Northern Trust Corp Trims Stock Position in Cencora, Inc. $COR

Key Points

• Northern Trust Corp has reduced its holdings in Cencora, Inc. by 11.8%, selling 286,543 shares in the first quarter, bringing its total ownership to approximately $593,637,000.
• Institutional investors now own 97.52% of Cencora's stock, with significant stakes being added by firms like Bank of America Corp, which increased its position by 62.3%.
• Cencora recently declared a quarterly dividend of $0.55 per share, resulting in an annualized yield of 0.8% and a dividend payout ratio of 22.63%.

Northern Trust Corp lowered its position in shares of Cencora, Inc. (NYSE:COR - Free Report) by 11.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,134,694 shares of the company's stock after selling 286,543 shares during the period. Northern Trust Corp owned about 1.10% of Cencora worth $593,637,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in COR. Cornerstone Planning Group LLC increased its position in shares of Cencora by 106.7% during the first quarter. Cornerstone Planning Group LLC now owns 93 shares of the company's stock worth $26,000 after purchasing an additional 48 shares in the last quarter. Hoey Investments Inc. acquired a new stake in shares of Cencora during the first quarter worth about $28,000. Costello Asset Management INC acquired a new position in Cencora in the first quarter valued at $28,000. Banque Transatlantique SA acquired a new position in Cencora in the fourth quarter valued at $29,000. Finally, Vermillion Wealth Management Inc. acquired a new position in Cencora in the fourth quarter valued at $38,000. Institutional investors and hedge funds own 97.52% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Robert W. Baird lifted their price objective on shares of Cencora from $314.00 to $350.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. Citigroup lifted their price objective on shares of Cencora from $330.00 to $355.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. UBS Group lifted their price objective on shares of Cencora from $298.00 to $335.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Morgan Stanley set a $330.00 price objective on shares of Cencora and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Finally, Wells Fargo & Company lifted their price objective on shares of Cencora from $337.00 to $354.00 and gave the company an "overweight" rating in a research note on Wednesday, August 13th. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $311.25.

Insider Transactions at Cencora

In related news, Chairman Steven H. Collis sold 14,578 shares of the business's stock in a transaction dated 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 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert P. Mauch sold 4,968 shares of the business's stock in a transaction dated 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 approximately $12,455,852.61. This represents a 10.50% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,125 shares of company stock worth $9,993,789. 10.80% of the stock is owned by insiders.

Cencora Stock Performance

NYSE COR traded down $10.9810 during trading hours on Friday, hitting $292.2490. 1,706,519 shares of the stock were exchanged, compared to its average volume of 1,377,487. 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, Inc. has a 12-month low of $218.65 and a 12-month high of $309.35. The company has a market cap of $56.66 billion, a price-to-earnings ratio of 30.07, a price-to-earnings-growth ratio of 1.39 and a beta of 0.58. The stock has a 50-day moving average of $293.48 and a 200 day moving average of $280.87.

Cencora (NYSE:COR - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $4.00 earnings per share for the quarter, beating analysts' consensus estimates of $3.79 by $0.21. Cencora had a return on equity of 267.36% and a net margin of 0.60%.The firm had revenue of $80.66 billion for the quarter, compared to the consensus estimate of $80.34 billion. During the same period in the previous year, the business earned $3.34 earnings per share. The company's revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, equities research analysts forecast that Cencora, Inc. will post 15.37 earnings per share for the current year.

Cencora Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Friday, August 15th will be issued a dividend of $0.55 per share. 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 0.8%. Cencora's payout ratio is currently 22.63%.

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.