Bank of New York Mellon Corp Trims Stock Position in Cencora, Inc. (NYSE:COR)

Bank of New York Mellon Corp reduced its stake in Cencora, Inc. (NYSE:COR - Free Report) by 3.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,141,460 shares of the company's stock after selling 40,254 shares during the quarter. Bank of New York Mellon Corp owned about 0.59% of Cencora worth $317,429,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Exchange Traded Concepts LLC lifted its position in Cencora by 4.5% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,104 shares of the company's stock valued at $307,000 after acquiring an additional 48 shares in the last quarter. Dynamic Advisor Solutions LLC lifted its holdings in shares of Cencora by 6.4% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 1,535 shares of the company's stock valued at $427,000 after buying an additional 93 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Cencora by 57.0% during the 1st quarter. GAMMA Investing LLC now owns 5,748 shares of the company's stock valued at $1,598,000 after buying an additional 2,087 shares during the period. Westpac Banking Corp lifted its holdings in shares of Cencora by 13.5% during the 4th quarter. Westpac Banking Corp now owns 21,895 shares of the company's stock valued at $4,919,000 after buying an additional 2,596 shares during the period. 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 valued at $47,000 after buying an additional 104 shares during the period. 97.52% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Robert W. Baird increased their price target on Cencora from $314.00 to $350.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Citigroup increased their price target on Cencora from $330.00 to $355.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Wells Fargo & Company upgraded Cencora from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $274.00 to $337.00 in a research note on Tuesday, June 3rd. Bank of America upped their price objective on Cencora from $270.00 to $285.00 and gave the stock a "neutral" rating in a research note on Friday, April 11th. Finally, Morgan Stanley set a $288.00 price objective on Cencora in a research note on Tuesday, April 15th. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $306.33.

Insider Activity

In other Cencora news, Chairman Steven H. Collis sold 14,579 shares of the firm's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $292.62, for a total value of $4,266,106.98. Following the completion of the sale, the chairman owned 311,913 shares of the company's stock, valued at $91,271,982.06. This trade represents a 4.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert P. Mauch sold 4,969 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $289.33, for a total transaction of $1,437,680.77. Following the transaction, the chief executive officer directly owned 47,582 shares in the company, valued at approximately $13,766,900.06. This trade represents a 9.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 34,127 shares of company stock valued at $9,812,296. 10.80% of the stock is owned by insiders.

Cencora Price Performance

Shares of COR traded down $2.83 during midday trading on Thursday, hitting $297.33. 1,073,427 shares of the company traded hands, compared to its average volume of 1,506,666. The firm has a 50 day moving average of $291.72 and a 200-day moving average of $268.75. Cencora, Inc. has a 52 week low of $218.65 and a 52 week high of $309.35. The stock has a market cap of $57.63 billion, a price-to-earnings ratio of 34.49, a PEG ratio of 1.48 and a beta of 0.57. The company has a debt-to-equity ratio of 6.01, a quick ratio of 0.52 and a current ratio of 0.87.

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

Cencora Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 16th were paid a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 0.74%. The ex-dividend date was Friday, May 16th. Cencora's payout ratio is currently 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.