Empirical Financial Services LLC d.b.a. Empirical Wealth Management Has $493,000 Holdings in Cencora, Inc. (NYSE:COR)

Key Points

• Empirical Financial Services LLC dramatically reduced its stake in Cencora, Inc. by 86.4% during the first quarter, now holding only 1,773 shares valued at approximately $493,000.
• CEO Robert P. Mauch and Chairman Steven H. Collis sold significant shares of Cencora, reducing their ownership by 10.50% and 4.49% respectively, suggesting insider movements amidst fluctuations in stock performance.
• Cencora's recent financial performance exceeded expectations with a reported $4.42 earnings per share, surpassing estimates by $0.35, and a year-over-year revenue increase of 10.3%.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management reduced its position in Cencora, Inc. (NYSE:COR - Free Report) by 86.4% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,773 shares of the company's stock after selling 11,226 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Cencora were worth $493,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. Harbour Investments Inc. boosted its position in shares of Cencora by 23.6% in the 1st quarter. Harbour Investments Inc. now owns 937 shares of the company's stock worth $261,000 after buying an additional 179 shares in the last quarter. Foster & Motley Inc. grew its stake in Cencora by 3.8% in the 1st quarter. Foster & Motley Inc. now owns 8,210 shares of the company's stock valued at $2,283,000 after acquiring an additional 303 shares during the last quarter. NorthRock Partners LLC grew its stake in Cencora by 5.3% in the 1st quarter. NorthRock Partners LLC now owns 2,503 shares of the company's stock valued at $696,000 after acquiring an additional 125 shares during the last quarter. FSB Premier Wealth Management Inc. grew its stake in Cencora by 11.5% in the 1st quarter. FSB Premier Wealth Management Inc. now owns 2,543 shares of the company's stock valued at $707,000 after acquiring an additional 262 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft purchased a new position in Cencora in the 1st quarter valued at about $279,000. 97.52% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cencora

In related news, CEO Robert P. Mauch sold 4,968 shares of Cencora 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 transaction, the chief executive officer owned 42,351 shares of the company's stock, valued at approximately $12,455,852.61. This trade represents a 10.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Steven H. Collis sold 14,579 shares of Cencora stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $292.62, for a total value of $4,266,106.98. Following the completion of the transaction, the chairman directly owned 311,913 shares in the company, valued at $91,271,982.06. This represents a 4.47% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,125 shares of company stock worth $9,993,789. 10.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on COR shares. UBS Group upped their target price on shares of Cencora from $298.00 to $335.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Morgan Stanley set a $330.00 target price on shares of Cencora and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Jefferies Financial Group increased their price objective on shares of Cencora from $275.00 to $300.00 and gave the stock a "hold" rating in a report on Monday, June 30th. Wells Fargo & Company raised shares of Cencora from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $274.00 to $337.00 in a research report on Tuesday, June 3rd. Finally, Robert W. Baird increased their target price on shares of Cencora from $314.00 to $350.00 and gave the stock an "outperform" rating in a research report on Thursday, May 8th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $309.83.

Cencora Stock Performance

COR traded down $1.33 during trading hours on Tuesday, hitting $292.31. 1,498,331 shares of the stock were exchanged, compared to its average volume of 968,840. The company has a debt-to-equity ratio of 6.01, a current ratio of 0.87 and a quick ratio of 0.52. The stock has a market cap of $56.66 billion, a price-to-earnings ratio of 33.91, a price-to-earnings-growth ratio of 1.45 and a beta of 0.58. Cencora, Inc. has a 12 month low of $218.65 and a 12 month high of $309.35. The stock has a 50-day simple moving average of $292.98 and a 200-day simple moving average of $277.01.

Cencora (NYSE:COR - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $4.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.07 by $0.35. The company had revenue of $75.50 billion for the quarter, compared to analysts' expectations of $75.41 billion. Cencora had a return on equity of 344.71% and a net margin of 0.55%. The firm's quarterly revenue was up 10.3% compared to the same quarter last year. During the same period last year, the business posted $3.80 earnings per share. Analysts anticipate that Cencora, Inc. will post 15.37 earnings per share for the current year.

Cencora Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 16th were issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Friday, May 16th. Cencora's payout ratio is presently 25.52%.

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.