MetLife Investment Management LLC Lowers Stock Position in Cencora, Inc. $COR

Key Points

• MetLife Investment Management LLC has reduced its stake in Cencora, Inc. by 2.2%, holding 52,378 shares valued at approximately $14.57 million after selling 1,195 shares during the first quarter.
• CEO Robert P. Mauch and Chairman Steven H. Collis each sold significant shares of Cencora, leading to a 10.50% and 4.49% decrease in their respective positions.
• Cencora recently announced a quarterly dividend of $0.55 per share, with a dividend yield of 0.8% and a payout ratio of 22.63%.

MetLife Investment Management LLC lowered its position in Cencora, Inc. (NYSE:COR - Free Report) by 2.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 52,378 shares of the company's stock after selling 1,195 shares during the period. MetLife Investment Management LLC's holdings in Cencora were worth $14,566,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its position in shares of Cencora by 8.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,647,310 shares of the company's stock worth $2,682,821,000 after buying an additional 787,858 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Cencora by 7.2% in the 1st quarter. Wellington Management Group LLP now owns 5,421,262 shares of the company's stock worth $1,507,599,000 after buying an additional 363,402 shares during the last quarter. Boston Partners grew its position in shares of Cencora by 8.1% in the 1st quarter. Boston Partners now owns 5,411,193 shares of the company's stock worth $1,505,984,000 after buying an additional 404,093 shares during the last quarter. 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 worth $1,166,944,000 after buying an additional 1,994,256 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of Cencora by 42.1% in the 1st quarter. Invesco Ltd. now owns 4,607,964 shares of the company's stock worth $1,281,429,000 after buying an additional 1,364,433 shares during the last quarter. Hedge funds and other institutional investors own 97.52% of the company's stock.

Insider Buying and Selling at Cencora

In related news, Chairman Steven H. Collis sold 14,578 shares of the stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $292.67, for a total transaction of $4,266,543.26. Following the sale, the chairman directly owned 309,913 shares of the company's stock, valued at approximately $90,702,237.71. This represents a 4.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Robert P. Mauch sold 4,968 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $294.11, for a total transaction of $1,461,138.48. Following the sale, the chief executive officer directly owned 42,351 shares in the company, 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 worth $9,993,789 over the last ninety days. Insiders own 10.80% of the company's stock.

Wall Street Analysts Forecast Growth

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

Cencora Stock Performance

Shares of COR stock traded up $1.62 during trading hours on Friday, hitting $291.51. The company's stock had a trading volume of 1,123,252 shares, compared to its average volume of 1,410,003. The company has a 50 day moving average of $293.02 and a 200 day moving average of $282.41. The stock has a market cap of $56.52 billion, a PE ratio of 29.99, a price-to-earnings-growth ratio of 1.38 and a beta of 0.62. The company has a current ratio of 0.90, a quick ratio of 0.53 and a debt-to-equity ratio of 3.64. Cencora, Inc. has a 12-month low of $218.65 and a 12-month high of $309.35.

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

Cencora Dividend Announcement

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

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.