Commerce Bank Sells 2,905 Shares of Cencora, Inc. (NYSE:COR)

Key Points

• Commerce Bank reduced its stake in Cencora, Inc. by 12.9%, holding 19,692 shares valued at approximately $5.48 million after selling 2,905 shares in the first quarter.
• CEO Robert P. Mauch sold 4,968 shares amounting to $1.46 million, decreasing his ownership in the company by 10.50%.
• Cencora received multiple rating upgrades from analysts, with Wells Fargo increasing its price target from $274 to $337, reflecting a bullish outlook on the stock.

Commerce Bank lowered its stake in Cencora, Inc. (NYSE:COR - Free Report) by 12.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 19,692 shares of the company's stock after selling 2,905 shares during the period. Commerce Bank's holdings in Cencora were worth $5,476,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Net Worth Advisory Group boosted its holdings in shares of Cencora by 1.4% in the 1st quarter. Net Worth Advisory Group now owns 2,645 shares of the company's stock valued at $736,000 after buying an additional 36 shares during the period. Obermeyer Wealth Partners boosted its stake in Cencora by 1.3% during the 1st quarter. Obermeyer Wealth Partners now owns 2,724 shares of the company's stock valued at $758,000 after purchasing an additional 36 shares during the period. Cromwell Holdings LLC boosted its stake in Cencora by 9.5% during the 1st quarter. Cromwell Holdings LLC now owns 450 shares of the company's stock valued at $125,000 after purchasing an additional 39 shares during the period. Pinnacle Wealth Management Advisory Group LLC boosted its stake in Cencora by 2.7% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,565 shares of the company's stock valued at $435,000 after purchasing an additional 41 shares during the period. Finally, Private Trust Co. NA boosted its stake in Cencora by 2.5% during the 1st quarter. Private Trust Co. NA now owns 1,933 shares of the company's stock valued at $538,000 after purchasing an additional 47 shares during the period. 97.52% of the stock is owned by institutional investors and hedge funds.

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 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 $12,455,852.61. This trade 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 available at this hyperlink. Also, Chairman Steven H. Collis sold 14,579 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $292.62, for a total value of $4,266,106.98. Following the sale, the chairman directly owned 311,913 shares of the company's stock, valued at approximately $91,271,982.06. This trade represents a 4.47% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,125 shares of company stock worth $9,993,789. 10.80% of the stock is owned by company insiders.

Cencora Trading Down 2.0%

Shares of NYSE:COR traded down $5.78 during mid-day trading on Thursday, hitting $278.00. The company had a trading volume of 138,084 shares, compared to its average volume of 1,563,239. The firm has a fifty day moving average price of $292.87 and a 200 day moving average price of $277.05. The company has a market capitalization of $53.88 billion, a PE ratio of 32.38, a price-to-earnings-growth ratio of 1.45 and a beta of 0.58. The company has a debt-to-equity ratio of 6.01, a current ratio of 0.87 and a quick ratio of 0.52. 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, August 6th. The company reported $4.00 earnings per share for the quarter, topping analysts' consensus estimates of $3.79 by $0.21. The company had revenue of $80.66 billion for the quarter, compared to the consensus estimate of $80.34 billion. Cencora had a net margin of 0.55% and a return on equity of 344.71%. The firm's quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the firm earned $3.34 EPS. As a group, research analysts forecast that Cencora, Inc. will post 15.37 EPS for the current year.

Cencora Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Friday, August 15th will be given a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 0.8%. Cencora's dividend payout ratio (DPR) is 25.52%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on COR shares. Citigroup upped their price target 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. Wells Fargo & Company raised shares of Cencora from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $274.00 to $337.00 in a research note on Tuesday, June 3rd. 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. Morgan Stanley set a $330.00 price target on shares of Cencora and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Finally, Bank of America boosted their price objective on shares of Cencora from $270.00 to $285.00 and gave the company a "neutral" rating in a research report on Friday, April 11th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Cencora presently has a consensus rating of "Moderate Buy" and an average target price of $309.83.

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.