Busey Bank Cuts Stake in Cencora, Inc. $COR

Key Points

• Busey Bank sold 19.4% of its holdings in Cencora, Inc. ($COR), bringing its total shares owned to 3,717, valued at approximately $1.115 million.
• Notable hedge funds, such as GAMMA Investing LLC and T. Rowe Price, significantly increased their stakes in Cencora, with GAMMA's stake rising by over 43,000% in the first quarter.
• A recent earnings report showed Cencora exceeded expectations with $4.00 earnings per share, and analysts predict an average price target of $311.25, reflecting a "Moderate Buy" rating.

Busey Bank reduced its holdings in Cencora, Inc. (NYSE:COR - Free Report) by 19.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,717 shares of the company's stock after selling 893 shares during the period. Busey Bank's holdings in Cencora were worth $1,115,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in COR. GAMMA Investing LLC lifted its holdings in shares of Cencora by 43,561.9% in the 1st quarter. GAMMA Investing LLC now owns 1,598,461 shares of the company's stock worth $444,516,000 after acquiring an additional 1,594,800 shares during the last quarter. Invesco Ltd. lifted its holdings in Cencora by 42.1% during the 1st quarter. Invesco Ltd. now owns 4,607,964 shares of the company's stock valued at $1,281,429,000 after buying an additional 1,364,433 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in Cencora by 4,459.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 997,233 shares of the company's stock valued at $277,321,000 after buying an additional 975,362 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Cencora by 8.9% during the 1st 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 buying an additional 787,858 shares in the last quarter. Finally, Nuveen LLC bought a new stake in Cencora during the 1st quarter valued at about $181,284,000. Institutional investors own 97.52% of the company's stock.

Insider Buying and Selling

In other news, CEO Robert P. Mauch sold 5,097 shares of the business's stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $290.00, for a total transaction of $1,478,130.00. Following the completion of the sale, the chief executive officer owned 39,274 shares in the company, valued at approximately $11,389,460. The trade was a 11.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Steven H. Collis sold 31,350 shares of the company's stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $289.86, for a total transaction of $9,087,111.00. Following the completion of the sale, the chairman owned 305,913 shares of the company's stock, valued at approximately $88,671,942.18. This trade represents a 9.30% decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,993 shares of company stock valued at $16,292,923 in the last quarter. 10.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

COR has been the subject of a number of research analyst reports. Jefferies Financial Group lifted their price objective on shares of Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a report on Monday, June 30th. Morgan Stanley set a $330.00 price objective on shares of Cencora and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Finally, Wells Fargo & Company boosted their price objective on shares of Cencora from $337.00 to $354.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 13th. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $311.25.

Cencora Stock Up 4.3%

Shares of NYSE COR traded up $12.51 during midday trading on Tuesday, hitting $301.30. The company's stock had a trading volume of 694,317 shares, compared to its average volume of 1,578,955. The business's fifty day simple moving average is $292.26 and its two-hundred day simple moving average is $287.53. The company has a debt-to-equity ratio of 3.64, a current ratio of 0.90 and a quick ratio of 0.53. Cencora, Inc. has a 1 year low of $218.65 and a 1 year high of $309.35. The firm has a market capitalization of $58.42 billion, a price-to-earnings ratio of 31.02, a price-to-earnings-growth ratio of 1.48 and a beta of 0.62.

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

Cencora Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Friday, August 15th were paid a $0.55 dividend. The ex-dividend date was Friday, August 15th. This represents a $2.20 dividend on an annualized basis and a yield of 0.7%. Cencora's payout ratio is currently 22.63%.

Cencora Company Profile

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.