Envestnet Portfolio Solutions Inc. Sells 2,070 Shares of Cencora, Inc. $COR

Key Points

• Envestnet Portfolio Solutions Inc. sold 2,070 shares of Cencora, Inc., reducing its holdings by 19.8% to 8,369 shares, valued at approximately $2.51 million.
• Several institutional investors, such as Price T Rowe Associates and Goldman Sachs, have increased their stakes in Cencora, indicating strong interest in the stock.
• Cencora's recent earnings report showed a positive 8.7% year-over-year revenue growth and earnings per share of $4.00, exceeding analysts' expectations.

Envestnet Portfolio Solutions Inc. reduced its position in shares of Cencora, Inc. (NYSE:COR - Free Report) by 19.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,369 shares of the company's stock after selling 2,070 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Cencora were worth $2,509,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in COR. Price T Rowe Associates Inc. MD boosted its holdings in Cencora by 8.9% in 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 acquiring an additional 787,858 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Cencora by 7.2% in 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 acquiring an additional 363,402 shares during the last quarter. Boston Partners boosted its holdings in Cencora by 8.1% in the first quarter. Boston Partners now owns 5,411,193 shares of the company's stock valued at $1,505,984,000 after acquiring an additional 404,093 shares during the last quarter. Invesco Ltd. boosted its holdings in Cencora by 42.1% in the first quarter. Invesco Ltd. now owns 4,607,964 shares of the company's stock valued at $1,281,429,000 after acquiring an additional 1,364,433 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Cencora by 9.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,711,281 shares of the company's stock valued at $475,890,000 after acquiring an additional 154,311 shares during the last quarter. 97.52% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Robert P. Mauch sold 5,097 shares of the company's stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $290.00, for a total transaction of $1,478,130.00. Following the transaction, the chief executive officer directly owned 39,274 shares of the company's stock, valued at $11,389,460. This represents a 11.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Steven H. Collis sold 31,350 shares of the company's stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $289.86, for a total value of $9,087,111.00. Following the sale, the chairman owned 305,913 shares of the company's stock, valued at $88,671,942.18. This trade represents a 9.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 51,025 shares of company stock worth $14,831,784 over the last ninety days. 10.80% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages recently commented on COR. Mizuho upped their target price on Cencora from $316.00 to $334.00 and gave the company an "outperform" rating in a report on Thursday. 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. Jefferies Financial Group upped 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. Wells Fargo & Company boosted their price target on Cencora from $337.00 to $354.00 and gave the company an "overweight" rating in a research note on Wednesday, August 13th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Cencora in a research note on Wednesday, October 8th. Nine investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $324.91.

Cencora Price Performance

Shares of NYSE:COR opened at $319.22 on Friday. The company has a quick ratio of 0.53, a current ratio of 0.90 and a debt-to-equity ratio of 3.64. Cencora, Inc. has a twelve month low of $223.92 and a twelve month high of $321.87. The stock's 50 day moving average is $299.51 and its 200-day moving average is $292.81. The firm has a market capitalization of $61.89 billion, a price-to-earnings ratio of 32.84, a PEG ratio of 1.49 and a beta of 0.63.

Cencora (NYSE:COR - Get Free Report) last issued its 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. Cencora had a return on equity of 267.36% and a net margin of 0.60%.The company had revenue of $80.66 billion for the quarter, compared to analyst estimates of $80.34 billion. During the same period in the prior year, the firm earned $3.34 earnings per share. Cencora's revenue for the quarter was up 8.7% on a year-over-year basis. Sell-side analysts forecast that Cencora, Inc. will post 15.37 EPS for the current fiscal year.

Cencora Dividend Announcement

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

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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