Earnest Partners LLC Reduces Stock Position in Cencora, Inc. $COR

Key Points

• Earnest Partners LLC has reduced its stake in Cencora, Inc. by 3.0%, owning 290,537 shares valued at approximately $80.8 million as of the end of the 1st quarter.
• Cencora recently reported better-than-expected earnings, with an EPS of $4.00 for the quarter, surpassing the consensus estimate of $3.79, and revenue of $80.66 billion.
• The company declared a quarterly dividend of $0.55 per share, with an ex-dividend date of August 15th, which represents an annualized yield of 0.8%.

Earnest Partners LLC lowered its stake in Cencora, Inc. (NYSE:COR - Free Report) by 3.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 290,537 shares of the company's stock after selling 8,974 shares during the quarter. Earnest Partners LLC owned 0.15% of Cencora worth $80,795,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of COR. Cornerstone Planning Group LLC boosted its stake in shares of 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 acquiring an additional 48 shares during the last quarter. Hoey Investments Inc. purchased a new position in shares of Cencora during the 1st quarter worth $28,000. Costello Asset Management INC purchased a new position in shares of Cencora during the 1st quarter worth $28,000. Banque Transatlantique SA purchased a new position in shares of Cencora during the 4th quarter worth $29,000. Finally, Vermillion Wealth Management Inc. purchased a new position in shares of Cencora during the 4th quarter worth $38,000. Hedge funds and other institutional investors own 97.52% of the company's stock.

Insider Buying and Selling at Cencora

In other 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 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. The trade was a 10.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Steven H. Collis sold 14,578 shares of the business'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 owned 309,913 shares in the company, valued at approximately $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. In the last quarter, insiders sold 34,125 shares of company stock worth $9,993,789. Corporate insiders own 10.80% of the company's stock.

Cencora Stock Up 0.5%

Shares of COR stock opened at $289.61 on Wednesday. The stock has a market cap of $56.15 billion, a P/E ratio of 29.80, a PEG ratio of 1.37 and a beta of 0.58. Cencora, Inc. has a 52 week low of $218.65 and a 52 week high of $309.35. The company has a quick ratio of 0.53, a current ratio of 0.90 and a debt-to-equity ratio of 3.64. The company's fifty day simple moving average is $293.33 and its two-hundred day simple moving average is $281.21.

Cencora (NYSE:COR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $4.00 EPS for the quarter, topping 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 business's quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.34 EPS. Analysts predict that Cencora, Inc. will post 15.37 EPS for the current fiscal year.

Cencora Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on COR. Robert W. Baird lifted their price target on shares of Cencora from $314.00 to $350.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. Morgan Stanley set a $330.00 target price on shares of Cencora and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. UBS Group lifted their target price on shares of Cencora from $298.00 to $335.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Jefferies Financial Group lifted their target price on shares of Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a research note on Monday, June 30th. Finally, Wells Fargo & Company lifted their target price on shares of Cencora from $337.00 to $354.00 and gave the company an "overweight" rating in a research note on Wednesday, August 13th. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $311.25.

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.

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