Cencora, Inc. $COR Shares Sold by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management L L P NC reduced its stake in Cencora, Inc. ($COR) by 8.9%, holding approximately 109,812 shares valued at $32,927,000 after selling 10,674 shares during Q2.
• Cencora reported $4.00 earnings per share for the last quarter, exceeding analyst expectations of $3.79, with revenue growing by 8.7% year-over-year to $80.66 billion.
• The company announced a quarterly dividend of $0.55 per share, reflecting an annualized dividend yield of 0.8% and a dividend payout ratio of 22.63%.

Wedge Capital Management L L P NC trimmed its stake in shares of Cencora, Inc. (NYSE:COR - Free Report) by 8.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 109,812 shares of the company's stock after selling 10,674 shares during the period. Wedge Capital Management L L P NC owned about 0.06% of Cencora worth $32,927,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cornerstone Planning Group LLC grew its holdings in Cencora by 106.7% during the first quarter. Cornerstone Planning Group LLC now owns 93 shares of the company's stock worth $26,000 after acquiring an additional 48 shares during the period. Hoey Investments Inc. acquired a new stake in Cencora during the first quarter worth about $28,000. Costello Asset Management INC acquired a new stake in Cencora during the first quarter worth about $28,000. University of Texas Texas AM Investment Management Co. acquired a new stake in Cencora during the first quarter worth about $39,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in Cencora during the fourth quarter worth about $38,000. 97.52% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Analyst Ratings Changes

Several analysts recently commented on COR shares. Morgan Stanley set a $330.00 target price on Cencora and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Wells Fargo & Company raised their price objective on Cencora from $337.00 to $354.00 and gave the company an "overweight" rating in a report on Wednesday, August 13th. Finally, Jefferies Financial Group raised their price objective on Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a report on Monday, June 30th. Nine investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $311.25.

Cencora Price Performance

Shares of COR traded up $13.35 during trading hours on Tuesday, hitting $302.14. 737,231 shares of the stock were exchanged, compared to its average volume of 1,579,140. The company has a debt-to-equity ratio of 3.64, a quick ratio of 0.53 and a current ratio of 0.90. Cencora, Inc. has a 12-month low of $218.65 and a 12-month high of $309.35. The company has a market cap of $58.58 billion, a price-to-earnings ratio of 31.07, a price-to-earnings-growth ratio of 1.48 and a beta of 0.62. The stock's 50-day moving average price is $292.26 and its two-hundred day moving average price is $287.53.

Cencora (NYSE:COR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $4.00 EPS for the quarter, topping the consensus estimate of $3.79 by $0.21. Cencora had a return on equity of 267.36% and a net margin of 0.60%.The firm had revenue of $80.66 billion during the quarter, compared to analysts' expectations of $80.34 billion. During the same period in the previous year, the business earned $3.34 earnings per share. The firm's revenue for the quarter was up 8.7% on a year-over-year basis. Research analysts expect that Cencora, Inc. will post 15.37 earnings per share for the current year.

Cencora Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 3rd. Shareholders 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 dividend on an annualized basis and a yield of 0.7%. Cencora's payout ratio is 22.63%.

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.