First Horizon Corp Lowers Stock Holdings in Cencora, Inc. $COR

Key Points

• First Horizon Corp cut its Cencora stake by 36.5% in the first quarter, leaving it with 6,506 shares valued at about $2.04 million.
• Cencora reported mixed quarterly results, with EPS of $4.75 missing estimates and revenue of $78.36 billion also below expectations, though revenue still rose 3.9% year over year.
• The company authorized a $2 billion share repurchase program and continues to pay a quarterly dividend of $0.60 per share, while analysts maintain a Moderate Buy consensus with an average target price of $367.75.

First Horizon Corp cut its position in Cencora, Inc. (NYSE:COR - Free Report) by 36.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,506 shares of the company's stock after selling 3,747 shares during the quarter. First Horizon Corp's holdings in Cencora were worth $2,044,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Chilton Investment Co. Inc. purchased a new position in Cencora in the third quarter valued at $459,000. Nordea Investment Management AB lifted its holdings in Cencora by 3.8% during the 4th quarter. Nordea Investment Management AB now owns 1,256,356 shares of the company's stock worth $426,715,000 after buying an additional 45,712 shares during the last quarter. Groupama Asset Managment purchased a new stake in Cencora during the 3rd quarter worth about $1,225,000. Assetmark Inc. boosted its position in shares of Cencora by 57.0% during the 4th quarter. Assetmark Inc. now owns 67,281 shares of the company's stock worth $22,724,000 after acquiring an additional 24,431 shares in the last quarter. Finally, ExodusPoint Capital Management LP acquired a new position in shares of Cencora during the 4th quarter worth about $16,487,000. Hedge funds and other institutional investors own 97.52% of the company's stock.

Insider Buying and Selling at Cencora

In related news, Director Lauren M. Tyler bought 550 shares of the stock in a transaction on Monday, June 22nd. The shares were bought at an average cost of $270.23 per share, for a total transaction of $148,626.50. Following the purchase, the director owned 4,359 shares of the company's stock, valued at $1,177,932.57. This trade represents a 14.44% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.38% of the company's stock.

Cencora Stock Performance

Shares of Cencora stock opened at $303.31 on Friday. The firm's fifty day simple moving average is $277.22 and its 200-day simple moving average is $318.98. Cencora, Inc. has a 12 month low of $244.82 and a 12 month high of $377.54. The stock has a market capitalization of $59.01 billion, a price-to-earnings ratio of 23.26, a PEG ratio of 1.68 and a beta of 0.58. The company has a debt-to-equity ratio of 3.40, a current ratio of 0.95 and a quick ratio of 0.59.

Cencora (NYSE:COR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $4.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.82 by ($0.07). Cencora had a return on equity of 135.20% and a net margin of 0.78%.The business had revenue of $78.36 billion for the quarter, compared to analysts' expectations of $81.09 billion. During the same period in the previous year, the business posted $4.42 earnings per share. The company's revenue for the quarter was up 3.9% on a year-over-year basis. Cencora has set its FY 2026 guidance at 17.650-17.900 EPS. As a group, equities analysts forecast that Cencora, Inc. will post 17.79 earnings per share for the current year.

Cencora declared that its board has authorized a share repurchase plan on Thursday, May 21st that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Cencora Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Friday, May 15th. Cencora's dividend payout ratio (DPR) is presently 18.40%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on COR shares. Weiss Ratings lowered Cencora from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, June 30th. Citigroup lowered their price target on Cencora from $405.00 to $355.00 and set a "buy" rating for the company in a report on Thursday, May 7th. Bank of America increased their price target on shares of Cencora from $280.00 to $285.00 and gave the company a "neutral" rating in a research note on Wednesday, June 24th. Wells Fargo & Company cut their price objective on shares of Cencora from $429.00 to $331.00 and set an "overweight" rating on the stock in a report on Monday, May 11th. Finally, UBS Group upped their target price on shares of Cencora from $410.00 to $412.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $367.75.

About Cencora

Cencora NYSE: COR is a global healthcare services and pharmaceutical distribution company that provides end-to-end solutions across the pharmaceutical supply chain. The company's core activities include wholesale drug distribution, specialty drug distribution, and the operation of specialty pharmacies, complemented by logistics, cold-chain management and other fulfillment services designed to support complex and temperature-sensitive therapies.

Beyond physical distribution, Cencora offers a range of commercial and patient-focused services for pharmaceutical manufacturers and healthcare providers.

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