Cencora, Inc. (NYSE:COR) Holdings Lowered by AE Wealth Management LLC

Key Points

• AE Wealth Management LLC reduced its stake in Cencora, Inc. by 16.0%, owning 19,509 shares valued at $5.425 million after selling 3,707 shares in the first quarter.
• Several large investors increased their holdings in Cencora, with GAMMA Investing LLC boosting their position by 57.0%, and overall, institutional investors own 97.52% of the company's stock.
• Cencora's most recent earnings report showed an EPS of $4.42, exceeding estimates, while the stock has a consensus target price of $309.83 with an average rating of "Moderate Buy".

AE Wealth Management LLC lessened its holdings in Cencora, Inc. (NYSE:COR - Free Report) by 16.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 19,509 shares of the company's stock after selling 3,707 shares during the period. AE Wealth Management LLC's holdings in Cencora were worth $5,425,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Net Worth Advisory Group grew its holdings in Cencora by 1.4% during the 1st quarter. Net Worth Advisory Group now owns 2,645 shares of the company's stock valued at $736,000 after purchasing an additional 36 shares in the last quarter. Obermeyer Wealth Partners grew its holdings in Cencora by 1.3% during the 1st quarter. Obermeyer Wealth Partners now owns 2,724 shares of the company's stock valued at $758,000 after purchasing an additional 36 shares in the last quarter. Cromwell Holdings LLC grew its holdings in Cencora by 9.5% during the 1st quarter. Cromwell Holdings LLC now owns 450 shares of the company's stock valued at $125,000 after purchasing an additional 39 shares in the last quarter. Private Trust Co. NA grew its holdings in Cencora by 2.5% during the 1st quarter. Private Trust Co. NA now owns 1,933 shares of the company's stock valued at $538,000 after purchasing an additional 47 shares in the last quarter. Finally, Permanent Capital Management LP grew its holdings in Cencora by 4.0% during the 1st quarter. Permanent Capital Management LP now owns 1,238 shares of the company's stock valued at $344,000 after purchasing an additional 48 shares in the last quarter. Hedge funds and other institutional investors own 97.52% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on COR shares. Citigroup raised their price target on shares of Cencora from $330.00 to $355.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Morgan Stanley set a $330.00 price objective on shares of Cencora and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Jefferies Financial Group raised their price objective on shares of Cencora from $275.00 to $300.00 and gave the stock a "hold" rating in a report on Monday, June 30th. Bank of America raised their price objective on shares of Cencora from $270.00 to $285.00 and gave the stock a "neutral" rating in a report on Friday, April 11th. Finally, Robert W. Baird raised their price objective on shares of Cencora from $314.00 to $350.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $309.83.

Insider Activity

In related news, CEO Robert P. Mauch sold 4,968 shares of Cencora stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $294.11, for a total value of $1,461,138.48. Following the sale, the chief executive officer directly owned 42,351 shares in the company, valued at $12,455,852.61. This trade represents a 10.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Steven H. Collis sold 14,578 shares of Cencora stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $292.67, for a total transaction of $4,266,543.26. Following the completion of the sale, the chairman owned 309,913 shares in the company, valued at approximately $90,702,237.71. This represents a 4.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,125 shares of company stock worth $9,993,789. 10.80% of the stock is currently owned by insiders.

Cencora Stock Performance

Shares of NYSE COR traded down $2.70 during midday trading on Monday, hitting $287.67. The company's stock had a trading volume of 190,961 shares, compared to its average volume of 1,581,518. Cencora, Inc. has a 1-year low of $218.65 and a 1-year high of $309.35. The firm's fifty day moving average price is $293.31 and its 200-day moving average price is $274.79. The company has a debt-to-equity ratio of 6.01, a quick ratio of 0.52 and a current ratio of 0.87. The firm has a market cap of $55.76 billion, a P/E ratio of 33.37, a P/E/G ratio of 1.44 and a beta of 0.57.

Cencora (NYSE:COR - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $4.42 EPS for the quarter, beating the consensus estimate of $4.07 by $0.35. Cencora had a net margin of 0.55% and a return on equity of 344.71%. The business had revenue of $75.50 billion during the quarter, compared to analyst estimates of $75.41 billion. During the same period in the previous year, the business posted $3.80 EPS. The company's quarterly revenue was up 10.3% on a year-over-year basis. On average, sell-side analysts forecast that Cencora, Inc. will post 15.37 EPS for the current fiscal year.

Cencora Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 16th were given a $0.55 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $2.20 annualized dividend and a yield of 0.76%. Cencora's dividend payout ratio is presently 25.52%.

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.