CX Institutional Trims Stake in Cencora, Inc. $COR

Key Points

• CX Institutional reduced its stake in Cencora, Inc. by 34.7%, selling 5,217 shares and holding 9,799 shares worth approximately $2.94 million as of the latest SEC filing.
• Institutional ownership in Cencora is high, with 97.52% of the stock held by various institutional investors, reflecting a broader trend of institutional investment in the company.
• Cencora recently reported an EPS of $4.00 for the quarter, exceeding analyst estimates, and showed an 8.7% year-over-year revenue growth of $80.66 billion.

CX Institutional cut its position in shares of Cencora, Inc. (NYSE:COR - Free Report) by 34.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,799 shares of the company's stock after selling 5,217 shares during the period. CX Institutional's holdings in Cencora were worth $2,938,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its stake in shares of Cencora by 8.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,647,310 shares of the company's stock valued at $2,682,821,000 after buying an additional 787,858 shares during the period. Wellington Management Group LLP increased its stake in shares of Cencora by 7.2% during the first quarter. Wellington Management Group LLP now owns 5,421,262 shares of the company's stock valued at $1,507,599,000 after buying an additional 363,402 shares during the period. Boston Partners increased its stake in shares of Cencora by 8.1% during the first quarter. Boston Partners now owns 5,411,193 shares of the company's stock valued at $1,505,984,000 after buying an additional 404,093 shares during the period. Invesco Ltd. increased its stake in shares of Cencora by 42.1% during the first quarter. Invesco Ltd. now owns 4,607,964 shares of the company's stock valued at $1,281,429,000 after buying an additional 1,364,433 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in shares of Cencora by 9.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,711,281 shares of the company's stock valued at $475,890,000 after buying an additional 154,311 shares during the period. Institutional investors own 97.52% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on COR. Morgan Stanley set a $330.00 price objective on shares of Cencora and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Wells Fargo & Company boosted their price objective on shares of Cencora from $337.00 to $354.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 13th. Finally, Jefferies Financial Group boosted their price objective on shares of Cencora from $275.00 to $300.00 and gave the stock a "hold" rating in a research note on Monday, June 30th. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $311.25.

Cencora Price Performance

NYSE COR opened at $299.21 on Friday. The firm's fifty day simple moving average is $292.71 and its two-hundred day simple moving average is $288.04. 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 12-month low of $218.65 and a 12-month high of $310.00. The firm has a market capitalization of $58.01 billion, a P/E ratio of 30.78, a P/E/G ratio of 1.57 and a beta of 0.62.

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

Cencora Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th were issued a dividend of $0.55 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 0.7%. Cencora's payout ratio is 22.63%.

Insiders Place Their Bets

In other news, CEO Robert P. Mauch sold 5,097 shares of the business's stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $290.00, for a total transaction of $1,478,130.00. Following the sale, the chief executive officer directly owned 39,274 shares of the company's stock, valued at $11,389,460. The trade was a 11.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Steven H. Collis sold 31,350 shares of the business's stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $289.86, for a total transaction of $9,087,111.00. Following the sale, the chairman directly owned 305,913 shares in the company, valued at $88,671,942.18. This trade represents a 9.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 55,993 shares of company stock worth $16,292,923 over the last three months. Corporate insiders own 10.80% of the company's stock.

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.

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