Cencora, Inc. $COR Shares Sold by Baird Financial Group Inc.

Key Points

• Baird Financial Group Inc. reduced its holdings in Cencora, Inc. by 7.5%, now owning 76,660 shares worth approximately $21.3 million.
• Cencora recently reported quarterly earnings of $4.00 EPS, exceeding the consensus estimate, with revenues of $80.66 billion, reflecting an 8.7% increase year-over-year.
• The company declared a quarterly dividend of $0.55 per share, with a dividend yield of 0.8%, set to be paid on September 3rd.

Baird Financial Group Inc. lowered its holdings in Cencora, Inc. (NYSE:COR - Free Report) by 7.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,660 shares of the company's stock after selling 6,194 shares during the period. Baird Financial Group Inc.'s holdings in Cencora were worth $21,318,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD grew its stake in shares of Cencora by 8.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,647,310 shares of the company's stock worth $2,682,821,000 after purchasing an additional 787,858 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Cencora by 7.2% in the 1st quarter. Wellington Management Group LLP now owns 5,421,262 shares of the company's stock worth $1,507,599,000 after purchasing an additional 363,402 shares during the last quarter. Boston Partners grew its stake in shares of Cencora by 8.1% in the 1st quarter. Boston Partners now owns 5,411,193 shares of the company's stock worth $1,505,984,000 after purchasing an additional 404,093 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Cencora by 62.3% in the 4th quarter. Bank of America Corp DE now owns 5,193,807 shares of the company's stock worth $1,166,944,000 after purchasing an additional 1,994,256 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of Cencora by 42.1% in the first quarter. Invesco Ltd. now owns 4,607,964 shares of the company's stock worth $1,281,429,000 after acquiring an additional 1,364,433 shares in the last quarter. Institutional investors and hedge funds own 97.52% of the company's stock.

Cencora Stock Performance

COR stock opened at $291.51 on Tuesday. 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 has a market cap of $56.52 billion, a P/E ratio of 29.99, a P/E/G ratio of 1.38 and a beta of 0.62. The firm has a 50 day simple moving average of $292.99 and a 200 day simple moving average of $282.75. Cencora, Inc. has a 52 week low of $218.65 and a 52 week 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 EPS for the quarter, topping the consensus estimate of $3.79 by $0.21. The business had revenue of $80.66 billion during the quarter, compared to analysts' expectations of $80.34 billion. Cencora had a net margin of 0.60% and a return on equity of 267.36%. The firm's quarterly revenue was up 8.7% compared to the same quarter last year. During the same period last year, the company posted $3.34 earnings per share. 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 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 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Friday, August 15th. Cencora's dividend payout ratio (DPR) is currently 22.63%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Robert W. Baird lifted their target price on shares of Cencora from $314.00 to $350.00 and gave the stock an "outperform" 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 stock 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 stock an "equal weight" rating in a research report on Wednesday, July 16th. Wells Fargo & Company lifted their target price on shares of Cencora from $337.00 to $354.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 13th. Finally, Citigroup lifted their target price on shares of Cencora from $330.00 to $355.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $311.25.

Insider Activity at Cencora

In other Cencora news, Chairman Steven H. Collis sold 14,578 shares of Cencora stock in a transaction that occurred 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 in the company, valued at $90,702,237.71. The trade was a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 that occurred 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 owned 42,351 shares of the company's stock, valued at $12,455,852.61. This trade represents a 10.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,125 shares of company stock valued at $9,993,789. 10.80% of the stock is currently owned by corporate insiders.

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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