Cencora, Inc. $COR Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its stake in Cencora, Inc. by 4.2% in Q1, holding 41,568 shares valued at approximately $11.56 million as of the latest SEC filing.
• CEO Robert P. Mauch and Chairman Steven H. Collis sold significant shares of Cencora stock, contributing to a total insider sale of 34,125 shares worth nearly $10 million in the past 90 days.
• Cencora recently reported a quarterly profit of $4.00 per share, surpassing expectations, and announced a quarterly dividend of $0.55 per share, representing an annual yield of 0.8%.

Corebridge Financial Inc. trimmed its holdings in shares of Cencora, Inc. (NYSE:COR - Free Report) by 4.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,568 shares of the company's stock after selling 1,801 shares during the quarter. Corebridge Financial Inc.'s holdings in Cencora were worth $11,560,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of COR. Bernard Wealth Management Corp. acquired a new stake in shares of Cencora during the 4th quarter worth about $67,000. Coldstream Capital Management Inc. increased its position in shares of Cencora by 3.0% during the 4th quarter. Coldstream Capital Management Inc. now owns 3,399 shares of the company's stock worth $764,000 after purchasing an additional 100 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Cencora during the 4th quarter valued at about $1,392,000. The Manufacturers Life Insurance Company boosted its holdings in Cencora by 67.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 844,179 shares of the company's stock valued at $189,670,000 after acquiring an additional 340,862 shares during the period. Finally, Northern Trust Corp boosted its holdings in Cencora by 11.6% during the 4th quarter. Northern Trust Corp now owns 2,421,237 shares of the company's stock valued at $544,004,000 after acquiring an additional 252,028 shares during the period. 97.52% of the stock is owned by institutional investors and hedge funds.

Cencora Stock Up 0.6%

Shares of COR traded up $1.62 during midday trading on Monday, hitting $291.51. The company had a trading volume of 1,123,252 shares, compared to its average volume of 1,410,003. The company's 50-day simple moving average is $293.02 and its 200-day simple moving average is $282.41. The company has a debt-to-equity ratio of 3.64, a quick ratio of 0.53 and a current ratio of 0.90. The firm has a market capitalization of $56.52 billion, a P/E ratio of 29.99, a P/E/G ratio of 1.38 and a beta of 0.62. 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 announced its quarterly earnings data on Wednesday, August 6th. The company reported $4.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.79 by $0.21. The business had revenue of $80.66 billion during the quarter, compared to analysts' expectations of $80.34 billion. Cencora had a return on equity of 267.36% and a net margin of 0.60%.The business's quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the business posted $3.34 EPS. As a group, sell-side analysts expect that Cencora, Inc. will post 15.37 EPS for the current year.

Cencora Announces Dividend

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

Insider Activity

In other news, Chairman Steven H. Collis sold 14,579 shares of the firm's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $292.62, for a total transaction of $4,266,106.98. Following the sale, the chairman 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert P. Mauch sold 4,968 shares of the firm's stock in a transaction dated 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 sale, 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 position. 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 in the last quarter. Company insiders own 10.80% of the company's stock.

Analyst Upgrades and Downgrades

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

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.