OLD National Bancorp IN Raises Stock Holdings in Cencora, Inc. $COR

Key Points

• OLD National Bancorp IN increased its stake in Cencora, Inc. (NYSE: COR) by 13.4% during Q2, bringing its total holdings to 10,629 shares valued at approximately $3.19 million.
• Insider trading indicates a notable decline in stakes as CEO Robert P. Mauch and Chairman Steven H. Collis sold significant portions of their shares, with Mauch selling 5,097 shares and Collis selling 31,350 shares.
• Cencora reported a robust earnings performance, with EPS of $4.00 for the last quarter, exceeding analysts' expectations, and saw an 8.7% revenue increase year-over-year.

OLD National Bancorp IN boosted its stake in shares of Cencora, Inc. (NYSE:COR - Free Report) by 13.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,629 shares of the company's stock after buying an additional 1,257 shares during the quarter. OLD National Bancorp IN's holdings in Cencora were worth $3,187,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Cornerstone Planning Group LLC raised its position in Cencora by 106.7% in the first quarter. Cornerstone Planning Group LLC now owns 93 shares of the company's stock valued at $26,000 after purchasing an additional 48 shares during the period. Hoey Investments Inc. acquired a new stake in shares of Cencora in the first quarter valued at $28,000. Costello Asset Management INC purchased a new stake in shares of Cencora in the 1st quarter valued at $28,000. University of Texas Texas AM Investment Management Co. acquired a new position in Cencora during the 1st quarter worth about $39,000. Finally, Golden State Wealth Management LLC boosted its holdings in Cencora by 157.6% during the 1st quarter. Golden State Wealth Management LLC now owns 170 shares of the company's stock valued at $47,000 after acquiring an additional 104 shares during the period. 97.52% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cencora news, CEO Robert P. Mauch sold 5,097 shares of Cencora stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $290.00, for a total value of $1,478,130.00. Following the transaction, the chief executive officer directly owned 39,274 shares in the company, valued at approximately $11,389,460. The trade was a 11.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Steven H. Collis sold 31,350 shares of the stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $289.86, for a total transaction of $9,087,111.00. Following the sale, the chairman owned 305,913 shares of the company's stock, valued at $88,671,942.18. This trade represents a 9.30% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 55,993 shares of company stock worth $16,292,923 over the last ninety days. Corporate insiders own 10.80% of the company's stock.

Cencora Price Performance

Shares of COR opened at $302.54 on Monday. The company has a debt-to-equity ratio of 3.64, a current ratio of 0.90 and a quick ratio of 0.53. Cencora, Inc. has a 1-year low of $218.65 and a 1-year high of $315.23. The stock has a market cap of $58.66 billion, a PE ratio of 31.13, a price-to-earnings-growth ratio of 1.41 and a beta of 0.63. The firm has a fifty day moving average price of $294.68 and a 200 day moving average price of $290.41.

Cencora (NYSE:COR - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $4.00 EPS 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 analysts' expectations of $80.34 billion. Cencora had a return on equity of 267.36% and a net margin of 0.60%.The business's revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.34 earnings per share. As a group, sell-side analysts anticipate that Cencora, Inc. will post 15.37 EPS for the current year.

Cencora Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th were given a dividend of $0.55 per share. The ex-dividend date was Friday, August 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 0.7%. Cencora's dividend payout ratio (DPR) is 22.63%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on COR. 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 report on Monday, June 30th. Wells Fargo & Company raised their target price on shares of Cencora from $337.00 to $354.00 and gave the company an "overweight" rating in a report on Wednesday, August 13th. Weiss Ratings reiterated a "buy (b)" rating on shares of Cencora in a report on Saturday, September 27th. Finally, Morgan Stanley set a $330.00 price objective on shares of Cencora and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Ten equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $311.25.

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.

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