Assetmark Inc. Decreases Stock Holdings in Cencora, Inc. (NYSE:COR)

Key Points

• Assetmark Inc. reduced its stake in Cencora, Inc. by 59.4% in the first quarter, holding shares worth approximately $3.63 million after selling more than 19,000 shares.
• Insider trading showed significant sales, with Chairman Steven H. Collis selling over 14,500 shares for approximately $4.27 million and CEO Robert P. Mauch selling 4,968 shares for around $1.46 million.
• Cencora's recent quarterly dividend was $0.55 per share, with an annualized yield of 0.76%, reflecting a 25.52% dividend payout ratio.

Assetmark Inc. decreased its position in Cencora, Inc. (NYSE:COR - Free Report) by 59.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,045 shares of the company's stock after selling 19,052 shares during the period. Assetmark Inc.'s holdings in Cencora were worth $3,628,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Exchange Traded Concepts LLC lifted its holdings in Cencora by 4.5% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,104 shares of the company's stock worth $307,000 after buying an additional 48 shares in the last quarter. Dynamic Advisor Solutions LLC lifted its holdings in Cencora by 6.4% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 1,535 shares of the company's stock worth $427,000 after buying an additional 93 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Cencora by 57.0% during the 1st quarter. GAMMA Investing LLC now owns 5,748 shares of the company's stock worth $1,598,000 after buying an additional 2,087 shares in the last quarter. Westpac Banking Corp lifted its holdings in Cencora by 13.5% during the 4th quarter. Westpac Banking Corp now owns 21,895 shares of the company's stock worth $4,919,000 after buying an additional 2,596 shares in the last quarter. Finally, Golden State Wealth Management LLC lifted its holdings in 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 buying an additional 104 shares in the last quarter. Hedge funds and other institutional investors own 97.52% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on COR shares. Robert W. Baird increased their target price on shares of Cencora from $314.00 to $350.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Citigroup increased their target price on shares of Cencora from $330.00 to $355.00 and gave the stock 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 company an "equal weight" rating in a report on Wednesday, July 16th. Wells Fargo & Company upgraded shares of Cencora from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $274.00 to $337.00 in a report on Tuesday, June 3rd. Finally, Bank of America raised their price objective on shares of Cencora from $270.00 to $285.00 and gave the company a "neutral" rating in a report on Friday, April 11th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $309.83.

Insider Activity

In other 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 owned 42,351 shares of the company's stock, valued at $12,455,852.61. The trade was a 10.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 directly owned 309,913 shares in the company, valued at approximately $90,702,237.71. The trade was a 4.49% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,125 shares of company stock worth $9,993,789. Insiders own 10.80% of the company's stock.

Cencora Stock Performance

Cencora stock traded up $2.23 during midday trading on Friday, hitting $288.31. 1,140,209 shares of the company's stock were exchanged, compared to its average volume of 1,571,950. Cencora, Inc. has a 12-month low of $218.65 and a 12-month high of $309.35. 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 stock has a market cap of $55.88 billion, a price-to-earnings ratio of 33.45, a price-to-earnings-growth ratio of 1.45 and a beta of 0.57. The firm's 50 day simple moving average is $293.13 and its 200 day simple moving average is $275.35.

Cencora (NYSE:COR - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $4.42 earnings per share for the quarter, beating the consensus estimate of $4.07 by $0.35. The business had revenue of $75.50 billion for the quarter, compared to the consensus estimate of $75.41 billion. Cencora had a net margin of 0.55% and a return on equity of 344.71%. The business's quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.80 earnings per share. Equities research analysts predict that Cencora, Inc. will post 15.37 EPS for the current year.

Cencora Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 16th were issued a $0.55 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $2.20 annualized dividend and a dividend yield of 0.8%. Cencora's payout ratio is presently 25.52%.

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.