Empowered Funds LLC Sells 47,978 Shares of Cencora, Inc. $COR

Key Points

• Empowered Funds LLC reduced its stake in Cencora, Inc. by 72.5% in the first quarter, leaving it with 18,206 shares valued at over $5 million.
• Various institutional investors increased their holdings in Cencora during the same period, with some firms like Golden State Wealth Management LLC boosting their stakes by more than 157%.
• Cencora's recent quarterly earnings exceeded expectations with reported earnings per share of $4.00, surpassing the consensus estimate by $0.21 and showing an annual revenue increase of 8.7%.

Empowered Funds LLC lowered its stake in Cencora, Inc. (NYSE:COR - Free Report) by 72.5% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 18,206 shares of the company's stock after selling 47,978 shares during the period. Empowered Funds LLC's holdings in Cencora were worth $5,063,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Net Worth Advisory Group grew its stake in Cencora by 1.4% in the 1st quarter. Net Worth Advisory Group now owns 2,645 shares of the company's stock valued at $736,000 after buying an additional 36 shares during the last quarter. Obermeyer Wealth Partners grew its stake in Cencora by 1.3% in the 1st quarter. Obermeyer Wealth Partners now owns 2,724 shares of the company's stock valued at $758,000 after buying an additional 36 shares during the last quarter. Cromwell Holdings LLC grew its stake in Cencora by 9.5% in the 1st quarter. Cromwell Holdings LLC now owns 450 shares of the company's stock valued at $125,000 after buying an additional 39 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC grew its stake in Cencora by 2.7% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,565 shares of the company's stock valued at $435,000 after buying an additional 41 shares during the last quarter. Finally, Private Trust Co. NA grew its stake in Cencora by 2.5% in the 1st quarter. Private Trust Co. NA now owns 1,933 shares of the company's stock valued at $538,000 after buying an additional 47 shares during the last quarter. Institutional investors and hedge funds own 97.52% of the company's stock.

Insider Buying and Selling at Cencora

In other news, Chairman Steven H. Collis sold 14,579 shares of the firm's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $292.62, for a total transaction of $4,266,106.98. Following the completion of the transaction, the chairman owned 311,913 shares of the company's stock, valued at approximately $91,271,982.06. This trade represents a 4.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert P. Mauch sold 4,968 shares of the firm'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 transaction, the chief executive officer directly owned 42,351 shares of the company's stock, valued at $12,455,852.61. The trade was a 10.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,125 shares of company stock valued at $9,993,789 in the last ninety days. Insiders own 10.80% of the company's stock.

Cencora Price Performance

NYSE:COR traded up $1.86 on Wednesday, hitting $291.86. The company had a trading volume of 196,349 shares, compared to its average volume of 1,547,339. The stock has a market capitalization of $56.58 billion, a price-to-earnings ratio of 30.06, a PEG ratio of 1.38 and a beta of 0.62. The company has a current ratio of 0.90, a quick ratio of 0.53 and a debt-to-equity ratio of 3.64. The firm has a 50 day moving average of $292.88 and a two-hundred day moving average of $286.29. 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 released its quarterly earnings results on Wednesday, August 6th. The company reported $4.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.79 by $0.21. The firm had revenue of $80.66 billion during the quarter, compared to the consensus estimate of $80.34 billion. Cencora had a net margin of 0.60% and a return on equity of 267.36%. The company's revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter last year, the firm earned $3.34 earnings per share. On average, research analysts anticipate that Cencora, Inc. will post 15.37 earnings per share for the current year.

Cencora Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th were paid a dividend of $0.55 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.20 annualized dividend and a dividend yield of 0.8%. Cencora's dividend payout ratio (DPR) is presently 22.63%.

Analysts Set New Price Targets

A number of analysts have issued reports on COR shares. Jefferies Financial Group boosted 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 company an "equal weight" rating in a report 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 company an "overweight" rating in a report on Wednesday, August 13th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.