IQ EQ FUND MANAGEMENT IRELAND Ltd Acquires New Stake in Cencora, Inc. (NYSE:COR)

Key Points

• IQ EQ Fund Management Ireland Ltd acquired a new stake in Cencora, Inc. during the 1st quarter, purchasing 5,278 shares valued at approximately $1.468 million.
• Cencora reported earnings of $4.42 per share for the most recent quarter, exceeding expectations, with a revenue increase of 10.3% year-over-year.
• The company recently announced a quarterly dividend of $0.55 per share, representing an annual yield of 0.7%.

IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in shares of Cencora, Inc. (NYSE:COR - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,278 shares of the company's stock, valued at approximately $1,468,000.

Other institutional investors have also made changes to their positions in the company. Envestnet Asset Management Inc. boosted its stake in Cencora by 0.6% during the 4th quarter. Envestnet Asset Management Inc. now owns 589,072 shares of the company's stock worth $132,353,000 after acquiring an additional 3,546 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Cencora by 22.7% during the 4th quarter. Russell Investments Group Ltd. now owns 220,517 shares of the company's stock worth $49,546,000 after purchasing an additional 40,751 shares in the last quarter. Waterloo Capital L.P. acquired a new stake in Cencora in the 4th quarter valued at about $641,000. Cerity Partners LLC raised its stake in Cencora by 1.1% in the 4th quarter. Cerity Partners LLC now owns 39,887 shares of the company's stock valued at $8,965,000 after acquiring an additional 430 shares during the period. Finally, Bank of Montreal Can boosted its holdings in shares of Cencora by 30.5% during the 4th quarter. Bank of Montreal Can now owns 296,033 shares of the company's stock worth $66,513,000 after buying an additional 69,142 shares during the period. 97.52% of the stock is owned by institutional investors.

Cencora Stock Performance

Cencora stock traded down $5.60 during mid-day trading on Thursday, reaching $278.18. The company's stock had a trading volume of 1,732,273 shares, compared to its average volume of 1,066,174. The firm's fifty day moving average price is $292.63 and its two-hundred day moving average price is $277.30. The company has a market capitalization of $53.92 billion, a P/E ratio of 28.62, a PEG ratio of 1.40 and a beta of 0.58. The company has a debt-to-equity ratio of 3.64, a quick ratio of 0.52 and a current ratio of 0.90. 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 issued its earnings results on Wednesday, August 6th. The company reported $4.00 earnings per share for the quarter, beating the consensus estimate of $3.79 by $0.21. The company had revenue of $80.66 billion during the quarter, compared to analysts' expectations of $80.34 billion. Cencora had a return on equity of 267.36% and a net margin of 0.60%. Cencora's quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the business posted $3.34 EPS. Sell-side analysts predict that Cencora, Inc. will post 15.37 EPS for the current fiscal year.

Cencora Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th will be issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Friday, August 15th. Cencora's dividend payout ratio is presently 25.52%.

Insiders Place Their Bets

In other Cencora news, CEO Robert P. Mauch sold 4,968 shares of the business's stock in a transaction on 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 sale, the chief executive officer directly owned 42,351 shares in the company, valued at approximately $12,455,852.61. The trade was a 10.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Steven H. Collis sold 14,579 shares of the stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $292.62, for a total transaction of $4,266,106.98. Following the completion of the transaction, the chairman owned 311,913 shares in the company, valued at $91,271,982.06. The trade was a 4.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,125 shares of company stock worth $9,993,789. Corporate insiders own 10.80% of the company's stock.

Analysts Set New Price Targets

COR has been the subject of a number of analyst reports. Bank of America lifted their price target on shares of Cencora from $270.00 to $285.00 and gave the company a "neutral" rating in a research report on Friday, April 11th. Morgan Stanley set a $330.00 target price on shares of Cencora and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. UBS Group raised their price objective on shares of Cencora from $298.00 to $335.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Jefferies Financial Group increased their price target on Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a research note on Monday, June 30th. Finally, Wells Fargo & Company upgraded shares of Cencora from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $274.00 to $337.00 in a research report on Tuesday, June 3rd. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat.com, Cencora currently has an average rating of "Moderate Buy" and a consensus price target of $309.83.

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.