Core-Mark (NASDAQ:CORE) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Core-Mark (NASDAQ:CORE) from a sell rating to a hold rating in a report published on Wednesday morning, Zacks.com reports.

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 brokerages have also weighed in on CORE. Stephens lifted their price objective on Core-Mark from $32.00 to $35.00 and gave the stock an overweight rating in a report on Tuesday, March 3rd. BidaskClub lowered Core-Mark from a hold rating to a sell rating in a report on Tuesday, June 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. Core-Mark currently has a consensus rating of Hold and a consensus target price of $31.40.

Shares of NASDAQ CORE opened at $25.13 on Wednesday. The company has a quick ratio of 0.79, a current ratio of 1.80 and a debt-to-equity ratio of 0.94. The business’s 50 day moving average is $25.95 and its two-hundred day moving average is $25.80. The company has a market cap of $1.13 billion, a P/E ratio of 19.18 and a beta of 0.22. Core-Mark has a 12 month low of $20.93 and a 12 month high of $40.95.

Core-Mark (NASDAQ:CORE) last issued its quarterly earnings results on Thursday, May 7th. The business services provider reported $0.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.07. The company had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.83 billion. Core-Mark had a return on equity of 13.94% and a net margin of 0.36%. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.14 EPS. Sell-side analysts expect that Core-Mark will post 1.46 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, May 22nd were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.91%. The ex-dividend date was Thursday, May 21st. Core-Mark’s payout ratio is presently 28.40%.

Hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP boosted its stake in Core-Mark by 14.4% in the 1st quarter. Wellington Management Group LLP now owns 534,471 shares of the business services provider’s stock valued at $15,270,000 after buying an additional 67,240 shares in the last quarter. Bank of America Corp DE boosted its stake in Core-Mark by 3.4% in the 4th quarter. Bank of America Corp DE now owns 322,104 shares of the business services provider’s stock valued at $8,757,000 after buying an additional 10,655 shares in the last quarter. Algert Global LLC boosted its stake in Core-Mark by 112.8% in the 4th quarter. Algert Global LLC now owns 53,804 shares of the business services provider’s stock valued at $1,463,000 after buying an additional 28,524 shares in the last quarter. UBS Group AG boosted its stake in Core-Mark by 67.7% in the 4th quarter. UBS Group AG now owns 59,674 shares of the business services provider’s stock valued at $1,622,000 after buying an additional 24,095 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in Core-Mark by 2.6% in the 1st quarter. Rhumbline Advisers now owns 147,325 shares of the business services provider’s stock valued at $4,209,000 after buying an additional 3,759 shares in the last quarter. 92.00% of the stock is currently owned by institutional investors and hedge funds.

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 food products, including fast food, candies, snacks, and groceries, as well as beverages and fresh products, such as sandwiches, juices, salads, produce, dairy, and bread; and non-food products comprising cigars, tobacco, alternative nicotine products, health and beauty care products, and general merchandise and equipment.

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