Core-Mark Holding Company, Inc. (CORE) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Core-Mark Holding Company, Inc. (NASDAQ:CORE) from a hold rating to a buy rating in a research report sent to investors on Monday. They currently have $38.00 price objective on the business services provider’s stock.

According to Zacks, “Core-Mark is one of the largest broad-line, full-service wholesale distributors of packaged consumer products to the convenience retail industry in North America. The Core-Mark provides distribution and logistics services as well as marketing programs to retail locations in states and five Canadian provinces through distribution centers. Core-Mark services traditional convenience retailers, grocers, mass merchandisers, drug, liquor and specialty stores, and other stores that carry consumer packaged goods. “

Several other equities analysts have also weighed in on CORE. Jefferies Group LLC reduced their price target on shares of Core-Mark Holding from $38.00 to $34.00 and set a hold rating for the company in a research report on Wednesday, August 9th. ValuEngine upgraded shares of Core-Mark Holding from a sell rating to a hold rating in a research report on Tuesday, August 8th. Raymond James Financial, Inc. set a $35.00 target price on shares of Core-Mark Holding and gave the stock a buy rating in a research report on Wednesday, August 9th. BidaskClub upgraded shares of Core-Mark Holding from a sell rating to a hold rating in a research report on Wednesday, July 12th. Finally, Loop Capital reiterated a buy rating and set a $40.00 target price on shares of Core-Mark Holding in a research report on Monday, July 10th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Core-Mark Holding has a consensus rating of Hold and a consensus price target of $39.20.

Core-Mark Holding (NASDAQ:CORE) last posted its quarterly earnings results on Tuesday, August 8th. The business services provider reported $0.21 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by ($0.11). The company had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.96 billion. Core-Mark Holding had a net margin of 0.27% and a return on equity of 9.70%. Core-Mark Holding’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.39 EPS.

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Core-Mark Holding declared that its board has approved a share repurchase plan on Monday, August 28th that permits the company to repurchase $40.00 million in shares. This repurchase authorization permits the business services provider to purchase up to 3.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Several hedge funds have recently added to or reduced their stakes in CORE. UBS Group AG boosted its position in shares of Core-Mark Holding by 30.6% in the first quarter. UBS Group AG now owns 3,423 shares of the business services provider’s stock valued at $107,000 after acquiring an additional 802 shares during the period. Victory Capital Management Inc. boosted its position in shares of Core-Mark Holding by 65.1% in the first quarter. Victory Capital Management Inc. now owns 3,811 shares of the business services provider’s stock valued at $119,000 after acquiring an additional 1,503 shares during the period. Riverhead Capital Management LLC boosted its position in shares of Core-Mark Holding by 81.7% in the second quarter. Riverhead Capital Management LLC now owns 3,997 shares of the business services provider’s stock valued at $132,000 after acquiring an additional 1,797 shares during the period. Flinton Capital Management LLC boosted its position in shares of Core-Mark Holding by 77.3% in the second quarter. Flinton Capital Management LLC now owns 4,368 shares of the business services provider’s stock valued at $144,000 after acquiring an additional 1,904 shares during the period. Finally, Sei Investments Co. boosted its position in shares of Core-Mark Holding by 48.2% in the second quarter. Sei Investments Co. now owns 5,802 shares of the business services provider’s stock valued at $191,000 after acquiring an additional 1,887 shares during the period. Institutional investors own 99.50% of the company’s stock.

About Core-Mark Holding

Core-Mark Holding Company, Inc is a wholesale distributor to the convenience retail industry in North America. The Company provides sales, marketing, distribution and logistics services. As of December 31, 2016, the Company offered services to over 43,000 customer locations across the United States and Canada through 30 distribution centers.

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