Cencora, Inc. $COR Stock Acquired by Forvis Mazars Wealth Advisors LLC

Key Points

• Forvis Mazars Wealth Advisors increased its Cencora stake by 2,696.5% in the third quarter, bringing its holdings to 25,364 shares valued at approximately $7.6 million. Institutional investors collectively own 97.52% of the company.
• Cencora reported quarterly adjusted earnings of $4.48 per share, exceeding estimates of $4.35, while revenue reached $84.75 billion and rose 5.1% year over year.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $365.69, compared with the reported share price of $330.07. The company also pays a $0.60 quarterly dividend, yielding about 0.7%.

Forvis Mazars Wealth Advisors LLC increased its stake in shares of Cencora, Inc. (NYSE:COR - Free Report) by 2,696.5% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 25,364 shares of the company's stock after purchasing an additional 24,457 shares during the period. Forvis Mazars Wealth Advisors LLC's holdings in Cencora were worth $7,616,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. Deutsche Bank AG purchased a new stake in Cencora in the 2nd quarter worth approximately $286,673,000. ExodusPoint Capital Management LP bought a new position in Cencora in the 4th quarter valued at $16,487,000. Impact Partnership Wealth LLC purchased a new position in shares of Cencora during the 1st quarter valued at $1,170,000. SEB Asset Management AB purchased a new position in shares of Cencora during the 1st quarter valued at $134,139,000. Finally, Wedge Capital Management L L P NC grew its position in shares of Cencora by 31.0% during the 2nd quarter. Wedge Capital Management L L P NC now owns 105,614 shares of the company's stock valued at $29,887,000 after purchasing an additional 24,968 shares in the last quarter. Institutional investors own 97.52% of the company's stock.

Insider Buying and Selling

In related news, EVP Elizabeth Campbell sold 11,300 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $324.12, for a total value of $3,662,556.00. Following the transaction, the executive vice president owned 19,455 shares of the company's stock, valued at $6,305,754.60. This represents a 36.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.38% of the stock is currently owned by corporate insiders.

Cencora Price Performance

COR stock traded up $5.01 during midday trading on Tuesday, reaching $330.07. The company had a trading volume of 1,113,849 shares, compared to its average volume of 1,474,959. 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, Inc. has a 1 year low of $244.82 and a 1 year high of $377.54. The company has a market capitalization of $62.99 billion, a P/E ratio of 24.52, a P/E/G ratio of 1.66 and a beta of 0.58. The firm has a 50-day moving average price of $318.82 and a 200-day moving average price of $302.72.

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

Cencora Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Friday, August 14th were given a $0.60 dividend. The ex-dividend date was Friday, August 14th. This represents a $2.40 annualized dividend and a yield of 0.7%. Cencora's payout ratio is 17.83%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Bank of America upped their price target on shares of Cencora from $285.00 to $310.00 in a report on Tuesday, July 21st. Wells Fargo & Company lifted their price objective on Cencora from $331.00 to $395.00 and gave the company an "overweight" rating in a research note on Tuesday, August 11th. Robert W. Baird lifted their price objective on Cencora from $370.00 to $373.00 and gave the company an "outperform" rating in a research note on Monday. JPMorgan Chase & Co. boosted their target price on Cencora from $382.00 to $390.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Finally, Morgan Stanley upped their target price on Cencora from $342.00 to $346.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Fourteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $365.69.

About Cencora

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.

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.