Cencora, Inc. $COR Stock Sold by Axxcess Wealth Management LLC

Key Points

• Axxcess Wealth Management cut its Cencora stake by 62.5% in the third quarter, selling 3,332 shares and retaining 2,000 shares valued at approximately $600,000.
• Cencora reported quarterly EPS of $4.48, exceeding estimates of $4.35, while revenue reached $84.75 billion, up 5.1% year over year. The company also maintains a quarterly dividend of $0.60 per share.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $366.44; institutional investors own 97.52% of the stock.

Axxcess Wealth Management LLC trimmed its stake in shares of Cencora, Inc. (NYSE:COR - Free Report) by 62.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,000 shares of the company's stock after selling 3,332 shares during the quarter. Axxcess Wealth Management LLC's holdings in Cencora were worth $600,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cornerstone Wealth Group LLC boosted its holdings in shares of Cencora by 1.6% in the first quarter. Cornerstone Wealth Group LLC now owns 2,434 shares of the company's stock valued at $760,000 after acquiring an additional 38 shares in the last quarter. Pinnacle Associates Ltd. raised its holdings in Cencora by 1.8% during the third quarter. Pinnacle Associates Ltd. now owns 2,203 shares of the company's stock worth $662,000 after purchasing an additional 38 shares in the last quarter. Staley Capital Advisers Inc. raised its holdings in Cencora by 0.7% during the first quarter. Staley Capital Advisers Inc. now owns 6,127 shares of the company's stock worth $1,925,000 after purchasing an additional 40 shares in the last quarter. Elmwood Wealth Management Inc. raised its holdings in Cencora by 0.9% during the second quarter. Elmwood Wealth Management Inc. now owns 4,314 shares of the company's stock worth $1,221,000 after purchasing an additional 40 shares in the last quarter. Finally, Signature Equity Partners LLC lifted its position in Cencora by 4.6% in the first quarter. Signature Equity Partners LLC now owns 937 shares of the company's stock worth $294,000 after purchasing an additional 41 shares during the period. 97.52% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cencora

In related news, EVP Elizabeth Campbell sold 11,300 shares of Cencora 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 directly owned 19,455 shares in the company, valued at $6,305,754.60. The trade was a 36.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.38% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. increased their price target on Cencora from $382.00 to $390.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Wall Street Zen upgraded Cencora from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Royal Bank Of Canada reissued a "sector perform" rating and issued a $330.00 price objective on shares of Cencora in a research note on Tuesday, September 8th. Citigroup restated a "buy" rating on shares of Cencora in a report on Thursday, August 6th. Finally, Wells Fargo & Company upped their price objective on Cencora from $331.00 to $395.00 and gave the company an "overweight" rating in a report on Tuesday, August 11th. Fourteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $366.44.

Cencora Stock Down 0.1%

COR stock opened at $330.77 on Monday. The firm has a market cap of $63.12 billion, a PE ratio of 24.57, a P/E/G ratio of 1.70 and a beta of 0.58. Cencora, Inc. has a 12 month low of $244.82 and a 12 month high of $377.54. The company has a debt-to-equity ratio of 3.53, a current ratio of 0.93 and a quick ratio of 0.58. The firm has a 50 day simple moving average of $322.35 and a 200 day simple moving average of $303.94.

Cencora (NYSE:COR - Get Free Report) last posted its quarterly 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. 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 firm's quarterly revenue was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.00 earnings per share. Equities research analysts forecast that Cencora, Inc. will post 17.87 earnings per share for the current fiscal year.

Cencora Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Friday, August 14th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. Cencora's dividend payout ratio (DPR) is currently 17.83%.

Cencora Profile

Cencora, formerly known as AmerisourceBergen, is a global pharmaceutical sourcing and distribution company. It provides branded, generic and specialty pharmaceuticals, over-the-counter products and related health care supplies to pharmacies, hospitals, health systems, physician practices and other health care providers.

The company also offers services to pharmaceutical and biotechnology manufacturers, including logistics, commercialization support, market access, consulting, clinical trial support and patient assistance programs.

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