Cencora, Inc. $COR Shares Purchased by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. increased its stake in Cencora, Inc. by 8.9% in Q1, now owning 9,647,310 shares valued at approximately $2.68 billion.
• Cencora reported an earnings per share of $4.00 for the last quarter, surpassing analysts' expectations of $3.79, with a revenue increase of 8.7% year-over-year.
• The company is set to pay a quarterly dividend of $0.55 on September 3rd, reflecting an annualized dividend yield of 0.7% and a payout ratio of 22.63%.

Price T Rowe Associates Inc. MD grew its position in shares of Cencora, Inc. (NYSE:COR - Free Report) by 8.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,647,310 shares of the company's stock after purchasing an additional 787,858 shares during the period. Price T Rowe Associates Inc. MD owned approximately 4.97% of Cencora worth $2,682,821,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in COR. Bank of America Corp DE lifted its holdings in shares of Cencora by 62.3% in the 4th quarter. Bank of America Corp DE now owns 5,193,807 shares of the company's stock valued at $1,166,944,000 after acquiring an additional 1,994,256 shares during the last quarter. Castlekeep Investment Advisors LLC bought a new stake in Cencora in the fourth quarter worth about $399,508,000. GAMMA Investing LLC lifted its stake in Cencora by 43,561.9% in the first quarter. GAMMA Investing LLC now owns 1,598,461 shares of the company's stock worth $444,516,000 after purchasing an additional 1,594,800 shares during the last quarter. Invesco Ltd. lifted its stake in Cencora by 42.1% in the first quarter. Invesco Ltd. now owns 4,607,964 shares of the company's stock worth $1,281,429,000 after purchasing an additional 1,364,433 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. lifted its stake in Cencora by 4,459.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 997,233 shares of the company's stock worth $277,321,000 after purchasing an additional 975,362 shares during the last quarter. Institutional investors own 97.52% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on COR shares. Morgan Stanley set a $330.00 price objective on shares of Cencora and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Robert W. Baird raised their price objective on shares of Cencora from $314.00 to $350.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. Wells Fargo & Company raised their price objective on shares of Cencora from $337.00 to $354.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 13th. Jefferies Financial Group raised their target price on shares of Cencora from $275.00 to $300.00 and gave the stock a "hold" rating in a research report on Monday, June 30th. Finally, UBS Group raised their target price on shares of Cencora from $298.00 to $335.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Nine investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $311.25.

Cencora Stock Performance

Shares of COR traded down $4.3970 during trading hours on Monday, reaching $288.2030. 1,275,248 shares of the company traded hands, compared to its average volume of 1,560,088. The stock has a market capitalization of $55.88 billion, a P/E ratio of 29.65, a P/E/G ratio of 1.39 and a beta of 0.58. The business has a fifty day moving average price of $293.48 and a 200-day moving average price of $280.87. Cencora, Inc. has a 12-month low of $218.65 and a 12-month high of $309.35. 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 (NYSE:COR - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $4.00 earnings per share (EPS) for the quarter, beating 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 company had revenue of $80.66 billion during the quarter, compared to the consensus estimate of $80.34 billion. During the same period in the previous year, the firm posted $3.34 earnings per share. The firm's quarterly revenue was up 8.7% on a year-over-year basis. Equities analysts anticipate that Cencora, Inc. will post 15.37 EPS for the current fiscal year.

Cencora Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Friday, August 15th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Friday, August 15th. Cencora's dividend payout ratio is 22.63%.

Insider Buying and Selling

In other Cencora news, CEO Robert P. Mauch sold 4,968 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $294.11, for a total value of $1,461,138.48. Following the transaction, the chief executive officer directly owned 42,351 shares of the company's stock, valued at $12,455,852.61. This trade represents a 10.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Steven H. Collis sold 14,579 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The stock was 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 directly owned 311,913 shares in the company, valued at $91,271,982.06. This trade represents a 4.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,125 shares of company stock worth $9,993,789 over the last three months. Corporate insiders own 10.80% of the company's stock.

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.