Meiji Yasuda Asset Management Co Ltd. Has $6.86 Million Stock Holdings in Cencora, Inc. $COR

Key Points

• Meiji Yasuda Asset Management Co Ltd. significantly increased its stake in Cencora, Inc. by 370.6% in the first quarter, acquiring 19,438 additional shares to reach a total of 24,683 shares valued at approximately $6.86 million.
• Prominent institutional investors such as Price T Rowe Associates and Wellington Management also expanded their holdings in Cencora, contributing to a total of 97.52% of the company's stock owned by institutional investors.
• Cencora, Inc. reported a quarterly earnings per share of $4.00, surpassing analyst expectations and indicating a 8.7% year-over-year revenue increase, with shares currently trading around $292.52.

Meiji Yasuda Asset Management Co Ltd. boosted its position in Cencora, Inc. (NYSE:COR - Free Report) by 370.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,683 shares of the company's stock after acquiring an additional 19,438 shares during the period. Meiji Yasuda Asset Management Co Ltd.'s holdings in Cencora were worth $6,864,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Net Worth Advisory Group raised its position in Cencora by 1.4% in the 1st quarter. Net Worth Advisory Group now owns 2,645 shares of the company's stock valued at $736,000 after buying an additional 36 shares during the last quarter. Obermeyer Wealth Partners raised its stake in shares of Cencora by 1.3% during the 1st quarter. Obermeyer Wealth Partners now owns 2,724 shares of the company's stock worth $758,000 after purchasing an additional 36 shares in the last quarter. Cromwell Holdings LLC raised its stake in shares of Cencora by 9.5% during the 1st quarter. Cromwell Holdings LLC now owns 450 shares of the company's stock worth $125,000 after purchasing an additional 39 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC raised its stake 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 worth $435,000 after purchasing an additional 41 shares in the last quarter. Finally, Private Trust Co. NA raised its stake 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 worth $538,000 after purchasing an additional 47 shares in the last quarter. Institutional investors own 97.52% of the company's stock.

Analysts Set New Price Targets

COR has been the topic of a number of analyst reports. Wells Fargo & Company upped their price objective on Cencora from $337.00 to $354.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 13th. Morgan Stanley set a $330.00 price objective on Cencora and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Finally, Jefferies Financial Group upped their price objective on Cencora from $275.00 to $300.00 and gave the stock a "hold" rating in a research note on Monday, June 30th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $311.25.

Cencora Stock Performance

Shares of NYSE COR traded up $6.39 during midday trading on Thursday, hitting $302.71. 1,428,975 shares of the company's stock were exchanged, compared to its average volume of 1,551,131. The company's 50 day moving average price is $293.11 and its 200 day moving average price is $285.14. The firm has a market capitalization of $58.69 billion, a PE ratio of 31.14, a price-to-earnings-growth ratio of 1.42 and a beta of 0.62. Cencora, Inc. has a 12 month low of $218.65 and a 12 month high of $309.35. 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 (NYSE:COR - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $4.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.79 by $0.21. The business had revenue of $80.66 billion during the quarter, compared to the consensus estimate of $80.34 billion. Cencora had a return on equity of 267.36% and a net margin of 0.60%.The firm's quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the company posted $3.34 EPS. As a group, analysts predict that Cencora, Inc. will post 15.37 earnings per share for the current fiscal year.

Cencora Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Friday, August 15th were paid a $0.55 dividend. The ex-dividend date was Friday, August 15th. This represents a $2.20 annualized dividend and a yield of 0.7%. Cencora's payout ratio is 22.63%.

Insider Buying and Selling at Cencora

In related news, Chairman Steven H. Collis sold 14,578 shares of the business's stock in a transaction on Tuesday, July 22nd. The stock was 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 in the company, valued at $90,702,237.71. The trade was a 4.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 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 $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. Insiders sold a total of 34,125 shares of company stock valued at $9,993,789 over the last 90 days. 10.80% of the stock is currently owned by corporate insiders.

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.