Investment Management Corp of Ontario Reduces Stake in Cencora, Inc. (NYSE:COR)

Investment Management Corp of Ontario decreased its position in Cencora, Inc. (NYSE:COR - Free Report) by 42.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,842 shares of the company's stock after selling 14,714 shares during the quarter. Investment Management Corp of Ontario's holdings in Cencora were worth $4,458,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Cencora by 0.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,859,452 shares of the company's stock valued at $1,990,542,000 after purchasing an additional 78,066 shares in the last quarter. Bank of America Corp DE raised its position in shares of Cencora by 62.3% during the 4th quarter. Bank of America Corp DE now owns 5,193,807 shares of the company's stock worth $1,166,944,000 after acquiring an additional 1,994,256 shares in the last quarter. Boston Partners boosted its holdings in Cencora by 2.6% in the fourth quarter. Boston Partners now owns 5,007,100 shares of the company's stock valued at $1,128,058,000 after purchasing an additional 125,611 shares in the last quarter. Geode Capital Management LLC raised its holdings in Cencora by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 4,326,064 shares of the company's stock worth $969,471,000 after purchasing an additional 130,213 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Cencora by 20.4% during the 4th quarter. Invesco Ltd. now owns 3,243,531 shares of the company's stock worth $728,757,000 after buying an additional 550,246 shares during the last quarter. Hedge funds and other institutional investors own 97.52% of the company's stock.

Cencora Stock Performance

NYSE:COR traded up $0.51 during midday trading on Wednesday, reaching $279.51. The stock had a trading volume of 204,845 shares, compared to its average volume of 1,533,844. 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 stock has a market cap of $54.20 billion, a P/E ratio of 39.82, a P/E/G ratio of 1.31 and a beta of 0.60. The firm has a fifty day simple moving average of $277.02 and a two-hundred day simple moving average of $253.87. Cencora, Inc. has a 12-month low of $214.77 and a 12-month high of $309.35.

Cencora (NYSE:COR - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $4.42 earnings per share for the quarter, beating the consensus estimate of $4.07 by $0.35. The business had revenue of $75.50 billion for the quarter, compared to the consensus estimate of $75.41 billion. Cencora had a net margin of 0.46% and a return on equity of 328.62%. The business's quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.80 earnings per share. On average, equities analysts expect that Cencora, Inc. will post 15.37 EPS for the current year.

Cencora Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Friday, May 16th will be paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 0.79%. The ex-dividend date is Friday, May 16th. Cencora's dividend payout ratio (DPR) is 25.52%.

Insider Activity

In other Cencora news, Chairman Steven H. Collis sold 14,578 shares of the stock in a transaction 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 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Silvana Battaglia sold 5,000 shares of the business's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $242.24, for a total transaction of $1,211,200.00. Following the sale, the executive vice president now owns 15,374 shares in the company, valued at $3,724,197.76. The trade was a 24.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 50,223 shares of company stock valued at $13,580,967 in the last three months. 10.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

COR has been the topic of a number of recent analyst reports. Bank of America increased their target price on shares of Cencora from $270.00 to $285.00 and gave the company a "neutral" rating in a research report on Friday, April 11th. Evercore ISI raised their price objective on Cencora from $270.00 to $280.00 and gave the stock an "outperform" rating in a report on Thursday, February 6th. UBS Group lifted their target price on Cencora from $298.00 to $335.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Wells Fargo & Company upped their target price on Cencora from $251.00 to $274.00 and gave the company an "equal weight" rating in a research report on Friday, March 14th. Finally, Morgan Stanley set a $288.00 price target on Cencora in a research report on Tuesday, April 15th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $301.18.

About Cencora

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.