Cencora, Inc. $COR Stake Lowered by Integrated Wealth Concepts LLC

Key Points

• Integrated Wealth Concepts LLC cut its Cencora stake by 48.8% in the second quarter, selling 5,524 shares and retaining 5,791 shares valued at approximately $1.64 million. Institutional investors collectively own 97.52% of the company.
• Cencora reported quarterly earnings of $4.48 per share, exceeding estimates of $4.35, while revenue rose 5.1% year over year to $84.75 billion. The company also authorized a $2 billion share repurchase program and maintains a quarterly dividend of $0.60 per share.
• Wall Street remains broadly positive, with 13 analysts issuing Buy ratings and three assigning Hold ratings. The stock has a consensus “Moderate Buy” rating and an average price target of $370.85, compared with a recent price of $323.20.

Integrated Wealth Concepts LLC trimmed its stake in shares of Cencora, Inc. (NYSE:COR - Free Report) by 48.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,791 shares of the company's stock after selling 5,524 shares during the quarter. Integrated Wealth Concepts LLC's holdings in Cencora were worth $1,639,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in COR. BlackRock Inc. bought a new stake in Cencora in the second quarter valued at $5,154,136,000. T. Rowe Price Investment Management Inc. grew its position in shares of Cencora by 160.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,700,091 shares of the company's stock worth $2,262,956,000 after acquiring an additional 4,123,795 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of Cencora in the 2nd quarter worth about $1,056,625,000. Norges Bank acquired a new stake in shares of Cencora in the 4th quarter worth about $822,506,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Cencora in the 2nd quarter valued at about $483,772,000. Institutional investors and hedge funds own 97.52% of the company's stock.

Cencora Trading Down 0.9%

Shares of NYSE:COR opened at $323.20 on Wednesday. The company has a 50 day moving average of $316.76 and a 200-day moving average of $307.67. The company has a current ratio of 0.93, a quick ratio of 0.58 and a debt-to-equity ratio of 3.53. The firm has a market cap of $61.68 billion, a P/E ratio of 24.01, a P/E/G ratio of 1.85 and a beta of 0.57. Cencora, Inc. has a twelve month low of $244.82 and a twelve month high of $377.54.

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

Cencora Announces Dividend

The company also recently announced 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. This represents a $2.40 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Friday, August 14th. Cencora's payout ratio is presently 17.83%.

Cencora announced that its Board of Directors has approved a share repurchase plan on Thursday, May 21st that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 3.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have commented on COR shares. Robert W. Baird set a $370.00 target price on shares of Cencora in a research report on Thursday, August 6th. Morgan Stanley boosted their price objective on Cencora from $342.00 to $346.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. JPMorgan Chase & Co. increased their price objective on Cencora from $382.00 to $390.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Citigroup restated a "buy" rating on shares of Cencora in a research report on Thursday, August 6th. Finally, Wall Street Zen raised Cencora from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Thirteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $370.85.

Insider Activity

In other Cencora news, Director Lauren M. Tyler acquired 550 shares of Cencora stock in a transaction dated Monday, June 22nd. The stock was bought at an average price of $270.23 per share, for a total transaction of $148,626.50. Following the transaction, the director owned 4,359 shares in the company, valued at approximately $1,177,932.57. This trade represents a 14.44% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Elizabeth Campbell sold 11,300 shares of Cencora stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $324.12, for a total transaction of $3,662,556.00. Following the completion of the transaction, the executive vice president directly owned 19,455 shares in the company, valued at $6,305,754.60. This represents a 36.74% decrease in their position. The SEC filing for this sale provides additional information. 0.38% of the stock is currently owned by insiders.

About Cencora

Cencora, Inc NYSE: COR is a global healthcare company that provides pharmaceutical sourcing, distribution and related services. The company connects biopharmaceutical manufacturers with pharmacies, hospitals, health systems, physician practices and other healthcare providers, helping move prescription medicines and healthcare products through the supply chain.

Cencora's operations include pharmaceutical distribution, specialty pharmaceutical services, manufacturer support and patient-centered solutions.

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