CONSHOHOCKEN, PA — Cencora, Inc. (NYSE: COR) has announced a recent agreement to repurchase approximately $400 million of its common stock from Walgreens Boots Alliance Holdings LLC. This move is part of a private transaction.
The company also raised its fiscal year 2024 adjusted diluted earnings per share (EPS) guidance. The new range is $13.35 to $13.55, up from the previous $13.30 to $13.50. This adjustment reflects a lower weighted average diluted share count. However, it is partially offset by higher net interest expenses due to lower investment balances. These decreased balances result from cash being used for share repurchases.
This transaction demonstrates Cencora’s strategic approach to share repurchases. With this move, the company will have completed about $550 million in share buybacks in May alone.
Walgreens Boots Alliance Holdings, headquartered in Deerfield, Illinois, is a multinational holding company. It owns several well-known retail pharmacy chains, including Walgreens in the United States and Boots in the United Kingdom.
Cencora’s recent actions highlight its focus on shareholder value and strategic financial management. The company’s updated EPS guidance indicates confidence in its financial performance despite the increased net interest expense. This buyback further solidifies its commitment to leveraging opportunities for growth and stability.
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