Neo Ivy Capital Management Takes $3.54 Million Position in Cencora, Inc. (NYSE:COR)

Key Points

• Neo Ivy Capital Management has invested approximately $3.54 million in Cencora, Inc. (NYSE:COR), acquiring 12,726 shares, which now represents 1.1% of their total holdings.
• Insider transactions reported include Chairman Steven H. Collis selling 14,578 shares and CEO Robert P. Mauch selling 4,968 shares, resulting in a decrease in their ownership stakes.
• Cencora reported a quarterly earnings per share (EPS) of $4.42, exceeding analyst expectations, and has a current dividend yield of 0.76% with an annual payout of $2.20.

Neo Ivy Capital Management bought a new position in shares of Cencora, Inc. (NYSE:COR - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 12,726 shares of the company's stock, valued at approximately $3,539,000. Cencora accounts for 1.1% of Neo Ivy Capital Management's investment portfolio, making the stock its 11th largest position.

Other institutional investors and hedge funds have also bought and sold shares of the company. LPL Financial LLC boosted its stake in shares of Cencora by 7.6% during the 4th quarter. LPL Financial LLC now owns 188,828 shares of the company's stock worth $42,426,000 after acquiring an additional 13,417 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Cencora by 2.0% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,245 shares of the company's stock worth $1,178,000 after buying an additional 105 shares in the last quarter. Korea Investment CORP grew its stake in shares of Cencora by 5.3% in the 4th quarter. Korea Investment CORP now owns 130,637 shares of the company's stock worth $29,352,000 after buying an additional 6,600 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Cencora by 7.6% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 278,286 shares of the company's stock worth $63,783,000 after purchasing an additional 19,544 shares during the period. Finally, Elo Mutual Pension Insurance Co lifted its holdings in Cencora by 15.8% during the 4th quarter. Elo Mutual Pension Insurance Co now owns 18,354 shares of the company's stock valued at $4,124,000 after buying an additional 2,508 shares in the last quarter. 97.52% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Cencora news, 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 transaction of $1,461,138.48. Following the transaction, the chief executive officer directly owned 42,351 shares of the company's stock, valued at approximately $12,455,852.61. The trade was a 10.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Steven H. Collis sold 14,578 shares of the firm's stock in a transaction that occurred 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 transaction, the chairman directly owned 309,913 shares of the company's stock, valued at $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 ninety days, insiders have sold 34,125 shares of company stock worth $9,993,789. Insiders own 10.80% of the company's stock.

Cencora Stock Performance

COR stock traded down $5.31 during midday trading on Monday, reaching $285.06. 278,693 shares of the company were exchanged, compared to its average volume of 1,582,015. The business has a 50-day moving average price of $293.31 and a two-hundred day moving average price of $274.79. The firm has a market capitalization of $55.25 billion, a price-to-earnings ratio of 33.09, a price-to-earnings-growth ratio of 1.44 and a beta of 0.57. Cencora, Inc. has a one year low of $218.65 and a one year high of $309.35. The company has a debt-to-equity ratio of 6.01, a current ratio of 0.87 and a quick ratio of 0.52.

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

Cencora Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 16th were issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date of this dividend was Friday, May 16th. Cencora's dividend payout ratio (DPR) is currently 25.52%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. UBS Group boosted their price target on shares of Cencora from $298.00 to $335.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Bank of America upped their price target on shares of Cencora from $270.00 to $285.00 and gave the company a "neutral" rating in a report on Friday, April 11th. Robert W. Baird increased their price objective on shares of Cencora from $314.00 to $350.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Morgan Stanley set a $330.00 price target on shares of Cencora and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Finally, Wells Fargo & Company upgraded shares of Cencora from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $274.00 to $337.00 in a research report on Tuesday, June 3rd. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $309.83.

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.