Belpointe Asset Management LLC Boosts Stock Position in Cencora, Inc. $COR

Key Points

• Belpointe Asset Management LLC increased its stake in Cencora, Inc. by 131.5% in Q1, owning 9,252 shares valued at $2.57 million.
• Cencora reported quarterly earnings of $4.00 per share, exceeding estimates and showing an 8.7% revenue growth year-over-year.
• In recent trading, shares of Cencora have experienced a market capitalization of $57.46 billion and are being targeted by analysts with price objectives between $300 and $354.

Belpointe Asset Management LLC boosted its stake in Cencora, Inc. (NYSE:COR - Free Report) by 131.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,252 shares of the company's stock after buying an additional 5,255 shares during the period. Belpointe Asset Management LLC's holdings in Cencora were worth $2,573,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cornerstone Planning Group LLC lifted its holdings in Cencora by 106.7% in the first quarter. Cornerstone Planning Group LLC now owns 93 shares of the company's stock worth $26,000 after buying an additional 48 shares during the period. Hoey Investments Inc. purchased a new stake in Cencora in the first quarter worth about $28,000. Costello Asset Management INC purchased a new stake in Cencora in the first quarter worth about $28,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Cencora in the first quarter worth about $39,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in Cencora in the fourth quarter worth about $38,000. 97.52% of the stock is currently owned by hedge funds and other institutional investors.

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 transaction of $1,461,138.48. Following the completion of the sale, the chief executive officer owned 42,351 shares of the company's stock, valued at $12,455,852.61. This trade represents 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 available at the SEC website. Also, Chairman Steven H. Collis sold 14,578 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was 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 owned 309,913 shares in the company, valued at $90,702,237.71. This represents a 4.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,125 shares of company stock valued at $9,993,789 in the last three months. 10.80% of the stock is owned by insiders.

Cencora Price Performance

Shares of COR opened at $296.38 on Thursday. The company has a market capitalization of $57.46 billion, a P/E ratio of 30.49, a price-to-earnings-growth ratio of 1.42 and a beta of 0.62. 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 firm has a 50 day moving average of $292.98 and a 200 day moving average of $284.73. Cencora, Inc. has a twelve month low of $218.65 and a twelve month high of $309.35.

Cencora (NYSE:COR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $4.00 earnings per share for the quarter, beating 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%. The firm's quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the firm earned $3.34 earnings per share. As a group, equities research analysts anticipate that Cencora, Inc. will post 15.37 earnings per share for the current fiscal year.

Cencora Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Friday, August 15th were given 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 dividend payout ratio (DPR) is 22.63%.

Wall Street Analysts Forecast Growth

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