Birch Capital Management LLC Sells 1,166 Shares of Cencora, Inc. $COR

Key Points

• Birch Capital Management LLC reduced its holdings in Cencora, Inc. by 5.0%, selling 1,166 shares, bringing its total ownership to 22,303 shares valued at approximately $6.68 million.
• Cencora reported quarterly earnings of $4.00 per share, beating analysts’ expectations, with a revenue of $80.66 billion—an increase of 8.7% year-over-year.
• The company recently declared a quarterly dividend of $0.55 per share, representing an annualized yield of 0.7% and a payout ratio of 22.63%.

Birch Capital Management LLC reduced its position in shares of Cencora, Inc. (NYSE:COR - Free Report) by 5.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,303 shares of the company's stock after selling 1,166 shares during the period. Cencora makes up about 3.4% of Birch Capital Management LLC's investment portfolio, making the stock its 8th largest position. Birch Capital Management LLC's holdings in Cencora were worth $6,688,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. IFP Advisors Inc grew its holdings in Cencora by 30.4% during the second quarter. IFP Advisors Inc now owns 1,775 shares of the company's stock worth $543,000 after acquiring an additional 414 shares during the period. Callan Family Office LLC increased its stake in Cencora by 65.9% in the 2nd quarter. Callan Family Office LLC now owns 49,069 shares of the company's stock worth $14,713,000 after purchasing an additional 19,487 shares in the last quarter. Blair William & Co. IL increased its stake in Cencora by 1.7% in the 2nd quarter. Blair William & Co. IL now owns 21,121 shares of the company's stock worth $6,333,000 after purchasing an additional 353 shares in the last quarter. TFR Capital LLC. increased its stake in Cencora by 1.9% in the 2nd quarter. TFR Capital LLC. now owns 5,828 shares of the company's stock worth $1,748,000 after purchasing an additional 110 shares in the last quarter. Finally, Maryland State Retirement & Pension System increased its stake in Cencora by 9.7% in the 2nd quarter. Maryland State Retirement & Pension System now owns 8,899 shares of the company's stock worth $2,668,000 after purchasing an additional 788 shares in the last quarter. 97.52% of the stock is owned by institutional investors and hedge funds.

Cencora Trading Up 1.1%

Shares of NYSE COR opened at $314.14 on Friday. Cencora, Inc. has a one year low of $220.82 and a one year high of $315.23. The firm has a market capitalization of $60.91 billion, a PE ratio of 32.32, a PEG ratio of 1.45 and a beta of 0.63. The company has a current ratio of 0.90, a quick ratio of 0.53 and a debt-to-equity ratio of 3.64. The business has a 50-day moving average price of $296.39 and a two-hundred day moving average price of $291.26.

Cencora (NYSE:COR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $4.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.79 by $0.21. The business had revenue of $80.66 billion during 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%.The firm's revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the company earned $3.34 EPS. As a group, analysts predict 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. Stockholders of record on Friday, August 15th were issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Friday, August 15th. Cencora's payout ratio is currently 22.63%.

Insider Activity

In other news, Chairman Steven H. Collis sold 31,350 shares of Cencora stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $289.86, for a total transaction of $9,087,111.00. Following the completion of the sale, the chairman directly owned 305,913 shares in the company, valued at $88,671,942.18. The trade was a 9.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert P. Mauch sold 5,097 shares of Cencora stock in a transaction dated 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. This represents a 11.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,993 shares of company stock valued at $16,292,923. 10.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Morgan Stanley set a $330.00 price target on Cencora and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Evercore ISI set a $340.00 price target on Cencora in a research note on Wednesday. Jefferies Financial Group lifted their price target on Cencora from $275.00 to $300.00 and gave the stock a "hold" rating in a research note on Monday, June 30th. Wells Fargo & Company lifted their price target on Cencora from $337.00 to $354.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 13th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Cencora in a research note on Wednesday. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $320.00.

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.

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