Cencora, Inc. (NYSE:COR) Declares Quarterly Dividend of $0.66

Key Points

• Cencora raised its quarterly dividend 10% to $0.66 per share, equivalent to $2.64 annually and a 0.7% yield. The dividend is payable November 30 to shareholders of record November 13.
• The company has increased its dividend for 15 consecutive years. Its reported 13.9% payout ratio indicates earnings comfortably cover the dividend.
• Cencora reported quarterly earnings of $4.66 per share, beating estimates of $4.58, while revenue rose 5.5% year over year to $88.35 billion.

Cencora, Inc. (NYSE:COR - Get Free Report) declared a quarterly dividend on Tuesday, November 3rd. Shareholders of record on Friday, November 13th will be paid a dividend of $0.66 per share on Monday, November 30th. This represents a $2.64 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Friday, November 13th. This is a 10.0% increase from Cencora's previous quarterly dividend of $0.60.

Cencora has increased its dividend payment by an average of 0.1% per year over the last three years and has raised its dividend every year for the last 15 years. Cencora has a dividend payout ratio of 13.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Cencora to earn $19.78 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 12.1%.

Cencora Price Performance

Cencora stock traded up $13.70 on Wednesday, reaching $354.20. The company's stock had a trading volume of 2,887,495 shares, compared to its average volume of 1,468,252. The company has a debt-to-equity ratio of 3.53, a quick ratio of 0.58 and a current ratio of 0.93. The company has a market cap of $67.59 billion, a price-to-earnings ratio of 26.31, a PEG ratio of 1.73 and a beta of 0.58. The business's fifty day moving average price is $324.08 and its 200 day moving average price is $317.45. Cencora has a twelve month low of $244.82 and a twelve month high of $377.54.

Cencora (NYSE:COR - Get Free Report) last announced its earnings results on Wednesday, November 4th. The company reported $4.66 earnings per share for the quarter, beating analysts' consensus estimates of $4.58 by $0.08. Cencora had a return on equity of 125.45% and a net margin of 0.79%. The company had revenue of $88.35 billion during the quarter, compared to analyst estimates of $87.95 billion. During the same period last year, the company posted $3.84 earnings per share. The firm's quarterly revenue was up 5.5% compared to the same quarter last year. Equities analysts expect that Cencora will post 17.88 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Elizabeth Campbell sold 11,300 shares of Cencora stock in a transaction on Monday, August 24th. The shares were sold at an average price of $324.12, for a total transaction of $3,662,556.00. Following the transaction, the executive vice president directly owned 19,455 shares of the company's stock, valued at $6,305,754.60. This trade represents a 36.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.38% of the company's stock.

Institutional Trading of Cencora

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Deutsche Bank AG bought a new position in shares of Cencora in the 2nd quarter worth $286,673,000. SEB Asset Management AB purchased a new position in shares of Cencora in the 1st quarter worth about $134,139,000. Wedge Capital Management L L P NC raised its holdings in shares of Cencora by 31.0% during the 2nd quarter. Wedge Capital Management L L P NC now owns 105,614 shares of the company's stock valued at $29,887,000 after buying an additional 24,968 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Cencora in the 2nd quarter worth approximately $841,000. Finally, Peachtree Investment Partners LLC bought a new position in Cencora during the second quarter valued at approximately $2,204,000. Institutional investors and hedge funds own 97.52% of the company's stock.

Cencora Company Profile

Cencora, formerly known as AmerisourceBergen, is a global pharmaceutical sourcing and distribution company. It provides branded, generic and specialty pharmaceuticals, over-the-counter products and related health care supplies to pharmacies, hospitals, health systems, physician practices and other health care providers.

The company also offers services to pharmaceutical and biotechnology manufacturers, including logistics, commercialization support, market access, consulting, clinical trial support and patient assistance programs.

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