Acadian Asset Management LLC Sells 83,657 Shares of Cencora, Inc. $COR

Key Points

• Acadian Asset Management LLC has significantly reduced its stake in Cencora, Inc. by selling 83,657 shares, bringing its total ownership down to 24,543 shares valued at approximately $6.82 million.
• Several institutional investors have increased their positions in Cencora, with Price T Rowe Associates lifting its holdings by 8.9% to over $2.68 billion in value.
• Cencora's recent quarterly earnings exceeded analyst expectations, reporting earnings per share of $4.00 against a forecast of $3.79, alongside a revenue of $80.66 billion.

Acadian Asset Management LLC decreased its stake in shares of Cencora, Inc. (NYSE:COR - Free Report) by 77.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 24,543 shares of the company's stock after selling 83,657 shares during the period. Acadian Asset Management LLC's holdings in Cencora were worth $6,820,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Price T Rowe Associates Inc. MD boosted its holdings in Cencora by 8.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,647,310 shares of the company's stock valued at $2,682,821,000 after purchasing an additional 787,858 shares during the period. Wellington Management Group LLP boosted its holdings in Cencora by 7.2% in the 1st quarter. Wellington Management Group LLP now owns 5,421,262 shares of the company's stock valued at $1,507,599,000 after purchasing an additional 363,402 shares during the period. Boston Partners boosted its holdings in Cencora by 8.1% in the 1st quarter. Boston Partners now owns 5,411,193 shares of the company's stock valued at $1,505,984,000 after purchasing an additional 404,093 shares during the period. Invesco Ltd. raised its position in shares of Cencora by 42.1% in the 1st quarter. Invesco Ltd. now owns 4,607,964 shares of the company's stock valued at $1,281,429,000 after buying an additional 1,364,433 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Cencora by 9.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,711,281 shares of the company's stock valued at $475,890,000 after buying an additional 154,311 shares in the last quarter. Institutional investors own 97.52% of the company's stock.

Insider Buying and Selling at Cencora

In related news, CEO Robert P. Mauch sold 4,968 shares of the stock in a transaction on Friday, July 18th. The shares were sold at an average price of $294.11, for a total transaction of $1,461,138.48. Following the transaction, the chief executive officer directly owned 42,351 shares of the company's stock, valued at $12,455,852.61. This represents a 10.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Steven H. Collis sold 14,579 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $292.62, for a total transaction of $4,266,106.98. Following the transaction, the chairman directly owned 311,913 shares in the company, valued at approximately $91,271,982.06. This represents a 4.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,125 shares of company stock worth $9,993,789. 10.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on COR. Morgan Stanley set a $330.00 target price on shares of Cencora and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Wells Fargo & Company boosted their target price on shares of Cencora from $337.00 to $354.00 and gave the company an "overweight" rating in a research report on Wednesday, August 13th. Finally, Jefferies Financial Group boosted their target price on shares of Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a research report on Monday, June 30th. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Cencora presently has an average rating of "Moderate Buy" and an average target price of $311.25.

Cencora Trading Up 0.2%

Shares of NYSE:COR traded up $0.59 during trading on Thursday, reaching $289.67. The stock had a trading volume of 450,898 shares, compared to its average volume of 1,549,856. The stock has a market cap of $56.16 billion, a price-to-earnings ratio of 29.78, a P/E/G ratio of 1.38 and a beta of 0.62. Cencora, Inc. has a 52 week low of $218.65 and a 52 week high of $309.35. The firm's fifty day moving average is $292.65 and its 200 day moving average is $286.31. The company has a debt-to-equity ratio of 3.64, a quick ratio of 0.53 and a current ratio of 0.90.

Cencora (NYSE:COR - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $4.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.79 by $0.21. The business had revenue of $80.66 billion for the quarter, compared to analyst estimates of $80.34 billion. Cencora had a net margin of 0.60% and a return on equity of 267.36%. Cencora's revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the firm earned $3.34 earnings per share. As a group, equities analysts forecast that Cencora, Inc. will post 15.37 EPS for the current fiscal year.

Cencora Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Friday, August 15th were paid a dividend of $0.55 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.20 annualized dividend and a yield of 0.8%. Cencora's dividend payout ratio is currently 22.63%.

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.