Gabelli Funds LLC Reduces Position in Cencora, Inc. $COR

Key Points

• Gabelli Funds LLC decreased its holdings in Cencora, Inc. by 9.9%, selling 5,600 shares, resulting in ownership of 51,125 shares valued at approximately $14.2 million.
• Caisse DE Depot ET Placement DU Quebec significantly increased its stake in Cencora by 144.4%, now owning 743,072 shares valued at over $206 million.
• Cencora reported a quarterly earnings per share (EPS) of $4.00, exceeding analysts' expectations, with an annual revenue growth of 8.7% compared to the previous year.

Gabelli Funds LLC lessened its holdings in shares of Cencora, Inc. (NYSE:COR - Free Report) by 9.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 51,125 shares of the company's stock after selling 5,600 shares during the quarter. Gabelli Funds LLC's holdings in Cencora were worth $14,217,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Cencora by 144.4% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 743,072 shares of the company's stock worth $206,641,000 after acquiring an additional 439,008 shares during the last quarter. Comerica Bank boosted its stake in shares of Cencora by 33.4% during the 1st quarter. Comerica Bank now owns 87,147 shares of the company's stock worth $24,235,000 after acquiring an additional 21,816 shares during the last quarter. Freedom Investment Management Inc. boosted its stake in shares of Cencora by 5.6% during the 1st quarter. Freedom Investment Management Inc. now owns 5,673 shares of the company's stock worth $1,578,000 after acquiring an additional 303 shares during the last quarter. Synovus Financial Corp boosted its stake in shares of Cencora by 6.7% during the 1st quarter. Synovus Financial Corp now owns 18,841 shares of the company's stock worth $5,240,000 after acquiring an additional 1,183 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC lifted its stake in shares of Cencora by 77.8% during the 1st quarter. Campbell & CO Investment Adviser LLC now owns 11,342 shares of the company's stock valued at $3,154,000 after buying an additional 4,962 shares in the last quarter. Hedge funds and other institutional investors own 97.52% of the company's stock.

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 shares were sold at an average price of $294.11, for a total transaction of $1,461,138.48. Following the completion of the transaction, the chief executive officer directly owned 42,351 shares of the company's stock, valued at approximately $12,455,852.61. The trade was a 10.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Steven H. Collis sold 14,578 shares of Cencora 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 transaction, the chairman directly owned 309,913 shares of the company's stock, valued at approximately $90,702,237.71. This represents a 4.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,125 shares of company stock worth $9,993,789. Insiders own 10.80% of the company's stock.

Cencora Price Performance

NYSE COR traded up $5.21 on Tuesday, reaching $296.82. The company had a trading volume of 203,335 shares, compared to its average volume of 1,543,833. 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 stock has a market capitalization of $57.55 billion, a PE ratio of 30.55, a price-to-earnings-growth ratio of 1.38 and a beta of 0.62. The firm's 50 day moving average price is $292.99 and its 200 day moving average price is $282.75. Cencora, Inc. has a 12 month low of $218.65 and a 12 month high of $309.35.

Cencora (NYSE:COR - Get Free Report) last posted 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 net margin of 0.60% and a return on equity of 267.36%. The firm had revenue of $80.66 billion for the quarter, compared to the consensus estimate of $80.34 billion. During the same period in the previous year, the firm posted $3.34 EPS. The business's quarterly revenue was up 8.7% on a year-over-year basis. As a group, equities analysts predict that Cencora, Inc. will post 15.37 earnings per share for the current year.

Cencora Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th will be issued a $0.55 dividend. The ex-dividend date is 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%.

Wall Street Analyst Weigh In

COR has been the topic of a number of analyst reports. Citigroup lifted their target price on shares of Cencora from $330.00 to $355.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Robert W. Baird lifted their target price on shares of Cencora from $314.00 to $350.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. 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. 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. 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 assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $311.25.

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.