Core-Mark (NASDAQ:CORE) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of Core-Mark (NASDAQ:CORE) from a sell rating to a hold rating in a report released 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. “

A number of other brokerages also recently commented on CORE. Stephens upped their target price on Core-Mark from $32.00 to $35.00 and gave the company an overweight rating in a report on Tuesday, March 3rd. BidaskClub downgraded Core-Mark from a hold rating to a sell rating in a report on Tuesday, June 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The company currently has an average rating of Hold and an average target price of $31.40.

Shares of Core-Mark stock traded up $0.21 during midday trading on Wednesday, reaching $25.21. 4,938 shares of the company’s stock traded hands, compared to its average volume of 276,460. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.79 and a current ratio of 1.80. The company has a market cap of $1.13 billion, a PE ratio of 19.08 and a beta of 0.23. The stock has a 50 day moving average of $25.92 and a 200-day moving average of $25.81. Core-Mark has a 12 month low of $20.93 and a 12 month high of $40.95.

Core-Mark (NASDAQ:CORE) last announced its earnings results on Thursday, May 7th. The business services provider reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.07. The company had revenue of $3.94 billion during 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 firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.14 earnings per share. On average, equities analysts anticipate 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. Shareholders of record on Friday, May 22nd were issued a $0.12 dividend. The ex-dividend date was Thursday, May 21st. This represents a $0.48 dividend on an annualized basis and a yield of 1.90%. Core-Mark’s dividend payout ratio (DPR) is 28.40%.

A number of institutional investors and hedge funds have recently bought and sold shares of CORE. Victory Capital Management Inc. raised its holdings in Core-Mark by 40.4% in the fourth quarter. Victory Capital Management Inc. now owns 3,291,149 shares of the business services provider’s stock worth $89,486,000 after purchasing an additional 946,213 shares in the last quarter. River Road Asset Management LLC bought a new position in shares of Core-Mark during the fourth quarter valued at $18,772,000. Norges Bank bought a new position in shares of Core-Mark during the fourth quarter valued at $14,666,000. Macquarie Group Ltd. increased its holdings in shares of Core-Mark by 21.0% during the fourth quarter. Macquarie Group Ltd. now owns 1,256,620 shares of the business services provider’s stock valued at $34,167,000 after acquiring an additional 217,800 shares in the last quarter. Finally, Royal Bank of Canada increased its holdings in shares of Core-Mark by 27.6% during the first quarter. Royal Bank of Canada now owns 947,883 shares of the business services provider’s stock valued at $27,081,000 after acquiring an additional 204,930 shares in the last quarter. Institutional investors and hedge funds own 92.00% of the company’s stock.

Core-Mark Company Profile

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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