Cencora, Inc. $COR Stake Lessened by Artemis Investment Management LLP

Key Points

• Artemis Investment Management cut its Cencora stake by 67.8% in the third quarter, selling 29,749 shares and retaining 14,097 shares valued at approximately $4.23 million. Institutional investors collectively own 97.52% of the company.
• Cencora exceeded quarterly expectations, reporting $4.48 in EPS versus the $4.35 consensus and revenue of $84.75 billion, up 5.1% year over year.
• Analysts remain generally bullish, with a “Moderate Buy” consensus and an average price target of $372.07; the company also pays a quarterly dividend of $0.60 per share, yielding about 0.7%.

Artemis Investment Management LLP trimmed its position in shares of Cencora, Inc. (NYSE:COR - Free Report) by 67.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 14,097 shares of the company's stock after selling 29,749 shares during the quarter. Artemis Investment Management LLP's holdings in Cencora were worth $4,233,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Elevation Wealth Partners LLC increased its holdings in shares of Cencora by 506.2% in the 2nd quarter. Elevation Wealth Partners LLC now owns 97 shares of the company's stock worth $27,000 after purchasing an additional 81 shares in the last quarter. Bell Investment Advisors Inc purchased a new position in shares of Cencora in the 2nd quarter worth $28,000. Caitlin John LLC purchased a new position in Cencora in the second quarter worth about $28,000. Cassaday & Co Wealth Management LLC purchased a new position in shares of Cencora in the 1st quarter worth $35,000. Finally, Western Wealth Management LLC purchased a new position in Cencora in the first quarter worth about $49,000. 97.52% of the stock is owned by hedge funds and other institutional investors.

Cencora Stock Performance

COR stock opened at $321.16 on Friday. Cencora, Inc. has a 1-year low of $244.82 and a 1-year high of $377.54. The business has a 50-day moving average price of $318.25 and a 200 day moving average price of $302.71. The company has a market capitalization of $61.29 billion, a P/E ratio of 23.86, a PEG ratio of 1.63 and a beta of 0.58. The company has a debt-to-equity ratio of 3.53, a current ratio of 0.93 and a quick ratio of 0.58.

Cencora (NYSE:COR - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.35 by $0.13. Cencora had a net margin of 0.79% and a return on equity of 125.45%. The company had revenue of $84.75 billion for the quarter, compared to analysts' expectations of $84.31 billion. During the same period in the prior year, the business earned $4.00 EPS. The firm's quarterly revenue was up 5.1% on a year-over-year basis. As a group, equities research analysts forecast that Cencora, Inc. will post 17.87 EPS for the current fiscal year.

Cencora Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Friday, August 14th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.40 dividend on an annualized basis and a yield of 0.7%. Cencora's dividend payout ratio is 17.83%.

Insider Transactions at Cencora

In related news, EVP Elizabeth Campbell sold 11,300 shares of the firm's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $324.12, for a total transaction of $3,662,556.00. Following the sale, the executive vice president owned 19,455 shares in the company, valued at approximately $6,305,754.60. This trade represents a 36.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on COR. Leerink Partners increased their price target on Cencora from $380.00 to $388.00 and gave the company an "outperform" rating in a report on Wednesday. Wells Fargo & Company increased their price objective on shares of Cencora from $331.00 to $395.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 11th. Evercore restated an "outperform" rating and set a $350.00 target price on shares of Cencora in a research report on Thursday, August 6th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $330.00 price target on shares of Cencora in a report on Tuesday, September 8th. Finally, UBS Group raised their price target on Cencora from $412.00 to $430.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Thirteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $372.07.

Cencora Company Profile

Cencora, formerly known as AmerisourceBergen, is a global pharmaceutical solutions company that sources, distributes and supports the delivery of medicines and healthcare products. The company serves pharmaceutical manufacturers, healthcare providers, pharmacies and animal-health customers through its supply-chain and commercialization services.

Its activities include pharmaceutical and specialty-product distribution, manufacturer services, specialty logistics, clinical-trial support, patient-support programs and other services designed to help bring medicines to market and improve access to treatment.

Want to see what other hedge funds are holding COR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cencora, Inc. (NYSE:COR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.