HB Wealth Management LLC Increases Stake in Cencora, Inc. (NYSE:COR)

Key Points

• HB Wealth Management LLC increased its stake in Cencora, Inc. by 26.4% in Q1 2023, now holding 6,346 shares valued at approximately $1.765 million.
• Wall Street analysts have a positive outlook for Cencora, with a consensus rating of "Moderate Buy" and an average price target of $309.83.
• Cencora announced a quarterly dividend of $0.55 per share, yielding 0.76%, with a dividend payout ratio of 25.52%.

HB Wealth Management LLC grew its stake in Cencora, Inc. (NYSE:COR - Free Report) by 26.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,346 shares of the company's stock after purchasing an additional 1,326 shares during the period. HB Wealth Management LLC's holdings in Cencora were worth $1,765,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of COR. First Heartland Consultants Inc. purchased a new position in Cencora in the 1st quarter valued at $222,000. Knights of Columbus Asset Advisors LLC raised its position in Cencora by 0.9% during the 1st quarter. Knights of Columbus Asset Advisors LLC now owns 41,623 shares of the company's stock worth $11,575,000 after buying an additional 370 shares during the last quarter. Skandinaviska Enskilda Banken AB publ lifted its stake in shares of Cencora by 9.3% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 374,389 shares of the company's stock worth $104,114,000 after acquiring an additional 31,807 shares during the period. Equitable Trust Co. purchased a new stake in shares of Cencora in the first quarter valued at about $2,285,000. Finally, Westover Capital Advisors LLC increased its stake in shares of Cencora by 31.6% during the first quarter. Westover Capital Advisors LLC now owns 14,879 shares of the company's stock worth $4,138,000 after acquiring an additional 3,574 shares during the period. Hedge funds and other institutional investors own 97.52% of the company's stock.

Insider Buying and Selling

In other Cencora news, Chairman Steven H. Collis sold 14,579 shares of the business's stock in a transaction on 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 approximately $91,271,982.06. The trade was a 4.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert P. Mauch sold 4,968 shares of the stock in a transaction on 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 directly owned 42,351 shares in the company, valued at approximately $12,455,852.61. This represents a 10.50% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 34,125 shares of company stock valued at $9,993,789. Company insiders own 10.80% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Morgan Stanley set a $330.00 target price on Cencora and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Wells Fargo & Company raised shares of Cencora from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $274.00 to $337.00 in a report on Tuesday, June 3rd. Jefferies Financial Group lifted their price target on shares of Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a research report on Monday, June 30th. Robert W. Baird upped their price target on Cencora from $314.00 to $350.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Finally, Citigroup lifted their price objective on Cencora from $330.00 to $355.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $309.83.

Cencora Price Performance

NYSE:COR traded up $2.44 during trading hours on Friday, reaching $288.52. 482,433 shares of the company traded hands, compared to its average volume of 1,567,191. Cencora, Inc. has a 1-year low of $218.65 and a 1-year high of $309.35. The stock has a market cap of $55.92 billion, a P/E ratio of 33.47, a P/E/G ratio of 1.45 and a beta of 0.57. The firm's 50-day moving average is $293.13 and its 200-day moving average is $275.35. The company has a debt-to-equity ratio of 6.01, a current ratio of 0.87 and a quick ratio of 0.52.

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

Cencora Announces Dividend

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