Belpointe Asset Management LLC Sells 2,169 Shares of Cencora, Inc. $COR

Key Points

• Belpointe Asset Management LLC reduced its stake in Cencora, Inc. by 23.4% during the second quarter, now holding 7,083 shares valued at approximately $2.12 million.
• Cencora reported a quarterly EPS of $4.00, exceeding analysts' expectations of $3.79, while revenue was noted at $80.66 billion, indicating an 8.7% year-over-year increase.
• The company announced a quarterly dividend of $0.55 per share, reflecting an annual yield of 0.7% with a low dividend payout ratio of 22.63%.

Belpointe Asset Management LLC cut its stake in shares of Cencora, Inc. (NYSE:COR - Free Report) by 23.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,083 shares of the company's stock after selling 2,169 shares during the quarter. Belpointe Asset Management LLC's holdings in Cencora were worth $2,124,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Voleon Capital Management LP bought a new position in shares of Cencora during the 1st quarter worth about $3,111,000. Exchange Traded Concepts LLC raised its stake 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 during the period. Focus Partners Wealth boosted its holdings in Cencora by 25.8% in the first quarter. Focus Partners Wealth now owns 5,715 shares of the company's stock worth $1,589,000 after acquiring an additional 1,171 shares in the last quarter. Fiduciary Alliance LLC acquired a new stake in Cencora in the second quarter valued at approximately $262,000. Finally, Ascent Group LLC increased its holdings in shares of Cencora by 42.7% during the first quarter. Ascent Group LLC now owns 12,586 shares of the company's stock valued at $3,500,000 after acquiring an additional 3,764 shares in the last quarter. 97.52% of the stock is currently owned by institutional investors and hedge funds.

Cencora Price Performance

Shares of NYSE COR opened at $305.32 on Tuesday. The company has a market capitalization of $59.20 billion, a PE ratio of 31.41, a PEG ratio of 1.41 and a beta of 0.63. 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 stock's 50 day moving average price is $295.07 and its 200-day moving average price is $290.68. Cencora, Inc. has a twelve month low of $218.65 and a twelve month high of $315.23.

Cencora (NYSE:COR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $4.00 EPS for the quarter, topping analysts' consensus estimates of $3.79 by $0.21. The business had revenue of $80.66 billion for the quarter, compared to analyst estimates of $80.34 billion. Cencora had a return on equity of 267.36% and a net margin of 0.60%.Cencora's quarterly revenue was up 8.7% compared to the same quarter last year. During the same period last year, the company posted $3.34 earnings per share. On average, equities analysts anticipate that Cencora, Inc. will post 15.37 EPS for the current year.

Cencora Dividend Announcement

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

Wall Street Analyst Weigh In

COR has been the topic of a number of recent research reports. Wells Fargo & Company increased their target price on 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 company an "equal weight" rating in a research note on Wednesday, July 16th. Weiss Ratings reissued a "buy (b)" rating on shares of Cencora in a research report on Saturday, September 27th. Finally, Jefferies Financial Group raised their price target on shares of Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a research report on Monday, June 30th. Nine investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Cencora presently has an average rating of "Moderate Buy" and a consensus price target of $314.55.

Insider Activity

In related news, 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 value of $1,478,130.00. Following the sale, the chief executive officer owned 39,274 shares of the company's stock, valued at approximately $11,389,460. The trade was a 11.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Steven H. Collis sold 31,350 shares of the stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $289.86, for a total value of $9,087,111.00. Following the transaction, the chairman directly owned 305,913 shares of the company's stock, valued at approximately $88,671,942.18. This trade represents a 9.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,993 shares of company stock worth $16,292,923. Insiders own 10.80% of the company's stock.

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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