Cencora, Inc. $COR Position Cut by Martingale Asset Management L P

Key Points

• Martingale Asset Management L P reduced its stake in Cencora, Inc. by 23.7%, selling 15,102 shares, and now holds a total of 48,682 shares valued at approximately $13.54 million.
• Cencora reported a quarterly earnings per share (EPS) of $4.00, exceeding analysts' expectations of $3.79, with a revenue of $80.66 billion for the quarter.
• The company has declared a quarterly dividend of $0.55 per share, with a yield of 0.7%, payable on September 3rd to investors of record on August 15th.

Martingale Asset Management L P lessened its position in shares of Cencora, Inc. (NYSE:COR - Free Report) by 23.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 48,682 shares of the company's stock after selling 15,102 shares during the period. Martingale Asset Management L P's holdings in Cencora were worth $13,538,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Net Worth Advisory Group increased its stake in shares of Cencora by 1.4% during the first quarter. Net Worth Advisory Group now owns 2,645 shares of the company's stock worth $736,000 after acquiring an additional 36 shares during the period. Obermeyer Wealth Partners increased its stake in shares of Cencora by 1.3% during the first quarter. Obermeyer Wealth Partners now owns 2,724 shares of the company's stock worth $758,000 after acquiring an additional 36 shares during the period. Cromwell Holdings LLC increased its stake in shares of Cencora by 9.5% during the first quarter. Cromwell Holdings LLC now owns 450 shares of the company's stock worth $125,000 after acquiring an additional 39 shares during the period. Pinnacle Wealth Management Advisory Group LLC increased its stake in shares of Cencora by 2.7% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,565 shares of the company's stock worth $435,000 after acquiring an additional 41 shares during the period. Finally, Private Trust Co. NA increased its stake in shares of Cencora by 2.5% during the first quarter. Private Trust Co. NA now owns 1,933 shares of the company's stock worth $538,000 after acquiring an additional 47 shares during the period. Institutional investors and hedge funds own 97.52% of the company's stock.

Insider Transactions at Cencora

In other news, Chairman Steven H. Collis sold 14,578 shares of Cencora stock in a transaction dated 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 transaction, the chairman directly owned 309,913 shares of the company's stock, valued at approximately $90,702,237.71. The trade was a 4.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert P. Mauch sold 4,968 shares of Cencora stock in a transaction dated 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 transaction, the chief executive officer directly 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. In the last 90 days, insiders sold 34,125 shares of company stock worth $9,993,789. Company insiders own 10.80% of the company's stock.

Cencora Stock Down 1.5%

Shares of Cencora stock traded down $4.3970 on Monday, hitting $288.2030. 1,275,248 shares of the company's stock traded hands, compared to its average volume of 1,560,088. The stock has a market cap of $55.88 billion, a P/E ratio of 29.65, a PEG ratio of 1.39 and a beta of 0.58. 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 firm's 50-day moving average is $293.48 and its 200 day moving average is $280.87. 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 earnings results on Wednesday, August 6th. The company reported $4.00 EPS for the quarter, beating the consensus estimate of $3.79 by $0.21. The company had revenue of $80.66 billion during the quarter, compared to analysts' expectations of $80.34 billion. Cencora had a return on equity of 267.36% and a net margin of 0.60%.The business's revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the business posted $3.34 EPS. Equities analysts anticipate that Cencora, Inc. will post 15.37 earnings per share for the current year.

Cencora Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders 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 dividend payout ratio is 22.63%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on COR. Jefferies Financial Group upped their price target on shares of Cencora from $275.00 to $300.00 and gave the stock a "hold" rating in a research note on Monday, June 30th. Robert W. Baird raised their price objective on shares of Cencora from $314.00 to $350.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. Citigroup raised their price objective on shares of Cencora from $330.00 to $355.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Wells Fargo & Company boosted their target price on shares of Cencora from $337.00 to $354.00 and gave the company an "overweight" rating in a research note on Wednesday, August 13th. Finally, Morgan Stanley set a $330.00 target price on shares of Cencora and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Cencora has a consensus rating of "Moderate Buy" and an average target price of $311.25.

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.