Mediolanum International Funds Ltd Lowers Stake in Cencora, Inc. (NYSE:COR)

Key Points

• Mediolanum International Funds Ltd reduced its stake in Cencora, Inc. by 11.6% during the first quarter, owning 70,502 shares worth approximately $19.4 million.
• Cencora's earnings report showed an EPS of $4.42, surpassing the consensus estimate of $4.07, with a revenue increase of 10.3% year-over-year to $75.5 billion.
• The company recently announced a quarterly dividend of $0.55 per share, which results in an annualized dividend yield of 0.76%.

Mediolanum International Funds Ltd decreased its position in shares of Cencora, Inc. (NYSE:COR - Free Report) by 11.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,502 shares of the company's stock after selling 9,264 shares during the period. Mediolanum International Funds Ltd's holdings in Cencora were worth $19,403,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cornerstone Planning Group LLC increased its holdings in shares of Cencora by 106.7% in the first quarter. Cornerstone Planning Group LLC now owns 93 shares of the company's stock valued at $26,000 after buying an additional 48 shares in the last quarter. Hoey Investments Inc. acquired a new position in Cencora during the 1st quarter worth $28,000. Banque Transatlantique SA acquired a new position in shares of Cencora during the fourth quarter valued at about $29,000. Vermillion Wealth Management Inc. acquired a new position in shares of Cencora during the fourth quarter valued at about $38,000. Finally, Golden State Wealth Management LLC raised its position in Cencora by 157.6% in the first 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. Institutional investors own 97.52% of the company's stock.

Cencora Stock Performance

Shares of NYSE COR traded up $1.73 during midday trading on Wednesday, hitting $291.50. The company's stock had a trading volume of 191,740 shares, compared to its average volume of 1,574,106. The stock has a fifty day moving average price of $293.12 and a 200 day moving average price of $275.23. 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 firm has a market capitalization of $56.50 billion, a price-to-earnings ratio of 33.81, a P/E/G ratio of 1.42 and a beta of 0.57. Cencora, Inc. has a one year low of $218.65 and a one year high of $309.35.

Cencora (NYSE:COR - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $4.42 EPS for the quarter, topping analysts' consensus estimates of $4.07 by $0.35. Cencora had a net margin of 0.55% and a return on equity of 344.71%. The firm had revenue of $75.50 billion for the quarter, compared to analyst estimates of $75.41 billion. During the same quarter in the prior year, the firm earned $3.80 EPS. The business's revenue for the quarter was up 10.3% compared to the same quarter last year. On average, research analysts forecast that Cencora, Inc. will post 15.37 EPS for the current fiscal year.

Cencora Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 16th were given a $0.55 dividend. The ex-dividend date was Friday, May 16th. This represents a $2.20 annualized dividend and a dividend yield of 0.75%. Cencora's dividend payout ratio is 25.52%.

Analysts Set New Price Targets

Several brokerages have weighed in on COR. Bank of America upped their price objective on shares of Cencora from $270.00 to $285.00 and gave the stock a "neutral" rating in a research note on Friday, April 11th. Wells Fargo & Company raised shares of Cencora from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $274.00 to $337.00 in a research report on Tuesday, June 3rd. Morgan Stanley set a $330.00 price objective on shares of Cencora and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. UBS Group upped their target price on shares of Cencora from $298.00 to $335.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Finally, Robert W. Baird increased their price target on shares of Cencora from $314.00 to $350.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $309.83.

Insider Activity

In other Cencora news, CEO Robert P. Mauch sold 4,968 shares of the firm's stock in a transaction dated 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 directly owned 42,351 shares in the company, valued at approximately $12,455,852.61. This trade represents a 10.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Steven H. Collis sold 14,578 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,125 shares of company stock valued at $9,993,789. Corporate insiders own 10.80% of the company's stock.

About Cencora

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.