Wellington Management Group LLP Raises Stock Holdings in Cencora, Inc. $COR

Key Points

• Wellington Management Group LLP increased its stake in Cencora, Inc. by 7.2%, purchasing an additional 363,402 shares, bringing its total ownership to about 2.80% of the company, valued at approximately $1.51 billion.
• Cencora recently declared a quarterly dividend of $0.55 per share, with an annualized dividend yield of 0.8%, marking a payout ratio of 22.63%.
• In recent analyst updates, target prices for Cencora's stock have been adjusted upward by several firms, with recommendations ranging from "hold" to "buy," indicating a consensus rating of "Moderate Buy".

Wellington Management Group LLP lifted its position in Cencora, Inc. (NYSE:COR - Free Report) by 7.2% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 5,421,262 shares of the company's stock after purchasing an additional 363,402 shares during the period. Wellington Management Group LLP owned about 2.80% of Cencora worth $1,507,599,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Exchange Traded Concepts LLC boosted its holdings in Cencora by 4.5% in the first quarter. Exchange Traded Concepts LLC now owns 1,104 shares of the company's stock valued at $307,000 after acquiring an additional 48 shares in the last quarter. Dynamic Advisor Solutions LLC boosted its holdings in Cencora by 6.4% in the first quarter. Dynamic Advisor Solutions LLC now owns 1,535 shares of the company's stock valued at $427,000 after acquiring an additional 93 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Cencora by 57.0% in the first quarter. GAMMA Investing LLC now owns 5,748 shares of the company's stock valued at $1,598,000 after acquiring an additional 2,087 shares in the last quarter. Golden State Wealth Management LLC boosted its holdings in Cencora by 157.6% in the first quarter. Golden State Wealth Management LLC now owns 170 shares of the company's stock valued at $47,000 after acquiring an additional 104 shares in the last quarter. Finally, Leith Wheeler Investment Counsel Ltd. boosted its holdings in Cencora by 5.2% in the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 82,952 shares of the company's stock valued at $18,638,000 after acquiring an additional 4,126 shares in the last quarter. Institutional investors own 97.52% of the company's stock.

Insider Activity

In other news, Chairman Steven H. Collis sold 14,579 shares of Cencora stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $292.62, for a total value of $4,266,106.98. Following the completion of the transaction, the chairman owned 311,913 shares of the company's stock, valued at $91,271,982.06. The trade was a 4.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert P. Mauch sold 4,968 shares of Cencora stock in a transaction dated 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 transaction, 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 34,125 shares of company stock valued at $9,993,789. 10.80% of the stock is owned by insiders.

Cencora Stock Down 3.6%

Shares of COR stock traded down $10.9810 during mid-day trading on Friday, reaching $292.2490. 1,706,519 shares of the company's stock traded hands, compared to its average volume of 1,331,423. The company's 50-day moving average price is $293.48 and its 200-day moving average price is $280.44. The company has a quick ratio of 0.53, a current ratio of 0.90 and a debt-to-equity ratio of 3.64. The company has a market cap of $56.66 billion, a P/E ratio of 30.07, a P/E/G ratio of 1.44 and a beta of 0.58. Cencora, Inc. has a 12 month low of $218.65 and a 12 month high of $309.35.

Cencora (NYSE:COR - Get Free Report) last posted its quarterly 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. The firm 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%.Cencora's quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.34 EPS. On average, equities analysts expect that Cencora, Inc. will post 15.37 earnings per share for the current fiscal year.

Cencora Announces Dividend

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Wells Fargo & Company lifted their price target on shares of Cencora from $337.00 to $354.00 and gave the company an "overweight" rating in a report on Wednesday, August 13th. Jefferies Financial Group lifted their price target on shares of Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a report on Monday, June 30th. UBS Group lifted their price target on shares of Cencora from $298.00 to $335.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Morgan Stanley set a $330.00 target price on shares of Cencora and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Finally, Robert W. Baird boosted their target price on shares of Cencora from $314.00 to $350.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, Cencora currently has an average rating of "Moderate Buy" and an average price target of $311.25.

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.