Cencora, Inc. $COR Shares Sold by Bell Asset Management Ltd

Key Points

• Bell Asset Management reduced its Cencora stake by 44.9% in the third quarter, selling 6,762 shares and retaining 8,303 shares valued at approximately $2.49 million.
• Institutional investors own 97.52% of Cencora’s shares, while company insiders own 0.38%; EVP Elizabeth Campbell also sold 11,300 shares in August.
• Cencora reported quarterly EPS of $4.48, exceeding estimates, while revenue rose 5.1% year over year to $84.75 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $372.07, and the company pays a $0.60 quarterly dividend.

Bell Asset Management Ltd lessened its holdings in Cencora, Inc. (NYSE:COR - Free Report) by 44.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,303 shares of the company's stock after selling 6,762 shares during the period. Bell Asset Management Ltd's holdings in Cencora were worth $2,493,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Cencora in the 2nd quarter worth approximately $5,154,136,000. T. Rowe Price Investment Management Inc. increased its holdings in Cencora by 160.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,700,091 shares of the company's stock valued at $2,262,956,000 after purchasing an additional 4,123,795 shares during the last quarter. Bank of America Corp DE purchased a new stake in Cencora in the second quarter valued at approximately $1,056,625,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Cencora in the second quarter valued at approximately $483,772,000. Finally, Legal & General Group Plc purchased a new stake in Cencora in the second quarter valued at approximately $339,556,000. 97.52% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Elizabeth Campbell sold 11,300 shares of the business's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $324.12, for a total transaction of $3,662,556.00. Following the completion of the sale, the executive vice president owned 19,455 shares in the company, valued at approximately $6,305,754.60. The trade was a 36.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.38% of the company's stock.

Cencora Stock Performance

NYSE:COR opened at $321.16 on Friday. The firm has a market capitalization of $61.29 billion, a PE ratio of 23.86, a price-to-earnings-growth ratio of 1.63 and a beta of 0.58. The business's fifty day moving average price is $318.25 and its 200 day moving average price is $302.71. The company has a debt-to-equity ratio of 3.53, a current ratio of 0.93 and a quick ratio of 0.58. Cencora, Inc. has a 12 month low of $244.82 and a 12 month high of $377.54.

Cencora (NYSE:COR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $4.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.35 by $0.13. The company had revenue of $84.75 billion during the quarter, compared to the consensus estimate of $84.31 billion. Cencora had a return on equity of 125.45% and a net margin of 0.79%.Cencora's revenue for the quarter was up 5.1% on a year-over-year basis. During the same period in the previous year, the business earned $4.00 EPS. On average, sell-side analysts anticipate that Cencora, Inc. will post 17.87 earnings per share for the current fiscal year.

Cencora Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Friday, August 14th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.40 dividend on an annualized basis and a yield of 0.7%. Cencora's dividend payout ratio (DPR) is presently 17.83%.

Wall Street Analyst Weigh In

COR has been the topic of several research analyst reports. Bank of America boosted their price objective on Cencora from $280.00 to $285.00 and gave the company a "neutral" rating in a report on Wednesday, June 24th. Wall Street Zen upgraded Cencora from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Weiss Ratings raised Cencora from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday. Royal Bank Of Canada reiterated a "sector perform" rating and set a $330.00 price target on shares of Cencora in a research note on Tuesday, September 8th. Finally, Morgan Stanley increased their price target on shares of Cencora from $342.00 to $346.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Thirteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Cencora presently has a consensus rating of "Moderate Buy" and a consensus target price of $372.07.

Cencora Profile

Cencora, formerly known as AmerisourceBergen, is a global pharmaceutical solutions company that sources, distributes and supports the delivery of medicines and healthcare products. The company serves pharmaceutical manufacturers, healthcare providers, pharmacies and animal-health customers through its supply-chain and commercialization services.

Its activities include pharmaceutical and specialty-product distribution, manufacturer services, specialty logistics, clinical-trial support, patient-support programs and other services designed to help bring medicines to market and improve access to treatment.

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