Parsons Capital Management Inc. RI Sells 12,069 Shares of Cencora, Inc. $COR

Key Points

• Parsons Capital Management Inc. RI reduced its stake in Cencora, Inc. by 80.9%, selling 12,069 shares, and now holds 2,850 shares worth $855,000.
• Several institutional investors, including Robeco Institutional Asset Management B.V., significantly increased their holdings, indicating growing investment interest in Cencora, Inc.
• Cencora reported a quarterly earnings per share (EPS) of $4.00, surpassing analysts' expectations, and announced a quarterly dividend of $0.55, reflecting a stable financial performance.

Parsons Capital Management Inc. RI trimmed its holdings in Cencora, Inc. (NYSE:COR - Free Report) by 80.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,850 shares of the company's stock after selling 12,069 shares during the period. Parsons Capital Management Inc. RI's holdings in Cencora were worth $855,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Robeco Institutional Asset Management B.V. lifted its stake in shares of Cencora by 232.1% in the second quarter. Robeco Institutional Asset Management B.V. now owns 178,345 shares of the company's stock valued at $53,477,000 after buying an additional 124,639 shares in the last quarter. SOA Wealth Advisors LLC. lifted its stake in shares of Cencora by 15.2% in the second quarter. SOA Wealth Advisors LLC. now owns 7,320 shares of the company's stock valued at $2,195,000 after buying an additional 967 shares in the last quarter. Pacific Point Advisors LLC lifted its stake in shares of Cencora by 4.6% in the second quarter. Pacific Point Advisors LLC now owns 5,923 shares of the company's stock valued at $1,776,000 after buying an additional 259 shares in the last quarter. Impact Capital Partners LLC bought a new position in shares of Cencora in the second quarter valued at $206,000. Finally, Childress Capital Advisors LLC lifted its position in shares of Cencora by 10.7% during the second quarter. Childress Capital Advisors LLC now owns 1,732 shares of the company's stock valued at $519,000 after purchasing an additional 168 shares in the last quarter. 97.52% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

COR has been the topic of a number of recent analyst reports. Morgan Stanley set a $330.00 price target on shares of Cencora and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Jefferies Financial Group raised their price target on shares of Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a research report on Monday, June 30th. Finally, Wells Fargo & Company raised their price target on shares of Cencora from $337.00 to $354.00 and gave the company an "overweight" rating in a research report on Wednesday, August 13th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $311.25.

Cencora Stock Performance

NYSE COR opened at $308.89 on Friday. Cencora, Inc. has a 52-week low of $218.65 and a 52-week high of $315.23. The company has a 50-day simple moving average of $294.44 and a 200 day simple moving average of $289.82. 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 company has a market capitalization of $59.89 billion, a PE ratio of 31.78, a price-to-earnings-growth ratio of 1.46 and a beta of 0.63.

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

Cencora Announces Dividend

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

Insider Activity

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

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.

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