AlphaQuest LLC Trims Stock Position in Cencora, Inc. $COR

Key Points

• AlphaQuest LLC significantly reduced its stake in Cencora, Inc. by 80.0% during the first quarter, now holding just 1,704 shares valued at $474,000.
• Cencora reported $4.00 EPS for the last quarter, exceeding analyst expectations, with revenue increasing by 8.7% compared to the previous year.
• The company announced a quarterly dividend of $0.55, representing a 0.8% yield and a payout ratio of 22.63%.

AlphaQuest LLC reduced its position in Cencora, Inc. (NYSE:COR - Free Report) by 80.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,704 shares of the company's stock after selling 6,798 shares during the quarter. AlphaQuest LLC's holdings in Cencora were worth $474,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Net Worth Advisory Group boosted its position in shares of Cencora by 1.4% in the first quarter. Net Worth Advisory Group now owns 2,645 shares of the company's stock valued at $736,000 after acquiring an additional 36 shares during the period. Obermeyer Wealth Partners boosted its position in shares of Cencora by 1.3% in the first quarter. Obermeyer Wealth Partners now owns 2,724 shares of the company's stock valued at $758,000 after acquiring an additional 36 shares during the period. Cromwell Holdings LLC boosted its position in shares of Cencora by 9.5% in the first quarter. Cromwell Holdings LLC now owns 450 shares of the company's stock valued at $125,000 after acquiring an additional 39 shares during the period. Pinnacle Wealth Management Advisory Group LLC boosted its position in shares of Cencora by 2.7% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,565 shares of the company's stock valued at $435,000 after acquiring an additional 41 shares during the period. Finally, Private Trust Co. NA lifted its position in Cencora by 2.5% during the first quarter. Private Trust Co. NA now owns 1,933 shares of the company's stock valued at $538,000 after purchasing an additional 47 shares during the last quarter. 97.52% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Robert P. Mauch sold 4,968 shares of the company's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $294.11, for a total transaction of $1,461,138.48. Following the completion of the sale, the chief executive officer directly owned 42,351 shares in the company, valued at $12,455,852.61. This represents a 10.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Steven H. Collis sold 14,578 shares of the company's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $292.67, for a total transaction of $4,266,543.26. Following the sale, the chairman owned 309,913 shares of the company's stock, valued at $90,702,237.71. This represents a 4.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,125 shares of company stock valued at $9,993,789 over the last quarter. 10.80% of the stock is currently owned by company insiders.

Cencora Trading Up 0.6%

Shares of COR traded up $1.62 during mid-day trading on Friday, reaching $291.51. The company's stock had a trading volume of 1,123,252 shares, compared to its average volume of 1,410,850. The stock has a market cap of $56.52 billion, a PE ratio of 29.99, a P/E/G ratio of 1.38 and a beta of 0.58. The company has a current ratio of 0.90, a quick ratio of 0.53 and a debt-to-equity ratio of 3.64. Cencora, Inc. has a 52 week low of $218.65 and a 52 week high of $309.35. The company's fifty day moving average price is $293.02 and its two-hundred day moving average price is $282.15.

Cencora (NYSE:COR - Get Free Report) last announced its quarterly earnings data 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 net margin of 0.60% and a return on equity of 267.36%. The firm had revenue of $80.66 billion during the quarter, compared to analyst estimates of $80.34 billion. During the same period in the previous year, the business posted $3.34 EPS. The business's quarterly revenue was up 8.7% on a year-over-year basis. On average, analysts predict that Cencora, Inc. will post 15.37 earnings per share for the current fiscal year.

Cencora Announces Dividend

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

Analysts Set New Price Targets

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