PNC Financial Services Group Inc. Sells 2,091 Shares of Cencora, Inc. (NYSE:COR)

Key Points

• PNC Financial Services Group Inc. reduced its stake in Cencora, Inc. (NYSE:COR) by 1.0%, owning 212,656 shares worth approximately $59.14 million after selling 2,091 shares in the first quarter.
• Cencora announced a quarterly dividend of $0.55 per share, resulting in an annualized dividend of $2.20 and a yield of 0.8%, with a payout ratio of 25.52%.
• In its latest earnings report, Cencora beat analyst expectations with an EPS of $4.42, and its quarterly revenue was up 10.3% year-over-year, totaling $75.50 billion.

PNC Financial Services Group Inc. reduced its holdings in Cencora, Inc. (NYSE:COR - Free Report) by 1.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 212,656 shares of the company's stock after selling 2,091 shares during the period. PNC Financial Services Group Inc. owned approximately 0.11% of Cencora worth $59,138,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of COR. Price T Rowe Associates Inc. MD boosted its holdings in shares of Cencora by 0.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,859,452 shares of the company's stock worth $1,990,542,000 after purchasing an additional 78,066 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Cencora by 62.3% in the fourth quarter. Bank of America Corp DE now owns 5,193,807 shares of the company's stock worth $1,166,944,000 after buying an additional 1,994,256 shares during the period. Invesco Ltd. increased its stake in shares of Cencora by 20.4% during the 4th quarter. Invesco Ltd. now owns 3,243,531 shares of the company's stock worth $728,757,000 after purchasing an additional 550,246 shares during the last quarter. Northern Trust Corp raised its position in shares of Cencora by 11.6% in the fourth quarter. Northern Trust Corp now owns 2,421,237 shares of the company's stock valued at $544,004,000 after purchasing an additional 252,028 shares during the period. Finally, Castlekeep Investment Advisors LLC bought a new stake in shares of Cencora in the 4th quarter worth approximately $399,508,000. 97.52% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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

Analyst Ratings Changes

A number of equities research analysts have recently commented on COR shares. Wells Fargo & Company raised Cencora from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $274.00 to $337.00 in a research report on Tuesday, June 3rd. UBS Group increased their price target on 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 boosted their price target on Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a research note on Monday, June 30th. Robert W. Baird boosted their price target on Cencora from $314.00 to $350.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Finally, Bank of America lifted their price target on shares of Cencora from $270.00 to $285.00 and gave the company a "neutral" rating in a report on Friday, April 11th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $309.83.

Cencora Stock Performance

Shares of COR stock traded down $5.60 during mid-day trading on Thursday, hitting $278.18. The stock had a trading volume of 1,718,175 shares, compared to its average volume of 1,570,104. The company has a debt-to-equity ratio of 6.01, a current ratio of 0.87 and a quick ratio of 0.52. The firm has a market cap of $53.92 billion, a PE ratio of 32.27, a PEG ratio of 1.45 and a beta of 0.58. Cencora, Inc. has a fifty-two week low of $218.65 and a fifty-two week high of $309.35. The company's 50-day simple moving average is $292.87 and its 200-day simple moving average is $277.05.

Cencora (NYSE:COR - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $4.00 earnings per share for the quarter, beating analysts' consensus estimates of $3.79 by $0.21. The business had revenue of $80.66 billion during the quarter, compared to analyst estimates of $80.34 billion. Cencora had a net margin of 0.55% and a return on equity of 344.71%. The business's revenue was up 8.7% on a year-over-year basis. During the same period last year, the business earned $3.34 EPS. Sell-side analysts anticipate that Cencora, Inc. will post 15.37 earnings per share for the current year.

Cencora Announces Dividend

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