Core-Mark (CORE) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Core-Mark (NASDAQ:CORE) from a strong-buy rating to a hold rating in a research report released on Wednesday morning.

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. “

Several other equities analysts have also weighed in on CORE. BidaskClub upgraded shares of Core-Mark from a hold rating to a buy rating in a report on Tuesday, July 10th. ValuEngine upgraded shares of Core-Mark from a strong sell rating to a sell rating in a report on Friday, August 3rd. Stephens upgraded shares of Core-Mark from an equal weight rating to an overweight rating and set a $35.00 price objective on the stock in a report on Wednesday, August 8th. BMO Capital Markets reiterated a hold rating and set a $30.00 price objective (up previously from $21.00) on shares of Core-Mark in a report on Wednesday, August 8th. Finally, TheStreet upgraded shares of Core-Mark from a c rating to a b- rating in a report on Friday, August 10th. Four analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. Core-Mark has a consensus rating of Buy and a consensus price target of $33.67.

Shares of NASDAQ CORE traded down $1.54 during trading on Wednesday, hitting $29.00. 536,908 shares of the company traded hands, compared to its average volume of 399,722. Core-Mark has a fifty-two week low of $17.10 and a fifty-two week high of $40.12. The firm has a market capitalization of $1.36 billion, a P/E ratio of 29.00, a P/E/G ratio of 1.68 and a beta of 0.57. The company has a current ratio of 1.99, a quick ratio of 1.14 and a debt-to-equity ratio of 0.66.

Core-Mark (NASDAQ:CORE) last announced its quarterly earnings data on Tuesday, November 6th. The business services provider reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.17. Core-Mark had a net margin of 0.27% and a return on equity of 11.58%. The firm had revenue of $4.27 billion for the quarter, compared to analyst estimates of $4.46 billion. During the same quarter in the prior year, the business earned $0.37 earnings per share. The business’s quarterly revenue was down .9% compared to the same quarter last year. Equities research analysts forecast that Core-Mark will post 1.36 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Tuesday, November 20th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Monday, November 19th. This is a positive change from Core-Mark’s previous quarterly dividend of $0.10. Core-Mark’s dividend payout ratio is currently 40.00%.

In related news, VP Christopher Hobson sold 5,812 shares of the company’s stock in a transaction dated Thursday, November 8th. The shares were sold at an average price of $30.73, for a total value of $178,602.76. Following the sale, the vice president now owns 55,355 shares in the company, valued at approximately $1,701,059.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.00% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Wells Fargo & Company MN raised its holdings in shares of Core-Mark by 6.2% in the 3rd quarter. Wells Fargo & Company MN now owns 75,362 shares of the business services provider’s stock worth $2,559,000 after acquiring an additional 4,373 shares during the last quarter. Legal & General Group Plc grew its position in Core-Mark by 3.4% in the 2nd quarter. Legal & General Group Plc now owns 143,146 shares of the business services provider’s stock worth $3,260,000 after purchasing an additional 4,765 shares in the last quarter. Rhumbline Advisers grew its position in Core-Mark by 4.8% in the 2nd quarter. Rhumbline Advisers now owns 111,619 shares of the business services provider’s stock worth $2,534,000 after purchasing an additional 5,114 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Core-Mark by 207.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 8,960 shares of the business services provider’s stock worth $305,000 after purchasing an additional 6,049 shares in the last quarter. Finally, Zebra Capital Management LLC grew its position in Core-Mark by 39.6% in the 2nd quarter. Zebra Capital Management LLC now owns 22,952 shares of the business services provider’s stock worth $521,000 after purchasing an additional 6,511 shares in the last quarter. Institutional investors own 93.91% of the company’s stock.

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.

Read More: Preferred Stock

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