Islay Capital Management LLC Has $1.60 Million Stake in Cencora, Inc. $COR

Key Points

• Islay Capital Management LLC reduced its stake in Cencora, Inc. by 28.4% during the first quarter, now holding 5,769 shares worth approximately $1.6 million.
• Insider transactions include sales by Chairman Steven H. Collis and CEO Robert P. Mauch, indicating a 4.49% and 10.50% decrease in their holdings, respectively, with a total of 34,125 shares sold by insiders in the past 90 days.
• Cencora's earnings report showed a quarterly EPS of $4.00, beating estimates, with revenues of $80.66 billion, signaling an 8.7% year-over-year increase.

Islay Capital Management LLC reduced its position in Cencora, Inc. (NYSE:COR - Free Report) by 28.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,769 shares of the company's stock after selling 2,283 shares during the period. Cencora makes up approximately 1.1% of Islay Capital Management LLC's holdings, making the stock its 25th largest holding. Islay Capital Management LLC's holdings in Cencora were worth $1,604,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of COR. Net Worth Advisory Group increased its holdings in shares of Cencora by 1.4% during the 1st quarter. Net Worth Advisory Group now owns 2,645 shares of the company's stock valued at $736,000 after acquiring an additional 36 shares during the last quarter. Obermeyer Wealth Partners increased its holdings in shares of Cencora by 1.3% during the 1st quarter. Obermeyer Wealth Partners now owns 2,724 shares of the company's stock valued at $758,000 after acquiring an additional 36 shares during the last quarter. Cromwell Holdings LLC increased its holdings in shares of Cencora by 9.5% during the 1st quarter. Cromwell Holdings LLC now owns 450 shares of the company's stock valued at $125,000 after acquiring an additional 39 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC increased its holdings in shares of Cencora by 2.7% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,565 shares of the company's stock valued at $435,000 after acquiring an additional 41 shares during the last quarter. Finally, Private Trust Co. NA increased its holdings in shares of Cencora by 2.5% during the 1st quarter. Private Trust Co. NA now owns 1,933 shares of the company's stock valued at $538,000 after acquiring an additional 47 shares during the last quarter. 97.52% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Chairman Steven H. Collis sold 14,578 shares of the firm's stock in a transaction on 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 completion of the sale, the chairman directly owned 309,913 shares of the company's stock, valued at $90,702,237.71. This trade represents a 4.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert P. Mauch sold 4,968 shares of the firm's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $294.11, for a total value of $1,461,138.48. Following the sale, the chief executive officer directly owned 42,351 shares of the company's stock, valued at $12,455,852.61. This represents a 10.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,125 shares of company stock valued at $9,993,789 over the last ninety days. Insiders own 10.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on COR. UBS Group increased their price objective on Cencora from $298.00 to $335.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Robert W. Baird increased their price objective on Cencora from $314.00 to $350.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Citigroup increased their target price on Cencora from $330.00 to $355.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Wells Fargo & Company increased their target price on Cencora from $337.00 to $354.00 and gave the company an "overweight" rating in a research note on Wednesday, August 13th. Finally, Morgan Stanley set a $330.00 target price on Cencora and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Nine investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Cencora has an average rating of "Moderate Buy" and a consensus target price of $311.25.

Cencora Price Performance

Shares of COR traded up $1.31 during mid-day trading on Tuesday, reaching $289.61. The company had a trading volume of 1,413,672 shares, compared to its average volume of 1,391,677. Cencora, Inc. has a twelve month low of $218.65 and a twelve month high of $309.35. The company has a debt-to-equity ratio of 3.64, a current ratio of 0.90 and a quick ratio of 0.53. The company's 50-day moving average is $293.33 and its 200-day moving average is $281.21. The company has a market capitalization of $56.15 billion, a P/E ratio of 29.80, a P/E/G ratio of 1.37 and a beta of 0.58.

Cencora (NYSE:COR - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $4.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.79 by $0.21. Cencora had a return on equity of 267.36% and a net margin of 0.60%.The business had revenue of $80.66 billion during the quarter, compared to analysts' expectations of $80.34 billion. During the same period in the prior year, the firm posted $3.34 EPS. Cencora's quarterly revenue was up 8.7% compared to the same quarter last year. On average, equities analysts anticipate that Cencora, Inc. will post 15.37 EPS for the current year.

Cencora Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors 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 yield of 0.8%. The ex-dividend date of this dividend is Friday, August 15th. Cencora's dividend payout ratio (DPR) is currently 22.63%.

Cencora Company Profile

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.