Cencora, Inc. $COR Shares Sold by Procyon Advisors LLC

Key Points

• Procyon Advisors LLC significantly reduced its stake in Cencora, Inc. by 81.0% in Q2, now holding only 1,132 shares valued at $340,000.
• Cencora reported a robust quarterly performance, with earnings per share of $4.00, exceeding estimates, and revenue of $80.66 billion, marking an annual increase of 8.7%.
• The company announced a quarterly dividend of $0.55 per share, reflecting a 0.8% yield, and maintains a low dividend payout ratio of 22.63%.

Procyon Advisors LLC trimmed its position in Cencora, Inc. (NYSE:COR - Free Report) by 81.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,132 shares of the company's stock after selling 4,819 shares during the quarter. Procyon Advisors LLC's holdings in Cencora were worth $340,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of COR. GAMMA Investing LLC raised 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 valued at $444,516,000 after buying an additional 1,594,800 shares in the last quarter. Invesco Ltd. raised its position in shares of Cencora by 42.1% during the 1st quarter. Invesco Ltd. now owns 4,607,964 shares of the company's stock worth $1,281,429,000 after acquiring an additional 1,364,433 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in Cencora by 4,459.6% during 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. Price T Rowe Associates Inc. MD raised its holdings in Cencora by 8.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,647,310 shares of the company's stock worth $2,682,821,000 after purchasing an additional 787,858 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Cencora during the 1st quarter worth approximately $181,284,000. 97.52% of the stock is owned by hedge funds and other institutional investors.

Cencora Stock Performance

COR stock traded down $0.52 during trading on Friday, hitting $290.32. The company had a trading volume of 7,182,669 shares, compared to its average volume of 1,405,903. The firm has a 50-day moving average price of $292.42 and a 200-day moving average price of $286.81. The company has a quick ratio of 0.53, a current ratio of 0.90 and a debt-to-equity ratio of 3.64. The firm has a market cap of $56.29 billion, a PE ratio of 29.87, a price-to-earnings-growth ratio of 1.38 and a beta of 0.62. Cencora, Inc. has a 1-year low of $218.65 and a 1-year high of $309.35.

Cencora (NYSE:COR - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $4.00 EPS for the quarter, topping the consensus estimate 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 analysts' expectations of $80.34 billion. During the same quarter last year, the business earned $3.34 EPS. The business's revenue was up 8.7% on a year-over-year basis. On average, analysts expect that Cencora, Inc. will post 15.37 earnings per share for the current year.

Cencora Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 3rd. Shareholders 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 annualized dividend and a yield of 0.8%. Cencora's payout ratio is presently 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 on Friday, July 18th. The stock was sold at an average price of $294.11, for a total value of $1,461,138.48. Following the completion of the sale, the chief executive officer 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Steven H. Collis sold 31,350 shares of the company's stock in a transaction on 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 transaction, the chairman directly owned 305,913 shares in the company, valued at approximately $88,671,942.18. This trade represents a 9.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 65,475 shares of company stock valued at $19,080,900. Company insiders own 10.80% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on COR shares. Jefferies Financial Group increased their target price 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. Wells Fargo & Company upped 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. Finally, Morgan Stanley set a $330.00 target price on Cencora and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $311.25.

About Cencora

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.