Zacks Investment Research Lowers Core-Mark (CORE) to Hold

Zacks Investment Research cut shares of Core-Mark (NASDAQ:CORE) from a buy rating to a hold rating in a research note issued to investors on Friday.

According to Zacks, “Core-Mark Holding Company, Inc.is one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America. Core-Mark Holding Company, Inc.is one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America. Core-Mark offers a full range of products, marketing programs, and technology solutions. Core-Mark services traditional convenience retailers, grocers, drug, liquor and specialty stores, and other stores that carry convenience products. “

Other equities research analysts have also recently issued reports about the company. TheStreet raised Core-Mark from a c rating to a b- rating in a report on Friday, August 10th. Loop Capital raised their price target on Core-Mark to $41.00 and gave the company a buy rating in a report on Friday, September 7th. ValuEngine raised Core-Mark from a hold rating to a buy rating in a report on Tuesday, August 14th. BidaskClub cut Core-Mark from a strong-buy rating to a buy rating in a report on Tuesday, September 18th. Finally, Sidoti cut Core-Mark from a buy rating to a neutral rating in a report on Tuesday, September 11th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Core-Mark has a consensus rating of Hold and an average target price of $32.83.

NASDAQ CORE opened at $24.74 on Friday. The firm has a market cap of $1.13 billion, a P/E ratio of 24.74, a P/E/G ratio of 1.41 and a beta of 0.48. The company has a current ratio of 1.99, a quick ratio of 0.96 and a debt-to-equity ratio of 0.66. Core-Mark has a fifty-two week low of $17.10 and a fifty-two week high of $40.12.

Core-Mark (NASDAQ:CORE) last posted its quarterly earnings results on Tuesday, November 6th. The business services provider reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.17. The business had revenue of $4.27 billion for the quarter, compared to analysts’ expectations of $4.46 billion. Core-Mark had a return on equity of 11.58% and a net margin of 0.27%. The business’s quarterly revenue was down .9% on a year-over-year basis. During the same period last year, the firm earned $0.37 earnings per share. On average, equities research analysts anticipate that Core-Mark will post 1.35 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Tuesday, November 20th will be issued a dividend of $0.11 per share. The ex-dividend date is Monday, November 19th. This is a boost from Core-Mark’s previous quarterly dividend of $0.10. This represents a $0.44 dividend on an annualized basis and a yield of 1.78%. Core-Mark’s dividend payout ratio (DPR) is currently 44.00%.

In other news, VP Christopher Hobson sold 5,812 shares of Core-Mark stock in a transaction dated Thursday, November 8th. The stock was sold at an average price of $30.73, for a total value of $178,602.76. Following the sale, the vice president now directly owns 55,355 shares of the company’s stock, valued at $1,701,059.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of CORE. Victory Capital Management Inc. increased its holdings in shares of Core-Mark by 6,293.3% in the third quarter. Victory Capital Management Inc. now owns 1,334,925 shares of the business services provider’s stock worth $45,334,000 after purchasing an additional 1,314,045 shares during the last quarter. Millennium Management LLC increased its stake in Core-Mark by 650.3% during the second quarter. Millennium Management LLC now owns 731,267 shares of the business services provider’s stock worth $16,600,000 after acquiring an additional 633,806 shares during the last quarter. BlackRock Inc. increased its stake in Core-Mark by 10.3% during the second quarter. BlackRock Inc. now owns 6,504,225 shares of the business services provider’s stock worth $147,646,000 after acquiring an additional 609,424 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Core-Mark by 18.6% during the second quarter. Dimensional Fund Advisors LP now owns 2,579,930 shares of the business services provider’s stock worth $58,565,000 after acquiring an additional 405,500 shares during the last quarter. Finally, Prudential Financial Inc. increased its stake in Core-Mark by 483.1% during the third quarter. Prudential Financial Inc. now owns 477,453 shares of the business services provider’s stock worth $16,214,000 after acquiring an additional 395,565 shares during the last quarter. 93.68% of the stock is currently owned by hedge funds and other institutional investors.

About Core-Mark

Core-Mark Holding Company, Inc markets fresh and broad-line supply solutions to the convenience retail industry. The company sells and distributes various food/non-food products, including cigarettes, fast food, candies, snacks, groceries, fresh products, dairy products, breads, beverages, other tobacco products, general merchandise and equipment, and health and beauty care products.

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