announced that its Board of Directors has authorized a stock buyback plan on Thursday, May 21st that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 3.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Cencora Company Profile

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.