Cencora, Inc. $COR Shares Sold by Korea Investment CORP

Key Points

• Korea Investment CORP reduced its stake in Cencora, Inc. (NYSE:COR) by 34.3%, selling 44,747 shares and leaving them with 85,890 shares valued at approximately $23.9 million.
• Insider selling was notable, with CEO Robert P. Mauch and Chairman Steven H. Collis selling significant amounts of stock, totaling over $5.7 million in recent transactions.
• Cencora reported strong earnings with a quarterly EPS of $4.00, exceeding estimates, and announced a quarterly dividend of $0.55 scheduled to be paid on September 3rd.

Korea Investment CORP reduced its position in shares of Cencora, Inc. (NYSE:COR - Free Report) by 34.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 85,890 shares of the company's stock after selling 44,747 shares during the period. Korea Investment CORP's holdings in Cencora were worth $23,885,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Cencora by 0.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,859,452 shares of the company's stock worth $1,990,542,000 after acquiring an additional 78,066 shares during the period. Boston Partners lifted its holdings in shares of Cencora by 8.1% during the 1st quarter. Boston Partners now owns 5,411,193 shares of the company's stock worth $1,505,984,000 after acquiring an additional 404,093 shares during the period. Bank of America Corp DE lifted its holdings in shares of Cencora by 62.3% during 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 acquiring an additional 1,994,256 shares during the period. Invesco Ltd. lifted its holdings in shares of Cencora by 42.1% during the 1st 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 during the period. Finally, Northern Trust Corp lifted its holdings in shares of Cencora by 11.6% during the 4th quarter. Northern Trust Corp now owns 2,421,237 shares of the company's stock worth $544,004,000 after acquiring an additional 252,028 shares during the period. 97.52% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on COR shares. Robert W. Baird increased their price objective on shares of Cencora from $314.00 to $350.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Wells Fargo & Company raised their price target on shares of Cencora from $337.00 to $354.00 and gave the company an "overweight" rating in a report on Wednesday, August 13th. UBS Group raised their price target on shares of Cencora from $298.00 to $335.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Citigroup raised their price target on shares of Cencora from $330.00 to $355.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Finally, Jefferies Financial Group raised their price target on shares of Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a report on Monday, June 30th. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $311.25.

Cencora Stock Down 1.5%

Shares of COR traded down $4.3920 during mid-day trading on Monday, reaching $288.2080. 681,883 shares of the stock traded hands, compared to its average volume of 1,559,214. The company has a quick ratio of 0.53, a current ratio of 0.90 and a debt-to-equity ratio of 3.64. The stock has a fifty day simple moving average of $293.48 and a 200 day simple moving average of $280.87. The firm has a market cap of $55.88 billion, a price-to-earnings ratio of 29.66, a P/E/G ratio of 1.39 and a beta of 0.58. Cencora, Inc. has a 12-month low of $218.65 and a 12-month high of $309.35.

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. The business had revenue of $80.66 billion during the quarter, compared to analyst estimates of $80.34 billion. Cencora had a net margin of 0.60% and a return on equity of 267.36%. The business's revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.34 earnings per share. Sell-side analysts expect that Cencora, Inc. will post 15.37 EPS 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 paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Friday, August 15th. Cencora's payout ratio is 22.63%.

Insiders Place Their Bets

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

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.