Assenagon Asset Management S.A. Has $10.43 Million Stake in Cencora, Inc. $COR

Key Points

• Assenagon Asset Management S.A. reduced its stake in Cencora, Inc. (NYSE:COR) by 87.3%, owning 34,771 shares valued at approximately $10.43 million after selling 238,061 shares in the second quarter.
• Cencora reported earnings of $4.00 per share for its most recent quarter, surpassing the consensus estimate of $3.79, with revenues reaching $80.66 billion.
• The company announced a quarterly dividend of $0.55 per share, yielding 0.7% annually, with an estimated payout ratio of 22.63%.

Assenagon Asset Management S.A. lessened its position in Cencora, Inc. (NYSE:COR - Free Report) by 87.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,771 shares of the company's stock after selling 238,061 shares during the period. Assenagon Asset Management S.A.'s holdings in Cencora were worth $10,426,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Cornerstone Planning Group LLC raised its stake in Cencora by 106.7% in the first quarter. Cornerstone Planning Group LLC now owns 93 shares of the company's stock valued at $26,000 after buying an additional 48 shares during the period. Hoey Investments Inc. acquired a new position in shares of Cencora during the 1st quarter worth approximately $28,000. Costello Asset Management INC acquired a new position in Cencora in the 1st quarter valued at $28,000. University of Texas Texas AM Investment Management Co. bought a new position in shares of Cencora in the first quarter worth $39,000. Finally, Golden State Wealth Management LLC lifted its holdings in shares of Cencora by 157.6% during the 1st quarter. Golden State Wealth Management LLC now owns 170 shares of the company's stock worth $47,000 after acquiring an additional 104 shares during the period. 97.52% of the stock is currently owned by institutional investors and hedge funds.

Cencora Stock Up 4.6%

COR stock opened at $301.95 on Wednesday. The company has a market capitalization of $58.54 billion, a price-to-earnings ratio of 31.06, a PEG ratio of 1.47 and a beta of 0.62. Cencora, Inc. has a fifty-two week low of $218.65 and a fifty-two week high of $309.35. The company has a debt-to-equity ratio of 3.64, a quick ratio of 0.53 and a current ratio of 0.90. The stock has a fifty day moving average of $292.41 and a 200-day moving average of $287.63.

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, beating the consensus estimate of $3.79 by $0.21. Cencora had a net margin of 0.60% and a return on equity of 267.36%. The business had revenue of $80.66 billion for the quarter, compared to the consensus estimate of $80.34 billion. During the same period in the prior year, the firm earned $3.34 earnings per share. The company's revenue was up 8.7% compared to the same quarter last year. As a group, equities research analysts predict that Cencora, Inc. will post 15.37 earnings per share for the current year.

Cencora Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th were issued 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 dividend yield of 0.7%. Cencora's payout ratio is presently 22.63%.

Insiders Place Their Bets

In related news, Chairman Steven H. Collis sold 31,350 shares of the firm's stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $289.86, for a total value of $9,087,111.00. Following the completion of the sale, the chairman owned 305,913 shares of the company's stock, valued at $88,671,942.18. This trade represents a 9.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert P. Mauch sold 5,097 shares of Cencora stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $290.00, for a total transaction of $1,478,130.00. Following the transaction, the chief executive officer owned 39,274 shares of the company's stock, valued at $11,389,460. The trade was a 11.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 55,993 shares of company stock worth $16,292,923. 10.80% of the stock is owned by insiders.

Analyst Ratings Changes

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