First Manhattan CO. LLC. Increases Holdings in Cencora, Inc. $COR

Key Points

• First Manhattan CO. LLC. increased its stake in Cencora, Inc. by 4.0%, holding 276,478 shares valued at approximately $76.89 million as of the end of the first quarter.
• Insider selling activity included Chairman Steven H. Collis selling 14,578 shares and CEO Robert P. Mauch selling 4,968 shares, resulting in a 4.49% and a 10.50% decrease in their holdings, respectively.
• Cencora announced a quarterly dividend of $0.55 per share, with a current dividend yield of 0.8% and a payout ratio of 22.63%.

First Manhattan CO. LLC. lifted its position in shares of Cencora, Inc. (NYSE:COR - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 276,478 shares of the company's stock after purchasing an additional 10,695 shares during the period. First Manhattan CO. LLC. owned about 0.14% of Cencora worth $76,886,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Exchange Traded Concepts LLC lifted its stake in shares of Cencora by 4.5% in the first quarter. Exchange Traded Concepts LLC now owns 1,104 shares of the company's stock worth $307,000 after acquiring an additional 48 shares during the period. Dynamic Advisor Solutions LLC lifted its stake in shares of Cencora by 6.4% in the first quarter. Dynamic Advisor Solutions LLC now owns 1,535 shares of the company's stock worth $427,000 after acquiring an additional 93 shares during the period. GAMMA Investing LLC lifted its stake in shares of Cencora by 57.0% in the first quarter. GAMMA Investing LLC now owns 5,748 shares of the company's stock worth $1,598,000 after acquiring an additional 2,087 shares during the period. Golden State Wealth Management LLC lifted its stake in shares of Cencora by 157.6% in the first quarter. Golden State Wealth Management LLC now owns 170 shares of the company's stock worth $47,000 after acquiring an additional 104 shares during the period. Finally, Integrated Advisors Network LLC acquired a new position in shares of Cencora in the first quarter worth approximately $200,000. 97.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Morgan Stanley set a $330.00 price objective on Cencora and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Wells Fargo & Company boosted their price target on Cencora from $337.00 to $354.00 and gave the company an "overweight" rating in a research note on Wednesday, August 13th. Finally, Jefferies Financial Group increased 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. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $311.25.

Insiders Place Their Bets

In related news, CEO Robert P. Mauch sold 4,968 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $294.11, for a total value of $1,461,138.48. Following the completion of the sale, the chief executive officer directly owned 42,351 shares of the company's stock, valued at approximately $12,455,852.61. This represents a 10.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Steven H. Collis sold 14,578 shares of the stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $292.67, for a total value of $4,266,543.26. Following the completion of the sale, the chairman directly owned 309,913 shares of the company's stock, 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 sold a total of 34,125 shares of company stock valued at $9,993,789 over the last three months. 10.80% of the stock is currently owned by insiders.

Cencora Stock Down 0.1%

Shares of NYSE:COR traded down $0.18 during trading on Friday, reaching $292.52. 1,012,863 shares of the stock were exchanged, compared to its average volume of 1,275,659. The company has a debt-to-equity ratio of 3.64, a current ratio of 0.90 and a quick ratio of 0.53. Cencora, Inc. has a 1-year low of $218.65 and a 1-year high of $309.35. The stock has a fifty day moving average of $292.84 and a two-hundred day moving average of $283.61. The firm has a market cap of $56.71 billion, a price-to-earnings ratio of 30.09, a price-to-earnings-growth ratio of 1.39 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 for the quarter, topping analysts' consensus estimates of $3.79 by $0.21. Cencora had a return on equity of 267.36% and a net margin of 0.60%.The company had revenue of $80.66 billion for the quarter, compared to analyst estimates of $80.34 billion. During the same period in the prior year, the firm earned $3.34 earnings per share. Cencora's revenue for the quarter was up 8.7% on a year-over-year basis. Research analysts anticipate that Cencora, Inc. will post 15.37 earnings per share for the current fiscal year.

Cencora Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Friday, August 15th were given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Friday, August 15th. Cencora's dividend payout ratio is presently 22.63%.

Cencora 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.