Mackenzie Financial Corp Buys 45,754 Shares of Cencora, Inc. (NYSE:COR)

Key Points

• Mackenzie Financial Corp increased its stake in Cencora, Inc. by 35.0%, acquiring an additional 45,754 shares and bringing its total ownership to 176,393 shares, valued at approximately $49 million.
• Several brokerages have recently raised their price targets for Cencora, with Wells Fargo upgrading it from $274.00 to $337.00 and Citigroup from $330.00 to $355.00, indicating a bullish outlook for the stock.
• Cencora reported a quarterly EPS of $4.42, exceeding expectations, with revenue growth of 10.3% year-over-year, and a consensus expectation of $15.37 EPS for the current fiscal year.

Mackenzie Financial Corp grew its stake in Cencora, Inc. (NYSE:COR - Free Report) by 35.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 176,393 shares of the company's stock after acquiring an additional 45,754 shares during the quarter. Mackenzie Financial Corp owned 0.09% of Cencora worth $49,053,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its position in shares of Cencora by 0.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,859,452 shares of the company's stock valued at $1,990,542,000 after purchasing an additional 78,066 shares during the period. Bank of America Corp DE grew its position in shares of Cencora by 62.3% in the 4th quarter. Bank of America Corp DE now owns 5,193,807 shares of the company's stock valued at $1,166,944,000 after purchasing an additional 1,994,256 shares during the period. Geode Capital Management LLC grew its position in shares of Cencora by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 4,326,064 shares of the company's stock valued at $969,471,000 after purchasing an additional 130,213 shares during the period. Invesco Ltd. grew its position in shares of Cencora by 20.4% in the 4th quarter. Invesco Ltd. now owns 3,243,531 shares of the company's stock valued at $728,757,000 after purchasing an additional 550,246 shares during the period. Finally, Northern Trust Corp grew its position in shares of Cencora by 11.6% in the 4th quarter. Northern Trust Corp now owns 2,421,237 shares of the company's stock valued at $544,004,000 after purchasing an additional 252,028 shares during the period. 97.52% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on COR. Wells Fargo & Company upgraded Cencora from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $274.00 to $337.00 in a research report on Tuesday, June 3rd. Jefferies Financial Group boosted their price objective on Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a research report on Monday, June 30th. Morgan Stanley set a $330.00 price objective on Cencora and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Citigroup boosted their price objective on Cencora from $330.00 to $355.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Finally, Bank of America boosted their price objective on Cencora from $270.00 to $285.00 and gave the company a "neutral" rating in a research report on Friday, April 11th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $309.83.

Cencora Trading Down 1.5%

NYSE:COR opened at $285.98 on Tuesday. Cencora, Inc. has a twelve month low of $218.65 and a twelve month high of $309.35. The company has a quick ratio of 0.52, a current ratio of 0.87 and a debt-to-equity ratio of 6.01. The business has a 50 day moving average price of $293.19 and a two-hundred day moving average price of $275.13. The company has a market cap of $55.43 billion, a P/E ratio of 33.18, a price-to-earnings-growth ratio of 1.44 and a beta of 0.57.

Cencora (NYSE:COR - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $4.42 EPS for the quarter, beating the consensus estimate of $4.07 by $0.35. The company had revenue of $75.50 billion during the quarter, compared to the consensus estimate of $75.41 billion. Cencora had a return on equity of 344.71% and a net margin of 0.55%. The firm's revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.80 EPS. As a group, analysts expect that Cencora, Inc. will post 15.37 EPS for the current fiscal year.

Cencora Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 16th were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 0.77%. The ex-dividend date was Friday, May 16th. Cencora's payout ratio is presently 25.52%.

Insider Activity at Cencora

In other news, CEO Robert P. Mauch sold 4,968 shares of the 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 completion of the sale, the chief executive officer owned 42,351 shares of the company's stock, valued at approximately $12,455,852.61. This represents a 10.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Steven H. Collis sold 14,578 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $292.67, for a total value 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 approximately $90,702,237.71. The trade was a 4.49% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 34,125 shares of company stock valued at $9,993,789. 10.80% of the stock is currently owned by insiders.

Cencora 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.

Want to see what other hedge funds are holding COR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cencora, Inc. (NYSE:COR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.