Cencora, Inc. (NYSE:COR) Shares Bought by Argent Trust Co

Key Points

• Argent Trust Co increased its ownership in Cencora, Inc. by 5.3% in the first quarter, now holding 26,931 shares valued at approximately $7.49 million.
• Several other institutional investors have also increased their stakes in Cencora, contributing to institutional ownership of 97.52%.
• Wall Street analysts have raised Cencora's price target, with Wells Fargo upgrading it to $337, indicating a strong forecast for growth.

Argent Trust Co grew its holdings in shares of Cencora, Inc. (NYSE:COR - Free Report) by 5.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,931 shares of the company's stock after acquiring an additional 1,356 shares during the quarter. Argent Trust Co's holdings in Cencora were worth $7,489,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Exchange Traded Concepts LLC increased its position in Cencora by 4.5% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,104 shares of the company's stock valued at $307,000 after purchasing an additional 48 shares during the period. Dynamic Advisor Solutions LLC lifted its stake in Cencora by 6.4% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 1,535 shares of the company's stock valued at $427,000 after acquiring an additional 93 shares in the last quarter. GAMMA Investing LLC lifted its stake in Cencora by 57.0% during the 1st quarter. GAMMA Investing LLC now owns 5,748 shares of the company's stock valued at $1,598,000 after acquiring an additional 2,087 shares in the last quarter. Golden State Wealth Management LLC lifted its stake in Cencora by 157.6% during the 1st quarter. Golden State Wealth Management LLC now owns 170 shares of the company's stock valued at $47,000 after acquiring an additional 104 shares in the last quarter. Finally, Leith Wheeler Investment Counsel Ltd. lifted its stake in Cencora by 5.2% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 82,952 shares of the company's stock valued at $18,638,000 after acquiring an additional 4,126 shares in the last quarter. Institutional investors and hedge funds own 97.52% of the company's stock.

Insider Buying and Selling

In other news, CEO Robert P. Mauch sold 4,968 shares of the business's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $294.11, for a total transaction of $1,461,138.48. Following the transaction, the chief executive officer owned 42,351 shares of the company's stock, valued at approximately $12,455,852.61. The trade was a 10.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Steven H. Collis sold 14,578 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $292.67, for a total value of $4,266,543.26. Following the transaction, the chairman directly owned 309,913 shares in the company, valued at approximately $90,702,237.71. This represents a 4.49% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,125 shares of company stock worth $9,993,789. Corporate insiders own 10.80% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on COR shares. Bank of America raised their price objective on Cencora from $270.00 to $285.00 and gave the company a "neutral" rating in a research note on Friday, April 11th. Jefferies Financial Group boosted their price objective on Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a research note on Monday, June 30th. UBS Group boosted their price objective on Cencora from $298.00 to $335.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Wells Fargo & Company upgraded Cencora from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $274.00 to $337.00 in a research note on Tuesday, June 3rd. Finally, Robert W. Baird boosted their price objective on Cencora from $314.00 to $350.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $309.83.

Cencora Trading Down 2.0%

Shares of NYSE:COR traded down $5.82 during trading on Wednesday, reaching $286.53. 1,141,641 shares of the company traded hands, compared to its average volume of 1,564,353. The firm has a market capitalization of $55.54 billion, a price-to-earnings ratio of 33.26, a P/E/G ratio of 1.45 and a beta of 0.58. Cencora, Inc. has a 52-week low of $218.65 and a 52-week high of $309.35. The company has a current ratio of 0.87, a quick ratio of 0.52 and a debt-to-equity ratio of 6.01. The business's fifty day moving average is $292.98 and its 200-day moving average is $277.01.

Cencora (NYSE:COR - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $4.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.79 by $0.21. The business had revenue of $80.66 billion for the quarter, compared to analysts' expectations of $80.34 billion. Cencora had a return on equity of 344.71% and a net margin of 0.55%. The business's revenue for the quarter was up 8.7% on a year-over-year basis. During the same period last year, the firm posted $3.34 earnings per share. As a group, analysts forecast that Cencora, Inc. will post 15.37 EPS for the current year.

Cencora Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th will be paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 0.8%. Cencora's payout ratio is 25.52%.

Cencora Company Profile

Cencora, Inc sources and distributes pharmaceutical products. The company's U.S. Healthcare Solutions segment distributes pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and alternate site pharmacies, and other customers; provides pharmacy management, staffing, and other consulting services; supply management software to retail and institutional healthcare providers; packaging solutions to various institutional and retail healthcare providers; clinical trial support, product post-approval, and commercialization support services; data analytics, outcomes research, and additional services for biotechnology and pharmaceutical manufacturers; pharmaceuticals, vaccines, parasiticides, diagnostics, micro feed ingredients, and other products to the companion animal and production animal markets; and sales force services to manufacturers.