California Public Employees Retirement System Reduces Stake in Cencora, Inc. $COR

Key Points

• CalPERS reduced its stake in Cencora by 12.5% in the first quarter, selling 61,988 shares and ending with 432,701 shares valued at about $135.9 million.
• Analysts remain mostly positive on Cencora despite cutting price targets, with 11 Buy ratings and 3 Hold ratings, and an average price target of $367.75.
• Cencora posted mixed quarterly results: revenue rose 3.9% year over year, but EPS and revenue both missed consensus estimates. The company also authorized a $2 billion share repurchase program and paid a quarterly dividend of $0.60 per share.

California Public Employees Retirement System lessened its holdings in Cencora, Inc. (NYSE:COR - Free Report) by 12.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 432,701 shares of the company's stock after selling 61,988 shares during the quarter. California Public Employees Retirement System owned about 0.22% of Cencora worth $135,929,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of COR. Vanguard Group Inc. lifted its stake in Cencora by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 23,617,117 shares of the company's stock valued at $7,976,681,000 after acquiring an additional 221,570 shares during the period. State Street Corp increased its stake in shares of Cencora by 1.3% in the fourth quarter. State Street Corp now owns 9,305,507 shares of the company's stock worth $3,142,935,000 after acquiring an additional 115,191 shares during the period. T. Rowe Price Investment Management Inc. increased its stake in shares of Cencora by 160.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,700,091 shares of the company's stock worth $2,262,956,000 after acquiring an additional 4,123,795 shares during the period. Geode Capital Management LLC raised its holdings in shares of Cencora by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 5,459,476 shares of the company's stock worth $1,843,268,000 after purchasing an additional 169,055 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Cencora by 6.5% during the fourth quarter. JPMorgan Chase & Co. now owns 4,982,557 shares of the company's stock worth $1,682,859,000 after purchasing an additional 304,760 shares during the last quarter. 97.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. William Blair assumed coverage on shares of Cencora in a report on Tuesday, April 28th. They issued a "market perform" rating on the stock. Evercore set a $360.00 price objective on Cencora in a research note on Wednesday, April 8th. Wells Fargo & Company decreased their price objective on Cencora from $429.00 to $331.00 and set an "overweight" rating for the company in a report on Monday, May 11th. Barclays lowered their target price on Cencora from $425.00 to $350.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 10th. Finally, Citigroup dropped their target price on Cencora from $405.00 to $355.00 and set a "buy" rating on the stock in a report on Thursday, May 7th. Eleven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $367.75.

Cencora Trading Down 0.1%

Shares of Cencora stock opened at $307.72 on Friday. The firm has a 50-day simple moving average of $279.98 and a two-hundred day simple moving average of $317.68. The company has a debt-to-equity ratio of 3.40, a quick ratio of 0.59 and a current ratio of 0.95. Cencora, Inc. has a fifty-two week low of $244.82 and a fifty-two week high of $377.54. The company has a market cap of $59.87 billion, a P/E ratio of 23.60, a price-to-earnings-growth ratio of 1.71 and a beta of 0.58.

Cencora (NYSE:COR - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $4.75 EPS for the quarter, missing analysts' consensus estimates of $4.82 by ($0.07). Cencora had a net margin of 0.78% and a return on equity of 135.20%. The business had revenue of $78.36 billion for the quarter, compared to analyst estimates of $81.09 billion. During the same quarter last year, the business earned $4.42 earnings per share. Cencora's revenue was up 3.9% on a year-over-year basis. Cencora has set its FY 2026 guidance at 17.650-17.900 EPS. As a group, equities analysts predict that Cencora, Inc. will post 17.79 earnings per share for the current fiscal year.

Cencora Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Friday, May 15th. Cencora's dividend payout ratio (DPR) is presently 18.40%.

Cencora announced that its Board of Directors has approved a stock repurchase program on Thursday, May 21st that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to buy up to 3.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board believes its shares are undervalued.

Insider Activity at Cencora

In other Cencora news, Director Lauren M. Tyler acquired 550 shares of the business's stock in a transaction dated Monday, June 22nd. The stock was acquired at an average cost of $270.23 per share, for a total transaction of $148,626.50. Following the completion of the transaction, the director directly owned 4,359 shares of the company's stock, valued at $1,177,932.57. This represents a 14.44% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.38% of the stock is owned by company insiders.

About Cencora

Cencora NYSE: COR is a global healthcare services and pharmaceutical distribution company that provides end-to-end solutions across the pharmaceutical supply chain. The company's core activities include wholesale drug distribution, specialty drug distribution, and the operation of specialty pharmacies, complemented by logistics, cold-chain management and other fulfillment services designed to support complex and temperature-sensitive therapies.

Beyond physical distribution, Cencora offers a range of commercial and patient-focused services for pharmaceutical manufacturers and healthcare providers.

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