Rafferty Asset Management LLC Sells 3,914 Shares of Cencora, Inc. $COR

Key Points

• Rafferty Asset Management LLC reduced its stake in Cencora, Inc. by 19.7%, now owning approximately $4.44 million in shares after selling 3,914 during the first quarter.
• Analyst ratings for Cencora are generally positive, with several firms raising their price targets, including Robert W. Baird which increased their target from $314 to $350 while giving it an "outperform" rating.
• Cencora recently announced a quarterly dividend of $0.55 per share, with a yield of 0.8% and an annualized dividend of $2.20.

Rafferty Asset Management LLC lowered its stake in Cencora, Inc. (NYSE:COR - Free Report) by 19.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,980 shares of the company's stock after selling 3,914 shares during the quarter. Rafferty Asset Management LLC's holdings in Cencora were worth $4,444,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in COR. Exchange Traded Concepts LLC lifted its holdings in Cencora by 4.5% during the first quarter. Exchange Traded Concepts LLC now owns 1,104 shares of the company's stock valued at $307,000 after purchasing an additional 48 shares in the last quarter. Dynamic Advisor Solutions LLC lifted its stake 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 in the last quarter. GAMMA Investing LLC lifted its stake 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 in the last quarter. Golden State Wealth Management LLC boosted its holdings in Cencora by 157.6% in the 1st quarter. Golden State Wealth Management LLC now owns 170 shares of the company's stock worth $47,000 after buying an additional 104 shares during the period. Finally, Integrated Advisors Network LLC bought a new stake in Cencora during the first quarter valued at about $200,000. 97.52% of the stock is owned by hedge funds and other institutional investors.

Cencora Price Performance

Shares of COR stock traded up $1.62 during trading hours on Friday, hitting $291.51. The stock had a trading volume of 1,123,252 shares, compared to its average volume of 1,410,003. Cencora, Inc. has a one year low of $218.65 and a one year high of $309.35. The company has a debt-to-equity ratio of 3.64, a current ratio of 0.90 and a quick ratio of 0.53. The stock's 50-day moving average price is $293.02 and its two-hundred day moving average price is $282.41. The stock has a market capitalization of $56.52 billion, a price-to-earnings ratio of 29.99, a PEG ratio of 1.38 and a beta of 0.62.

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

Cencora Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th will be paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Friday, August 15th. Cencora's payout ratio is presently 22.63%.

Insider Activity at Cencora

In other Cencora news, CEO Robert P. Mauch sold 4,968 shares of the business's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $294.11, for a total transaction of $1,461,138.48. Following the sale, the chief executive officer directly owned 42,351 shares of the company's stock, valued at $12,455,852.61. The trade was a 10.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Steven H. Collis sold 14,578 shares of the business'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 value of $4,266,543.26. Following the sale, the chairman directly owned 309,913 shares in the company, valued at $90,702,237.71. The trade was a 4.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,125 shares of company stock worth $9,993,789 over the last three months. 10.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on COR. Wells Fargo & Company increased their target price on Cencora from $337.00 to $354.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 13th. Citigroup boosted their price target on Cencora from $330.00 to $355.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Jefferies Financial Group boosted their price target on Cencora from $275.00 to $300.00 and gave the stock a "hold" rating in a report on Monday, June 30th. Morgan Stanley set a $330.00 price target on Cencora and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Finally, Robert W. Baird boosted their price target on Cencora from $314.00 to $350.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target 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.