Raymond James Financial Inc. Trims Holdings in Cencora, Inc. $COR

Key Points

• Raymond James Financial Inc. reduced its stake in Cencora by 4.1% to approximately 1,375,730 shares, now valued at about $382.58 million.
• Cencora recently announced a quarterly dividend of $0.55 per share, with an annualized basis yield of 0.8%.
• Cencora's recent earnings report showed earnings per share of $4.00, exceeding analysts' expectations and indicating a 8.7% increase in revenue compared to the same quarter last year.

Raymond James Financial Inc. trimmed its holdings in shares of Cencora, Inc. (NYSE:COR - Free Report) by 4.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,375,730 shares of the company's stock after selling 59,466 shares during the period. Raymond James Financial Inc. owned about 0.71% of Cencora worth $382,576,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its position 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 acquiring an additional 78,066 shares during the last quarter. Boston Partners lifted its holdings in Cencora by 8.1% in the 1st quarter. Boston Partners now owns 5,411,193 shares of the company's stock valued at $1,505,984,000 after acquiring an additional 404,093 shares during the last quarter. Bank of America Corp DE raised its holdings in Cencora by 62.3% during the 4th 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. raised its holdings in Cencora by 42.1% during the 1st quarter. Invesco Ltd. now owns 4,607,964 shares of the company's stock worth $1,281,429,000 after buying an additional 1,364,433 shares during the period. Finally, Northern Trust Corp lifted 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 worth $544,004,000 after purchasing an additional 252,028 shares in the last quarter. 97.52% of the stock is owned by institutional investors and hedge funds.

Cencora Stock Down 1.7%

Shares of NYSE:COR traded down $5.0110 during trading on Friday, hitting $298.2190. 430,510 shares of the company were exchanged, compared to its average volume of 1,556,697. The company has a current ratio of 0.90, a quick ratio of 0.53 and a debt-to-equity ratio of 3.64. The stock has a market cap of $57.82 billion, a price-to-earnings ratio of 30.67, a P/E/G ratio of 1.44 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 firm has a fifty day moving average price of $293.54 and a two-hundred day moving average price of $280.16.

Cencora (NYSE:COR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $4.00 EPS for the quarter, beating analysts' consensus estimates of $3.79 by $0.21. The firm had revenue of $80.66 billion for the quarter, compared to analyst estimates of $80.34 billion. Cencora had a return on equity of 267.36% and a net margin of 0.60%.The company's revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the prior year, the firm posted $3.34 EPS. As a group, research analysts anticipate that Cencora, Inc. will post 15.37 earnings per share for the current fiscal year.

Cencora Dividend Announcement

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

Insider Activity at Cencora

In other Cencora news, CEO Robert P. Mauch sold 4,968 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $294.11, for a total value of $1,461,138.48. Following the transaction, the chief executive officer owned 42,351 shares in the company, valued at approximately $12,455,852.61. This represents a 10.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Steven H. Collis sold 14,578 shares of Cencora 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 sale, the chairman owned 309,913 shares in the company, valued at $90,702,237.71. This trade represents a 4.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,125 shares of company stock valued at $9,993,789 in the last ninety days. 10.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on COR. Citigroup increased their price objective on Cencora from $330.00 to $355.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Robert W. Baird increased their price target on Cencora from $314.00 to $350.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Morgan Stanley set a $330.00 price objective on Cencora and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Wells Fargo & Company increased their price objective on Cencora from $337.00 to $354.00 and gave the company an "overweight" rating in a research report on Wednesday, August 13th. Finally, Jefferies Financial Group increased their price objective on Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a research report on Monday, June 30th. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Cencora presently has an average rating of "Moderate Buy" and a consensus price target of $311.25.

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.