Meritage Portfolio Management Reduces Holdings in Cencora, Inc. (NYSE:COR)

Meritage Portfolio Management reduced its stake in Cencora, Inc. (NYSE:COR - Free Report) by 95.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,358 shares of the company's stock after selling 53,801 shares during the period. Meritage Portfolio Management's holdings in Cencora were worth $656,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Hoey Investments Inc. purchased a new position in Cencora in the 1st quarter worth about $28,000. Banque Transatlantique SA purchased a new position in shares of Cencora during the fourth quarter valued at approximately $29,000. SBI Securities Co. Ltd. bought a new position in Cencora during the fourth quarter valued at approximately $30,000. Vermillion Wealth Management Inc. purchased a new stake in Cencora in the fourth quarter worth approximately $38,000. Finally, Golden State Wealth Management LLC grew its position in Cencora by 157.6% in 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 during the period. 97.52% of the stock is owned by hedge funds and other institutional investors.

Cencora Trading Up 1.7%

COR traded up $5.06 during trading on Friday, hitting $296.23. 614,990 shares of the stock were exchanged, compared to its average volume of 1,504,083. The company has a debt-to-equity ratio of 6.01, a quick ratio of 0.52 and a current ratio of 0.87. The firm has a 50 day simple moving average of $291.12 and a 200 day simple moving average of $267.23. The firm has a market cap of $57.42 billion, a price-to-earnings ratio of 34.37, a P/E/G ratio of 1.44 and a beta of 0.57. Cencora, Inc. has a 1 year low of $218.65 and a 1 year high of $309.35.

Cencora (NYSE:COR - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $4.42 EPS for the quarter, beating the consensus estimate of $4.07 by $0.35. Cencora had a net margin of 0.55% and a return on equity of 344.71%. The business had revenue of $75.50 billion during the quarter, compared to analyst estimates of $75.41 billion. During the same quarter in the previous year, the business posted $3.80 EPS. The company's quarterly revenue was up 10.3% compared to the same quarter last year. As a group, equities analysts expect that Cencora, Inc. will post 15.37 EPS for the current year.

Cencora Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 16th were paid a dividend of $0.55 per share. The ex-dividend date was Friday, May 16th. This represents a $2.20 dividend on an annualized basis and a yield of 0.74%. Cencora's payout ratio is 25.52%.

Insider Buying and Selling at Cencora

In other news, Chairman Steven H. Collis sold 14,579 shares of the company's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $292.62, for a total value of $4,266,106.98. Following the sale, the chairman owned 311,913 shares in the company, valued at $91,271,982.06. This represents a 4.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert P. Mauch sold 4,969 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $289.33, for a total transaction of $1,437,680.77. Following the sale, the chief executive officer directly owned 47,582 shares in the company, valued at $13,766,900.06. The trade was a 9.46% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 34,127 shares of company stock worth $9,812,296. 10.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on COR shares. Bank of America increased their price target on shares of Cencora from $270.00 to $285.00 and gave the stock a "neutral" rating in a research report on Friday, April 11th. Morgan Stanley set a $288.00 price objective on shares of Cencora in a research report on Tuesday, April 15th. UBS Group lifted their target price on shares of Cencora from $298.00 to $335.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Jefferies Financial Group increased their price target on Cencora from $275.00 to $300.00 and gave the stock a "hold" rating in a research note on Monday. Finally, Robert W. Baird boosted their target price on shares of Cencora from $314.00 to $350.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Cencora has an average rating of "Moderate Buy" and an average target price of $306.33.

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.