Comerica Bank Increases Holdings in Cencora, Inc. $COR

Key Points

• Comerica Bank increased its stake in Cencora, Inc. by 33.4%, acquiring an additional 21,816 shares in the first quarter, bringing their total holdings to 87,147 shares valued at approximately $24.24 million.
• Cencora, Inc. received multiple positive ratings from analysts, with price targets exceeding $330 and an average target price of $311.25, indicating a consensus of a "Moderate Buy."
• Insider selling occurred recently, with CEO Robert P. Mauch selling 4,968 shares and Chairman Steven H. Collis selling 14,579 shares, resulting in notable decreases in their stock positions.

Comerica Bank lifted its position in Cencora, Inc. (NYSE:COR - Free Report) by 33.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 87,147 shares of the company's stock after purchasing an additional 21,816 shares during the quarter. Comerica Bank's holdings in Cencora were worth $24,235,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Cornerstone Planning Group LLC lifted its holdings in Cencora by 106.7% during the 1st quarter. Cornerstone Planning Group LLC now owns 93 shares of the company's stock worth $26,000 after buying an additional 48 shares in the last quarter. Hoey Investments Inc. bought a new stake in shares of Cencora in the 1st quarter valued at $28,000. Costello Asset Management INC acquired a new position in shares of Cencora in the 1st quarter valued at approximately $28,000. Banque Transatlantique SA acquired a new stake in shares of Cencora during the fourth quarter worth $29,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in shares of Cencora during the first quarter worth about $39,000. 97.52% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Robert P. Mauch sold 4,968 shares of the business'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 transaction, the chief executive officer directly owned 42,351 shares in the company, valued at approximately $12,455,852.61. The trade was a 10.50% 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 link. Also, Chairman Steven H. Collis sold 14,578 shares of the company's stock in a transaction dated 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 completion of the sale, the chairman directly owned 309,913 shares of the company's stock, valued at $90,702,237.71. The trade was a 4.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,125 shares of company stock valued at $9,993,789 over the last three months. 10.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on COR shares. Jefferies Financial Group raised their price objective on Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a report on Monday, June 30th. Wells Fargo & Company upped their target price on Cencora from $337.00 to $354.00 and gave the company an "overweight" rating in a research report on Wednesday, August 13th. Robert W. Baird raised 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. Citigroup increased their price objective on shares of Cencora from $330.00 to $355.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Finally, Morgan Stanley set a $330.00 target price on shares of Cencora and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. 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, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $311.25.

Cencora Stock Down 0.2%

NYSE COR traded down $0.53 during mid-day trading on Thursday, hitting $290.03. The company's stock had a trading volume of 1,058,447 shares, compared to its average volume of 1,419,257. The company has a current ratio of 0.90, a quick ratio of 0.53 and a debt-to-equity ratio of 3.64. Cencora, Inc. has a twelve month low of $218.65 and a twelve month high of $309.35. The firm has a market capitalization of $56.23 billion, a price-to-earnings ratio of 18.76, a PEG ratio of 1.38 and a beta of 0.58. The company's 50 day simple moving average is $293.07 and its 200 day simple moving average is $281.58.

Cencora (NYSE:COR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $4.00 earnings per share for the quarter, beating the consensus estimate of $3.79 by $0.21. The business had revenue of $80.66 billion for the quarter, compared to analysts' expectations of $80.34 billion. Cencora had a net margin of 0.60% and a return on equity of 267.36%. The firm's revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter last year, the firm earned $3.34 EPS. Analysts anticipate that Cencora, Inc. will post 15.37 earnings per share for the current year.

Cencora Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Friday, August 15th will be issued a dividend of $0.55 per share. The ex-dividend date is Friday, August 15th. This represents a $2.20 annualized dividend and a yield of 0.8%. Cencora's dividend payout ratio is 22.63%.

Cencora 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.