Comerica Bank Cuts Stock Position in Cencora, Inc. (NYSE:COR)

Comerica Bank lessened its stake in Cencora, Inc. (NYSE:COR - Free Report) by 4.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 65,331 shares of the company's stock after selling 3,072 shares during the quarter. Comerica Bank's holdings in Cencora were worth $14,679,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of COR. JFS Wealth Advisors LLC grew its stake in shares of Cencora by 63.0% during the 4th quarter. JFS Wealth Advisors LLC now owns 119 shares of the company's stock worth $27,000 after purchasing an additional 46 shares during the period. SBI Securities Co. Ltd. purchased a new stake in Cencora during the fourth quarter worth $30,000. Kentucky Trust Co acquired a new stake in Cencora during the fourth quarter valued at $33,000. Householder Group Estate & Retirement Specialist LLC increased its holdings in Cencora by 85.2% in the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 150 shares of the company's stock valued at $33,000 after buying an additional 69 shares in the last quarter. Finally, WASHINGTON TRUST Co raised its position in shares of Cencora by 37.7% in the fourth quarter. WASHINGTON TRUST Co now owns 168 shares of the company's stock worth $38,000 after acquiring an additional 46 shares during the period. Hedge funds and other institutional investors own 97.52% of the company's stock.

Insider Activity

In related news, Chairman Steven H. Collis sold 14,578 shares of the stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $269.51, for a total value of $3,928,916.78. Following the completion of the transaction, the chairman now directly owns 317,913 shares in the company, valued at approximately $85,680,732.63. This represents a 4.38 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Lazarus Krikorian sold 2,000 shares of Cencora stock in a transaction on Monday, March 10th. The shares were sold at an average price of $260.06, for a total value of $520,120.00. Following the completion of the sale, the chief accounting officer now owns 20,154 shares in the company, valued at $5,241,249.24. This represents a 9.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 50,223 shares of company stock valued at $13,580,967 in the last 90 days. Company insiders own 10.80% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on COR. Morgan Stanley set a $288.00 price target on Cencora in a research note on Tuesday, April 15th. StockNews.com upgraded Cencora from a "hold" rating to a "buy" rating in a research report on Wednesday, March 12th. Evercore ISI increased their target price on Cencora from $270.00 to $280.00 and gave the company an "outperform" rating in a research report on Thursday, February 6th. Wells Fargo & Company boosted their price target on shares of Cencora from $251.00 to $274.00 and gave the stock an "equal weight" rating in a report on Friday, March 14th. Finally, UBS Group increased their price objective on shares of Cencora from $298.00 to $335.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $290.00.

Cencora Price Performance

Shares of Cencora stock traded up $1.74 on Friday, hitting $292.17. 1,046,574 shares of the company were exchanged, compared to its average volume of 1,508,616. The company has a quick ratio of 0.54, a current ratio of 0.92 and a debt-to-equity ratio of 16.40. The company has a 50-day moving average price of $272.65 and a 200 day moving average price of $251.53. The stock has a market capitalization of $56.66 billion, a price-to-earnings ratio of 41.56, a price-to-earnings-growth ratio of 1.31 and a beta of 0.55. Cencora, Inc. has a 1-year low of $214.77 and a 1-year high of $296.65.

Cencora (NYSE:COR - Get Free Report) last released its quarterly earnings data on Wednesday, February 5th. The company reported $3.73 earnings per share for the quarter, topping analysts' consensus estimates of $3.50 by $0.23. Cencora had a return on equity of 328.62% and a net margin of 0.46%. As a group, sell-side analysts predict that Cencora, Inc. will post 15.37 earnings per share for the current fiscal year.

Cencora Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were issued a $0.55 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.20 annualized dividend and a yield of 0.75%. Cencora's payout ratio is 31.29%.

Cencora Profile

Cencora, Inc sources and distributes pharmaceutical products. The company's U.S. Healthcare Solutions segment distributes pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and alternate site pharmacies, and other customers; provides pharmacy management, staffing, and other consulting services; supply management software to retail and institutional healthcare providers; packaging solutions to various institutional and retail healthcare providers; clinical trial support, product post-approval, and commercialization support services; data analytics, outcomes research, and additional services for biotechnology and pharmaceutical manufacturers; pharmaceuticals, vaccines, parasiticides, diagnostics, micro feed ingredients, and other products to the companion animal and production animal markets; and sales force services to manufacturers.