Cencora, Inc. $COR Stock: Sumitomo Mitsui Trust Group Inc. Cuts Stake

Key Points

• Sumitomo Mitsui Trust Group reduced its Cencora stake by 3.1% in the third quarter, selling 32,605 shares and retaining 1,004,960 shares worth approximately $301.7 million. Institutional investors collectively own 97.52% of the company.
• Wall Street analysts remain generally positive, with 14 Buy ratings and four Holds, an overall “Moderate Buy” consensus, and an average price target of $368.38.
• Cencora exceeded quarterly expectations, reporting $4.48 in EPS and $84.75 billion in revenue, while revenue rose 5.1% year over year. The company also pays a quarterly dividend of $0.60, or $2.40 annualized, yielding about 0.7%.

Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of Cencora, Inc. (NYSE:COR - Free Report) by 3.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,004,960 shares of the company's stock after selling 32,605 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.53% of Cencora worth $301,739,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Cencora in the 3rd quarter worth approximately $18,546,000. Vise Technologies Inc. bought a new position in Cencora in the 3rd quarter valued at $2,957,000. Cidel Asset Management Inc. boosted its holdings in Cencora by 6.9% in the 3rd quarter. Cidel Asset Management Inc. now owns 1,262 shares of the company's stock valued at $379,000 after purchasing an additional 81 shares during the period. Avestar Capital LLC purchased a new position in shares of Cencora during the 3rd quarter valued at $343,000. Finally, State of Wyoming purchased a new position in shares of Cencora during the 3rd quarter valued at $271,000. Hedge funds and other institutional investors own 97.52% of the company's stock.

Wall Street Analyst Weigh In

COR has been the topic of several research analyst reports. Evercore reaffirmed an "outperform" rating and issued a $350.00 price target (up from $330.00) on shares of Cencora in a report on Thursday, August 6th. Robert W. Baird boosted their target price on Cencora from $373.00 to $375.00 and gave the stock an "outperform" rating in a research report on Thursday, October 22nd. UBS Group decreased their target price on Cencora from $430.00 to $400.00 and set a "buy" rating on the stock in a research note on Friday, October 16th. Royal Bank Of Canada restated a "sector perform" rating and issued a $330.00 target price on shares of Cencora in a research note on Tuesday, September 8th. Finally, Wall Street Zen raised Cencora from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Fourteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Cencora currently has an average rating of "Moderate Buy" and a consensus target price of $368.38.

Insider Activity

In other news, EVP Elizabeth Campbell sold 11,300 shares of the company's stock in a transaction dated 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 completion of the transaction, the executive vice president directly owned 19,455 shares in the company, valued at approximately $6,305,754.60. This represents a 36.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.38% of the company's stock.

Cencora Price Performance

Shares of NYSE:COR opened at $330.70 on Friday. The company's fifty day moving average price is $323.34 and its 200-day moving average price is $317.53. The firm has a market capitalization of $63.11 billion, a price-to-earnings ratio of 24.57, a PEG ratio of 1.69 and a beta of 0.58. Cencora, Inc. has a one year low of $244.82 and a one year 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.

Cencora (NYSE:COR - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $4.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $84.31 billion. During the same period in the previous year, the firm posted $4.00 EPS. The firm's revenue was up 5.1% compared to the same quarter last year. On average, equities research analysts anticipate that Cencora, Inc. will post 17.87 earnings per share for the current fiscal year.

Cencora Announces Dividend

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