Ameriprise Financial Inc. Has $82.47 Million Stock Position in Cencora, Inc. $COR

Key Points

• Ameriprise Financial Inc. reduced its stake in Cencora, Inc. by 45.3%, holding approximately 0.15% of the company after selling 245,328 shares in the first quarter, worth about $82.5 million.
• The company recently announced a quarterly dividend of $0.55 per share, with an annualized yield of 0.8% and a payout ratio of 22.63%.
• Despite the selling activity among insiders, analysts remain positive on Cencora, with several raising their target price and maintaining strong buy ratings.

Ameriprise Financial Inc. reduced its holdings in shares of Cencora, Inc. (NYSE:COR - Free Report) by 45.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 296,553 shares of the company's stock after selling 245,328 shares during the quarter. Ameriprise Financial Inc. owned 0.15% of Cencora worth $82,472,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in COR. Exchange Traded Concepts LLC lifted its stake in Cencora by 4.5% during the first quarter. Exchange Traded Concepts LLC now owns 1,104 shares of the company's stock worth $307,000 after purchasing an additional 48 shares during the last quarter. Dynamic Advisor Solutions LLC lifted its stake in Cencora by 6.4% during the first quarter. Dynamic Advisor Solutions LLC now owns 1,535 shares of the company's stock worth $427,000 after purchasing an additional 93 shares during the last quarter. GAMMA Investing LLC lifted its stake in Cencora by 57.0% during the first quarter. GAMMA Investing LLC now owns 5,748 shares of the company's stock worth $1,598,000 after purchasing an additional 2,087 shares during the last quarter. Golden State Wealth Management LLC lifted its stake in Cencora by 157.6% during the first quarter. Golden State Wealth Management LLC now owns 170 shares of the company's stock worth $47,000 after purchasing an additional 104 shares during the last quarter. Finally, Leith Wheeler Investment Counsel Ltd. lifted its stake in Cencora by 5.2% during the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 82,952 shares of the company's stock worth $18,638,000 after purchasing an additional 4,126 shares during the last quarter. 97.52% of the stock is currently owned by hedge funds and other institutional investors.

Cencora Stock Performance

COR stock traded up $1.62 during mid-day trading on Friday, reaching $291.51. The company had a trading volume of 1,123,252 shares, compared to its average volume of 1,410,003. The company has a quick ratio of 0.53, a current ratio of 0.90 and a debt-to-equity ratio of 3.64. The stock has a market capitalization of $56.52 billion, a P/E ratio of 29.99, a P/E/G ratio of 1.38 and a beta of 0.62. Cencora, Inc. has a one year low of $218.65 and a one year high of $309.35. The stock's 50-day simple moving average is $293.02 and its two-hundred day simple moving average is $282.41.

Cencora (NYSE:COR - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $4.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.79 by $0.21. The company had revenue of $80.66 billion for the quarter, compared to analysts' expectations of $80.34 billion. Cencora had a return on equity of 267.36% and a net margin of 0.60%.The firm's quarterly revenue was up 8.7% compared to the same quarter last year. During the same period last year, the business posted $3.34 earnings per share. Research analysts anticipate that Cencora, Inc. will post 15.37 EPS for the current year.

Cencora Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th will be issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Friday, August 15th. Cencora's dividend payout ratio (DPR) is 22.63%.

Insiders Place Their Bets

In related news, Chairman Steven H. Collis sold 14,579 shares of Cencora stock in a transaction dated 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 of the company's stock, valued at $91,271,982.06. The trade was a 4.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert P. Mauch sold 4,968 shares of Cencora stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $294.11, for a total value of $1,461,138.48. Following the transaction, the chief executive officer directly owned 42,351 shares in the company, valued at approximately $12,455,852.61. The trade was a 10.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,125 shares of company stock worth $9,993,789 over the last three months. Corporate insiders own 10.80% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Wells Fargo & Company raised their price objective on Cencora from $337.00 to $354.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 13th. Jefferies Financial Group raised their price objective on Cencora from $275.00 to $300.00 and gave the stock a "hold" rating in a research note on Monday, June 30th. Citigroup raised their price objective on Cencora from $330.00 to $355.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Morgan Stanley set a $330.00 price objective on Cencora and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Finally, Robert W. Baird raised their target price on Cencora from $314.00 to $350.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Cencora presently has an average rating of "Moderate Buy" and a consensus price target of $311.25.

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.