Cencora, Inc. $COR Shares Acquired by Maryland State Retirement & Pension System

Key Points

• The Maryland State Retirement & Pension System increased its stake in Cencora, Inc. ($COR) by 9.7% in Q2, owning 8,899 shares valued at $2.67 million.
• Cencora reported earnings of $4.00 per share for the last quarter, exceeding analyst expectations of $3.79, with revenues up 8.7% year-over-year.
• The firm announced a quarterly dividend of $0.55 per share, reflecting an annualized dividend yield of 0.7% and a payout ratio of 22.63%.

Maryland State Retirement & Pension System boosted its position in Cencora, Inc. (NYSE:COR - Free Report) by 9.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,899 shares of the company's stock after acquiring an additional 788 shares during the quarter. Maryland State Retirement & Pension System's holdings in Cencora were worth $2,668,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in COR. Invesco Ltd. boosted its holdings in Cencora by 42.1% in the first quarter. Invesco Ltd. now owns 4,607,964 shares of the company's stock valued at $1,281,429,000 after acquiring an additional 1,364,433 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in Cencora by 4,459.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 997,233 shares of the company's stock valued at $277,321,000 after acquiring an additional 975,362 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Cencora by 8.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,647,310 shares of the company's stock valued at $2,682,821,000 after acquiring an additional 787,858 shares during the last quarter. Nuveen LLC acquired a new position in Cencora in the first quarter valued at $181,284,000. Finally, Caisse DE Depot ET Placement DU Quebec boosted its holdings in Cencora by 144.4% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 743,072 shares of the company's stock valued at $206,641,000 after acquiring an additional 439,008 shares during the last quarter. Institutional investors and hedge funds own 97.52% of the company's stock.

Cencora Stock Up 1.2%

Shares of NYSE COR opened at $318.01 on Friday. Cencora, Inc. has a 1 year low of $221.95 and a 1 year high of $319.68. The firm has a market cap of $61.66 billion, a price-to-earnings ratio of 32.72, a PEG ratio of 1.47 and a beta of 0.63. The company has a debt-to-equity ratio of 3.64, a quick ratio of 0.53 and a current ratio of 0.90. The stock's 50-day simple moving average is $296.99 and its 200-day simple moving average is $291.60.

Cencora (NYSE:COR - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $4.00 earnings per share (EPS) 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 business had revenue of $80.66 billion for the quarter, compared to analyst estimates of $80.34 billion. During the same period in the previous year, the company earned $3.34 earnings per share. The company's revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, equities analysts anticipate that Cencora, Inc. will post 15.37 earnings per share for the current fiscal year.

Cencora Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th were given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Friday, August 15th. Cencora's payout ratio is presently 22.63%.

Wall Street Analyst Weigh In

COR has been the topic of a number of research analyst reports. Jefferies Financial Group lifted their target price on Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a report on Monday, June 30th. Wells Fargo & Company boosted their price objective on Cencora from $337.00 to $354.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 13th. Wall Street Zen cut Cencora from a "buy" rating to a "hold" rating in a research note on Saturday. Evercore ISI set a $340.00 price objective on Cencora in a research note on Wednesday. Finally, 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. Nine equities 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 company presently has a consensus rating of "Moderate Buy" and an average target price of $320.00.

Insider Transactions at Cencora

In related news, Chairman Steven H. Collis sold 31,350 shares of the business's stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $289.86, for a total value of $9,087,111.00. Following the completion of the sale, the chairman directly owned 305,913 shares of the company's stock, valued at $88,671,942.18. The trade was a 9.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert P. Mauch sold 5,097 shares of the business's 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 completion of the sale, the chief executive officer directly 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 ninety days, insiders have sold 55,993 shares of company stock worth $16,292,923. Corporate insiders own 10.80% of the company's stock.

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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