Pinnacle Associates Ltd. Increases Position in Cencora, Inc. (NYSE:COR)

Key Points

• Pinnacle Associates Ltd. increased its stake in Cencora, Inc. by 67.9% in Q1, owning 2,817 shares valued at approximately $783,000.
• Cencora's CEO and Chairman recently sold shares, with CEO Robert P. Mauch selling 4,968 shares for over $1.46 million, resulting in a 10.5% decrease in ownership.
• The company reported earnings of $4.42 EPS, surpassing analysts' expectations, with quarterly revenue up by 10.3% year-over-year.

Pinnacle Associates Ltd. boosted its holdings in Cencora, Inc. (NYSE:COR - Free Report) by 67.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,817 shares of the company's stock after purchasing an additional 1,139 shares during the period. Pinnacle Associates Ltd.'s holdings in Cencora were worth $783,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the business. NEOS Investment Management LLC grew its position in shares of Cencora by 25.6% during the fourth quarter. NEOS Investment Management LLC now owns 6,074 shares of the company's stock worth $1,365,000 after buying an additional 1,238 shares in the last quarter. Loomis Sayles & Co. L P bought a new position in Cencora during the 4th quarter valued at $974,000. New Age Alpha Advisors LLC grew its holdings in Cencora by 2,538.1% during the 4th quarter. New Age Alpha Advisors LLC now owns 3,113 shares of the company's stock worth $699,000 after acquiring an additional 2,995 shares in the last quarter. Pictet Asset Management Holding SA increased its position in shares of Cencora by 26.1% in the 4th quarter. Pictet Asset Management Holding SA now owns 126,017 shares of the company's stock worth $28,314,000 after purchasing an additional 26,051 shares during the last quarter. Finally, DnB Asset Management AS raised its stake in shares of Cencora by 1.9% in the 4th quarter. DnB Asset Management AS now owns 31,124 shares of the company's stock valued at $6,993,000 after purchasing an additional 566 shares in the last quarter. Institutional investors and hedge funds own 97.52% of the company's stock.

Insiders Place Their Bets

In other news, CEO Robert P. Mauch sold 4,968 shares of the firm's stock in a transaction on 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 transaction, the chief executive officer directly owned 42,351 shares of the company's stock, valued at approximately $12,455,852.61. This trade represents a 10.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Steven H. Collis sold 14,579 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $292.62, for a total transaction of $4,266,106.98. Following the completion of the transaction, the chairman owned 311,913 shares of the company's stock, valued at $91,271,982.06. This represents a 4.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,125 shares of company stock valued at $9,993,789 in the last quarter. 10.80% of the stock is currently owned by insiders.

Cencora Stock Down 0.1%

Cencora stock opened at $290.17 on Monday. The company has a debt-to-equity ratio of 6.01, a quick ratio of 0.52 and a current ratio of 0.87. Cencora, Inc. has a one year low of $218.65 and a one year high of $309.35. The company has a 50-day simple moving average of $293.31 and a 200-day simple moving average of $274.79. The firm has a market capitalization of $56.24 billion, a P/E ratio of 33.66, a P/E/G ratio of 1.44 and a beta of 0.57.

Cencora (NYSE:COR - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $4.42 EPS for the quarter, topping the consensus estimate of $4.07 by $0.35. The firm had revenue of $75.50 billion during the quarter, compared to analysts' expectations of $75.41 billion. Cencora had a net margin of 0.55% and a return on equity of 344.71%. Cencora's quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.80 EPS. As a group, equities analysts expect that Cencora, Inc. will post 15.37 earnings per share for the current year.

Cencora Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 16th were paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 0.76%. The ex-dividend date of this dividend was Friday, May 16th. Cencora's payout ratio is currently 25.52%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Jefferies Financial Group lifted their price target on Cencora from $275.00 to $300.00 and gave the stock a "hold" rating in a research note on Monday, June 30th. UBS Group lifted their target price on Cencora from $298.00 to $335.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Bank of America boosted their price target on Cencora from $270.00 to $285.00 and gave the company a "neutral" rating in a report on Friday, April 11th. Robert W. Baird raised their price objective on Cencora from $314.00 to $350.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. Finally, Morgan Stanley set a $330.00 target price on shares of Cencora and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $309.83.

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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