Johnson Investment Counsel Inc. Cuts Stake in Cencora, Inc. $COR

Key Points

• Johnson Investment Counsel Inc. has reduced its stake in Cencora, Inc. by 1.6%, owning 399,623 shares after selling 6,416 shares during the second quarter.
• Cencora's recent quarterly earnings exceeded analysts' expectations, reporting $4.00 earnings per share, with a revenue of $80.66 billion, which is an 8.7% increase year-over-year.
• The company announced a quarterly dividend of $0.55 per share, reflecting an annualized yield of 0.7% with a payout ratio of 22.63%.

Johnson Investment Counsel Inc. decreased its holdings in Cencora, Inc. (NYSE:COR - Free Report) by 1.6% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 399,623 shares of the company's stock after selling 6,416 shares during the period. Cencora makes up about 1.1% of Johnson Investment Counsel Inc.'s holdings, making the stock its 24th biggest holding. Johnson Investment Counsel Inc. owned approximately 0.21% of Cencora worth $119,827,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in COR. Cornerstone Planning Group LLC boosted its stake in shares of Cencora by 106.7% in the 1st quarter. Cornerstone Planning Group LLC now owns 93 shares of the company's stock valued at $26,000 after purchasing an additional 48 shares in the last quarter. Hoey Investments Inc. purchased a new stake in shares of Cencora in the 1st quarter valued at $28,000. Costello Asset Management INC purchased a new stake in shares of Cencora in the 1st quarter valued at $28,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Cencora in the 1st quarter valued at $39,000. Finally, Golden State Wealth Management LLC boosted its stake in shares of Cencora by 157.6% in the 1st quarter. Golden State Wealth Management LLC now owns 170 shares of the company's stock valued at $47,000 after purchasing an additional 104 shares in the last quarter. Hedge funds and other institutional investors own 97.52% of the company's stock.

Cencora Stock Up 1.2%

Shares of Cencora stock opened at $318.01 on Friday. 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 has a 50-day moving average of $296.99 and a 200 day moving average of $291.75. The firm has a market cap of $61.66 billion, a price-to-earnings ratio of 32.72, a PEG ratio of 1.49 and a beta of 0.63. Cencora, Inc. has a 1 year low of $221.95 and a 1 year high of $319.68.

Cencora (NYSE:COR - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $4.00 earnings per share for the quarter, beating analysts' consensus estimates of $3.79 by $0.21. The business had revenue of $80.66 billion during the quarter, compared to analyst estimates of $80.34 billion. Cencora had a net margin of 0.60% and a return on equity of 267.36%. Cencora's revenue was up 8.7% compared to the same quarter last year. During the same period last year, the business earned $3.34 EPS. As a group, sell-side analysts anticipate that Cencora, Inc. will post 15.37 earnings per share for the current fiscal year.

Cencora Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th were paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Friday, August 15th. Cencora's dividend payout ratio (DPR) is currently 22.63%.

Insider Transactions at Cencora

In other news, Chairman Steven H. Collis sold 31,350 shares of the firm's stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $289.86, for a total transaction of $9,087,111.00. Following the sale, the chairman owned 305,913 shares of the company's stock, valued at $88,671,942.18. This trade represents a 9.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert P. Mauch sold 5,097 shares of the firm's stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $290.00, for a total transaction of $1,478,130.00. Following the sale, the chief executive officer directly owned 39,274 shares in the company, valued at approximately $11,389,460. The trade was a 11.49% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,993 shares of company stock valued at $16,292,923. 10.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on COR. Weiss Ratings reissued a "buy (b)" rating on shares of Cencora in a research report on Wednesday. Morgan Stanley set a $330.00 price target on shares of Cencora and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Wall Street Zen cut shares of Cencora from a "buy" rating to a "hold" rating in a research report on Saturday. Evercore ISI set a $340.00 price target on shares of Cencora in a research report on Wednesday. Finally, Jefferies Financial Group increased 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. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $320.00.

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.

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