TimesSquare Capital Management LLC Takes $120.62 Million Position in Cencora, Inc. (NYSE:COR)

TimesSquare Capital Management LLC bought a new stake in shares of Cencora, Inc. (NYSE:COR) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 496,412 shares of the company’s stock, valued at approximately $120,623,000. Cencora comprises 1.8% of TimesSquare Capital Management LLC’s investment portfolio, making the stock its 4th largest position.

Other large investors have also recently made changes to their positions in the company. Rise Advisors LLC purchased a new position in shares of Cencora during the first quarter valued at approximately $25,000. Legacy Bridge LLC purchased a new position in shares of Cencora during the first quarter valued at approximately $27,000. WASHINGTON TRUST Co purchased a new position in shares of Cencora during the first quarter valued at approximately $32,000. Hanson & Doremus Investment Management purchased a new position in shares of Cencora during the first quarter valued at approximately $33,000. Finally, OFI Invest Asset Management purchased a new position in Cencora in the 1st quarter worth approximately $33,000. 97.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on COR shares. Citigroup boosted their price objective on shares of Cencora from $265.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, April 30th. StockNews.com lowered shares of Cencora from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 2nd. SVB Leerink restated an “outperform” rating and issued a $275.00 price objective on shares of Cencora in a report on Thursday, June 27th. Finally, Robert W. Baird boosted their price objective on shares of Cencora from $280.00 to $285.00 and gave the stock an “outperform” rating in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Cencora presently has an average rating of “Moderate Buy” and a consensus target price of $236.10.

Cencora Stock Performance

COR traded up $0.60 during mid-day trading on Friday, reaching $222.60. 791,079 shares of the company traded hands, compared to its average volume of 1,453,087. The stock has a market capitalization of $44.40 billion, a P/E ratio of 24.35, a P/E/G ratio of 1.54 and a beta of 0.45. The company has a quick ratio of 0.53, a current ratio of 0.89 and a debt-to-equity ratio of 3.41. The company’s fifty day moving average price is $226.65 and its 200-day moving average price is $229.44. Cencora, Inc. has a 52-week low of $171.65 and a 52-week high of $246.75.

Cencora (NYSE:COR) last announced its earnings results on Wednesday, May 1st. The company reported $3.80 earnings per share for the quarter, beating analysts’ consensus estimates of $3.65 by $0.15. Cencora had a net margin of 0.67% and a return on equity of 268.67%. The business had revenue of $68.41 billion during the quarter, compared to analyst estimates of $70.60 billion. During the same period in the previous year, the business earned $3.50 EPS. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, sell-side analysts expect that Cencora, Inc. will post 13.46 EPS for the current year.

Cencora Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Friday, May 10th were given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date of this dividend was Thursday, May 9th. Cencora’s payout ratio is 22.32%.

Insider Activity

In other Cencora news, Director Dermot Mark Durcan acquired 500 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was purchased at an average price of $218.58 per share, with a total value of $109,290.00. Following the transaction, the director now directly owns 21,876 shares in the company, valued at approximately $4,781,656.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, major shareholder Walgreens Boots Alliance, Inc. sold 1,859,390 shares of the company’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $215.12, for a total value of $399,991,976.80. Following the completion of the transaction, the insider now owns 24,418,171 shares of the company’s stock, valued at approximately $5,252,836,945.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Dermot Mark Durcan bought 500 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The stock was purchased at an average cost of $218.58 per share, with a total value of $109,290.00. Following the acquisition, the director now directly owns 21,876 shares in the company, valued at approximately $4,781,656.08. The disclosure for this purchase can be found here. Insiders sold a total of 1,956,675 shares of company stock valued at $422,352,056 in the last 90 days. Company insiders own 15.80% of the company’s stock.

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.