Burgundy Asset Management Ltd. Trims Holdings in Cencora, Inc. $COR

Key Points

• Burgundy Asset Management Ltd. has decreased its holdings of Cencora, Inc. by 3.7%, selling 29,779 shares, and now holds a total of 767,502 shares valued at approximately $213.4 million.
• Insider trading activity shows that Chairman Steven H. Collis sold 14,579 shares, resulting in a 4.47% decrease in his ownership, while CEO Robert P. Mauch sold 4,968 shares, marking a 10.50% decrease in his stake.
• Cencora recently reported earnings of $4.00 per share, exceeding expectations and reflecting an 8.7% increase in revenue from the previous year, alongside a quarterly dividend of $0.55 per share.

Burgundy Asset Management Ltd. trimmed its holdings in shares of Cencora, Inc. (NYSE:COR - Free Report) by 3.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 767,502 shares of the company's stock after selling 29,779 shares during the period. Cencora makes up about 2.2% of Burgundy Asset Management Ltd.'s investment portfolio, making the stock its 7th biggest position. Burgundy Asset Management Ltd. owned 0.40% of Cencora worth $213,435,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in COR. Exchange Traded Concepts LLC increased its position in shares of Cencora by 4.5% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,104 shares of the company's stock worth $307,000 after purchasing an additional 48 shares in the last quarter. Dynamic Advisor Solutions LLC increased its position in shares of Cencora by 6.4% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 1,535 shares of the company's stock worth $427,000 after purchasing an additional 93 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Cencora by 57.0% during the 1st quarter. GAMMA Investing LLC now owns 5,748 shares of the company's stock worth $1,598,000 after purchasing an additional 2,087 shares in the last quarter. Golden State Wealth Management LLC increased its position in shares of Cencora by 157.6% during the 1st quarter. Golden State Wealth Management LLC now owns 170 shares of the company's stock worth $47,000 after purchasing an additional 104 shares in the last quarter. Finally, Leith Wheeler Investment Counsel Ltd. increased its position in shares of Cencora by 5.2% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 82,952 shares of the company's stock worth $18,638,000 after purchasing an additional 4,126 shares in the last quarter. 97.52% of the stock is owned by institutional investors.

Insider Activity at Cencora

In other news, CEO Robert P. Mauch sold 4,968 shares of Cencora stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $294.11, for a total transaction of $1,461,138.48. Following the completion of the sale, the chief executive officer owned 42,351 shares in the company, valued at $12,455,852.61. The trade was a 10.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Steven H. Collis sold 14,578 shares of Cencora stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $292.67, for a total transaction of $4,266,543.26. Following the sale, the chairman owned 309,913 shares of the company's stock, 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 quarter, insiders have sold 34,125 shares of company stock valued at $9,993,789. 10.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on COR shares. UBS Group increased their target price on shares of Cencora from $298.00 to $335.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Wells Fargo & Company increased their target price on shares of Cencora from $337.00 to $354.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 13th. Jefferies Financial Group increased their target price on shares of Cencora from $275.00 to $300.00 and gave the stock a "hold" rating in a research report on Monday, June 30th. Morgan Stanley set a $330.00 target price on shares of Cencora and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Finally, Robert W. Baird raised their price objective on shares of Cencora from $314.00 to $350.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Cencora presently has an average rating of "Moderate Buy" and a consensus price target of $311.25.

Cencora Price Performance

COR traded down $6.5580 during midday trading on Friday, hitting $296.6720. The company had a trading volume of 492,994 shares, compared to its average volume of 1,557,107. Cencora, Inc. has a twelve month low of $218.65 and a twelve month high of $309.35. The firm's 50-day simple moving average is $293.54 and its 200-day simple moving average is $280.16. The company has a debt-to-equity ratio of 3.64, a quick ratio of 0.53 and a current ratio of 0.90. The company has a market capitalization of $57.52 billion, a PE ratio of 30.56, a P/E/G ratio of 1.44 and a beta of 0.58.

Cencora (NYSE:COR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $4.00 EPS for the quarter, topping the consensus estimate of $3.79 by $0.21. Cencora had a net margin of 0.60% and a return on equity of 267.36%. The company had revenue of $80.66 billion during the quarter, compared to analysts' expectations of $80.34 billion. During the same quarter in the previous year, the company earned $3.34 EPS. Cencora's revenue was up 8.7% on a year-over-year basis. Equities research analysts predict that Cencora, Inc. will post 15.37 EPS for the current fiscal year.

Cencora Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th will be given a dividend of $0.55 per share. The ex-dividend date is Friday, August 15th. This represents a $2.20 annualized dividend and a dividend yield of 0.7%. Cencora's payout ratio is currently 22.63%.

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.