Kayne Anderson Rudnick Investment Management LLC Sells 3,460 Shares of Cencora, Inc. $COR

Key Points

• Kayne Anderson Rudnick Investment Management LLC reduced its holdings in Cencora, Inc. by 27.7%, owning 9,021 shares valued at approximately $2.51 million as of its latest filing.
• Multiple institutions, including GAMMA Investing LLC and Golden State Wealth Management LLC, have increased their stakes in Cencora during the same quarter, with overall institutional ownership now at 97.52%.
• Analysts remain optimistic with numerous price target upgrades for Cencora, leading to a consensus rating of "Moderate Buy" and an average price target of $311.25.

Kayne Anderson Rudnick Investment Management LLC lessened its position in Cencora, Inc. (NYSE:COR - Free Report) by 27.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,021 shares of the company's stock after selling 3,460 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC's holdings in Cencora were worth $2,509,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cornerstone Planning Group LLC lifted its holdings in Cencora by 106.7% during the 1st quarter. Cornerstone Planning Group LLC now owns 93 shares of the company's stock valued at $26,000 after buying an additional 48 shares in the last quarter. Hoey Investments Inc. purchased a new stake in Cencora during the 1st quarter worth approximately $28,000. Costello Asset Management INC purchased a new stake in Cencora during the 1st quarter worth approximately $28,000. Banque Transatlantique SA purchased a new stake in Cencora during the 4th quarter worth approximately $29,000. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Cencora in the 1st quarter valued at $39,000. Institutional investors own 97.52% of the company's stock.

Cencora Stock Performance

COR stock traded up $1.62 during mid-day trading on Friday, reaching $291.51. The company had a trading volume of 1,123,252 shares, compared to its average volume of 1,552,313. The stock has a market capitalization of $56.52 billion, a P/E ratio of 29.99, a P/E/G ratio of 1.38 and a beta of 0.58. The company has a quick ratio of 0.53, a current ratio of 0.90 and a debt-to-equity ratio of 3.64. Cencora, Inc. has a one year low of $218.65 and a one year high of $309.35. The stock's 50-day simple moving average is $293.07 and its two-hundred day simple moving average is $281.58.

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

Cencora Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th will be paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Friday, August 15th. Cencora's payout ratio is 22.63%.

Analyst Ratings Changes

COR has been the topic of a number of recent analyst reports. Jefferies Financial Group increased their price target on shares of Cencora from $275.00 to $300.00 and gave the stock a "hold" rating in a report on Monday, June 30th. Citigroup increased their target price on shares of Cencora from $330.00 to $355.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Wells Fargo & Company raised their price objective on shares of Cencora from $337.00 to $354.00 and gave the company an "overweight" rating in a research note on Wednesday, August 13th. Morgan Stanley set a $330.00 price target on shares of Cencora and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Finally, Robert W. Baird lifted their target price on shares of Cencora from $314.00 to $350.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Cencora presently has an average rating of "Moderate Buy" and a consensus price target of $311.25.

Insider Activity

In related news, Chairman Steven H. Collis sold 14,579 shares of the business's stock in a transaction that occurred 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 sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert P. Mauch sold 4,968 shares of the company's stock in a transaction that occurred 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 owned 42,351 shares of the company's stock, valued at approximately $12,455,852.61. This trade represents a 10.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,125 shares of company stock worth $9,993,789. Company insiders own 10.80% of the company's stock.

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.