HighTower Advisors LLC Decreases Position in Cencora, Inc. $COR

Key Points

• HighTower Advisors reduced its Cencora stake by 2.8% in the second quarter, selling 3,466 shares and retaining 118,560 shares valued at approximately $33.6 million. Institutional investors collectively own 97.52% of the company.
• Cencora reported quarterly earnings of $4.48 per share, beating estimates by $0.13, while revenue rose 5.1% year over year to $84.75 billion. The company also authorized a $2 billion share-repurchase program and pays a $0.60 quarterly dividend.
• Analysts maintain a generally positive view, with 13 Buy ratings and three Holds; the stock has a “Moderate Buy” consensus rating and an average price target of $370.85, above its reported price of $323.99.

HighTower Advisors LLC decreased its holdings in Cencora, Inc. (NYSE:COR - Free Report) by 2.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 118,560 shares of the company's stock after selling 3,466 shares during the period. HighTower Advisors LLC owned about 0.06% of Cencora worth $33,550,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. United Bank increased its stake in shares of Cencora by 4.5% during the second quarter. United Bank now owns 7,032 shares of the company's stock worth $2,109,000 after buying an additional 305 shares during the period. Nebula Research & Development LLC acquired a new position in Cencora during the 2nd quarter worth approximately $595,000. Treasurer of the State of North Carolina grew its holdings in Cencora by 7.9% during the 2nd quarter. Treasurer of the State of North Carolina now owns 85,534 shares of the company's stock worth $25,647,000 after acquiring an additional 6,244 shares in the last quarter. Diversify Advisory Services LLC increased its position in shares of Cencora by 94.1% in the 2nd quarter. Diversify Advisory Services LLC now owns 2,585 shares of the company's stock valued at $747,000 after purchasing an additional 1,253 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in shares of Cencora by 26.0% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 73,452 shares of the company's stock valued at $22,025,000 after purchasing an additional 15,154 shares during the last quarter. Hedge funds and other institutional investors own 97.52% of the company's stock.

Insider Buying and Selling

In other Cencora news, EVP Elizabeth S. Campbell sold 11,300 shares of the business's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $324.12, for a total value of $3,662,556.00. Following the completion of the sale, the executive vice president owned 19,455 shares in the company, valued at approximately $6,305,754.60. The trade was a 36.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lauren M. Tyler acquired 550 shares of the firm's stock in a transaction dated Monday, June 22nd. The stock was purchased at an average cost of $270.23 per share, with a total value of $148,626.50. Following the completion of the acquisition, the director directly owned 4,359 shares of the company's stock, valued at approximately $1,177,932.57. This trade represents a 14.44% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Barclays decreased their price objective on shares of Cencora from $425.00 to $350.00 and set an "overweight" rating for the company in a research report on Wednesday, June 10th. Royal Bank Of Canada reissued a "sector perform" rating and issued a $330.00 target price on shares of Cencora in a report on Tuesday. Bank of America raised their price target on Cencora from $280.00 to $285.00 and gave the company a "neutral" rating in a research note on Wednesday, June 24th. Weiss Ratings raised Cencora from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, August 6th. Finally, JPMorgan Chase & Co. upped their price objective on Cencora from $382.00 to $390.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Thirteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Cencora has an average rating of "Moderate Buy" and a consensus price target of $370.85.

Cencora Price Performance

Shares of NYSE:COR opened at $323.99 on Wednesday. The company's fifty day moving average price is $314.11 and its 200 day moving average price is $309.06. Cencora, Inc. has a 12 month low of $244.82 and a 12 month high of $377.54. The company has a debt-to-equity ratio of 3.53, a current ratio of 0.93 and a quick ratio of 0.58. The firm has a market capitalization of $61.83 billion, a P/E ratio of 24.07, a P/E/G ratio of 1.88 and a beta of 0.57.

Cencora (NYSE:COR - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.35 by $0.13. Cencora had a net margin of 0.79% and a return on equity of 125.45%. The company had revenue of $84.75 billion during the quarter, compared to the consensus estimate of $84.31 billion. During the same quarter in the prior year, the firm posted $4.00 earnings per share. Cencora's revenue for the quarter was up 5.1% on a year-over-year basis. As a group, sell-side analysts predict that Cencora, Inc. will post 17.87 earnings per share for the current fiscal year.

Cencora announced that its board has approved a stock repurchase plan on Thursday, May 21st that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to reacquire 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 shares are undervalued.

Cencora Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Friday, August 14th were given a $0.60 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.7%. Cencora's dividend payout ratio is 17.83%.

Cencora Company Profile

Cencora, Inc NYSE: COR is a global healthcare company that provides pharmaceutical sourcing, distribution and related services. The company connects biopharmaceutical manufacturers with pharmacies, hospitals, health systems, physician practices and other healthcare providers, helping move prescription medicines and healthcare products through the supply chain.

Cencora's operations include pharmaceutical distribution, specialty pharmaceutical services, manufacturer support and patient-centered solutions.

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