AQR Capital Management LLC Has $396.55 Million Stake in Cencora, Inc. $COR

Key Points

• AQR Capital Management reduced its stake in Cencora, Inc. by 2.6%, holding 1,425,990 shares valued at approximately $396.55 million as of the latest SEC filing.
• CEO Robert P. Mauch and Chairman Steven H. Collis both sold shares recently, with Mauch decreasing his position by 10.50% and Collis by 4.47%
• Cencora announced a quarterly dividend of $0.55 per share, yielding 0.7%, to be paid on September 3 after confirming record holders on August 15.

AQR Capital Management LLC trimmed its holdings in Cencora, Inc. (NYSE:COR - Free Report) by 2.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,425,990 shares of the company's stock after selling 38,476 shares during the period. AQR Capital Management LLC owned 0.74% of Cencora worth $396,554,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. GAMMA Investing LLC increased its stake in Cencora by 43,561.9% in the first quarter. GAMMA Investing LLC now owns 1,598,461 shares of the company's stock valued at $444,516,000 after acquiring an additional 1,594,800 shares during the last quarter. Invesco Ltd. increased its stake in Cencora by 42.1% in the first quarter. Invesco Ltd. now owns 4,607,964 shares of the company's stock valued at $1,281,429,000 after acquiring an additional 1,364,433 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its stake in Cencora by 4,459.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 997,233 shares of the company's stock valued at $277,321,000 after acquiring an additional 975,362 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Cencora by 8.9% in the first 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 acquiring an additional 787,858 shares during the last quarter. Finally, Nuveen LLC bought a new position in Cencora in the first quarter valued at approximately $181,284,000. 97.52% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cencora

In related news, CEO Robert P. Mauch sold 4,968 shares of the firm's stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer directly owned 42,351 shares of the company's stock, valued at approximately $12,455,852.61. This trade represents a 10.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Steven H. Collis sold 14,579 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chairman directly owned 311,913 shares of the company's stock, valued at approximately $91,271,982.06. This trade represents a 4.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,125 shares of company stock valued at $9,993,789. 10.80% of the stock is owned by insiders.

Cencora Trading Up 1.1%

Shares of COR stock opened at $294.83 on Wednesday. The company has a 50 day moving average of $293.01 and a 200-day moving average of $282.84. The company has a quick ratio of 0.53, a current ratio of 0.90 and a debt-to-equity ratio of 3.64. Cencora, Inc. has a 12-month low of $218.65 and a 12-month high of $309.35. The firm has a market cap of $57.16 billion, a P/E ratio of 30.33, a PEG ratio of 1.38 and a beta of 0.62.

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

Cencora Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Friday, August 15th will be issued a $0.55 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $2.20 annualized dividend and a yield of 0.7%. Cencora's dividend payout ratio (DPR) is 22.63%.

Analysts Set New Price Targets

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

Cencora Company 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.

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