Mizuho Securities USA LLC Sells 2,802 Shares of Cencora, Inc. (NYSE:COR)

Key Points

• Mizuho Securities USA LLC reduced its stake in Cencora, Inc. by 16.9%, selling 2,802 shares and holding 13,819 shares worth approximately $3.84 million as of their latest filing.
• Cencora announced a quarterly dividend of $0.55 per share with a projected annual dividend yield of 0.8%, to be paid on September 3rd, to stockholders of record on August 15th.
• Analysts are optimistic about Cencora's stock, with a consensus rating of "Moderate Buy" and a target price averaging $309.83, reflecting numerous upgrades from major investment firms.

Mizuho Securities USA LLC decreased its stake in shares of Cencora, Inc. (NYSE:COR - Free Report) by 16.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,819 shares of the company's stock after selling 2,802 shares during the period. Mizuho Securities USA LLC's holdings in Cencora were worth $3,843,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Bank of America Corp DE lifted its position in shares of Cencora by 62.3% during the fourth quarter. Bank of America Corp DE now owns 5,193,807 shares of the company's stock worth $1,166,944,000 after purchasing an additional 1,994,256 shares in the last quarter. Castlekeep Investment Advisors LLC acquired a new stake in Cencora in the fourth quarter valued at $399,508,000. GAMMA Investing LLC lifted its holdings in Cencora by 43,561.9% in the first quarter. GAMMA Investing LLC now owns 1,598,461 shares of the company's stock valued at $444,516,000 after acquiring an additional 1,594,800 shares during the period. Close Asset Management Ltd acquired a new position in shares of Cencora during the 1st quarter worth $110,629,000. Finally, The Manufacturers Life Insurance Company increased its position in Cencora by 67.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 844,179 shares of the company's stock worth $189,670,000 after purchasing an additional 340,862 shares in the last quarter. 97.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Wells Fargo & Company boosted their price target on Cencora from $337.00 to $354.00 and gave the stock an "overweight" rating in a research report on Wednesday. Robert W. Baird increased their price target on Cencora from $314.00 to $350.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. Citigroup upped their price objective on Cencora from $330.00 to $355.00 and gave the company a "buy" rating in a report on Thursday, May 8th. UBS Group increased their price objective on Cencora from $298.00 to $335.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Finally, Jefferies Financial Group increased their price objective on Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a report on Monday, June 30th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, Cencora presently has an average rating of "Moderate Buy" and an average price target of $311.25.

Cencora Stock Down 0.1%

Cencora stock traded down $0.22 during mid-day trading on Friday, reaching $294.11. 281,494 shares of the company were exchanged, compared to its average volume of 1,563,661. Cencora, Inc. has a 12-month low of $218.65 and a 12-month high of $309.35. The business has a fifty day moving average of $292.61 and a 200 day moving average of $278.74. The company has a debt-to-equity ratio of 3.64, a quick ratio of 0.53 and a current ratio of 0.90. The firm has a market cap of $57.00 billion, a P/E ratio of 30.26, a PEG ratio of 1.38 and a beta of 0.58.

Cencora (NYSE:COR - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $4.00 earnings per share for the quarter, topping analysts' consensus estimates of $3.79 by $0.21. The business had revenue of $80.66 billion for 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%. The business's revenue was up 8.7% on a year-over-year basis. During the same period last year, the company posted $3.34 EPS. Research analysts anticipate that Cencora, Inc. will post 15.37 earnings per share for the current fiscal year.

Cencora Announces Dividend

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

Insiders Place Their Bets

In related news, CEO Robert P. Mauch sold 4,968 shares of the company's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $294.11, for a total transaction 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 represents a 10.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Steven H. Collis sold 14,578 shares of the firm's 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 completion of the transaction, the chairman directly owned 309,913 shares in the company, valued at approximately $90,702,237.71. This represents a 4.49% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 34,125 shares of company stock valued at $9,993,789. 10.80% of the stock is owned by corporate insiders.

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.