Smith Group Asset Management LLC Grows Stock Holdings in Cencora, Inc. $COR

Key Points

• Smith Group Asset Management LLC increased its stake in Cencora, Inc. by 89.4% during Q2, owning 2,860 shares valued at approximately $858,000.
• Cencora reported $4.00 earnings per share for the previous quarter, surpassing estimates of $3.79, with revenues of $80.66 billion.
• The company recently declared a quarterly dividend of $0.55 per share, yielding an annualized rate of 0.7%.

Smith Group Asset Management LLC lifted its position in Cencora, Inc. (NYSE:COR - Free Report) by 89.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,860 shares of the company's stock after buying an additional 1,350 shares during the quarter. Smith Group Asset Management LLC's holdings in Cencora were worth $858,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Atlantic Edge Private Wealth Management LLC grew its position in Cencora by 70.0% in the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 85 shares of the company's stock valued at $25,000 after acquiring an additional 35 shares in the last quarter. Cornerstone Planning Group LLC boosted its stake in shares of 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. Costello Asset Management INC acquired a new position in shares of Cencora in the first quarter valued at approximately $28,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Cencora during the 1st quarter worth approximately $39,000. Finally, Golden State Wealth Management LLC increased its stake in Cencora by 157.6% during the 1st quarter. Golden State Wealth Management LLC now owns 170 shares of the company's stock worth $47,000 after buying an additional 104 shares during the period. 97.52% of the stock is currently owned by hedge funds and other institutional investors.

Cencora Stock Down 0.6%

Shares of NYSE COR opened at $328.98 on Friday. The business has a 50-day moving average price of $303.30 and a 200 day moving average price of $294.47. The stock has a market cap of $63.78 billion, a PE ratio of 33.85, a price-to-earnings-growth ratio of 1.55 and a beta of 0.63. 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, Inc. has a 52-week low of $223.92 and a 52-week high of $331.94.

Cencora (NYSE:COR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $4.00 earnings per share for the quarter, beating analysts' consensus estimates of $3.79 by $0.21. The company had revenue of $80.66 billion during 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 firm's revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.34 earnings per share. Equities research analysts forecast that Cencora, Inc. will post 15.37 earnings per share for the current year.

Cencora Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 3rd. Shareholders 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 dividend on an annualized basis and a yield of 0.7%. Cencora's payout ratio is currently 22.63%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Wall Street Zen cut shares of Cencora from a "buy" rating to a "hold" rating in a research report on Saturday, October 11th. Weiss Ratings reiterated a "buy (b)" rating on shares of Cencora in a report on Wednesday, October 8th. Morgan Stanley set a $330.00 price objective on Cencora and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Mizuho upped their target price on shares of Cencora from $316.00 to $334.00 and gave the stock an "outperform" rating in a research note on Thursday, October 16th. Finally, Jefferies Financial Group lifted their price target on shares of Cencora from $275.00 to $300.00 and gave the stock a "hold" rating in a research note on Monday, June 30th. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, Cencora currently has a consensus rating of "Moderate Buy" and an average price target of $324.91.

Insider Transactions at Cencora

In other Cencora news, Chairman Steven H. Collis sold 31,350 shares of the stock in a transaction that occurred 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 completion of the sale, the chairman directly owned 305,913 shares of the company's stock, valued at approximately $88,671,942.18. This trade represents a 9.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert P. Mauch sold 5,097 shares of Cencora stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $326.80, for a total value of $1,665,699.60. Following the completion of the transaction, the chief executive officer owned 37,940 shares in the company, valued at $12,398,792. This trade represents a 11.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 41,544 shares of company stock valued at $12,230,941 over the last ninety days. Corporate insiders own 10.80% of the company's stock.

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.

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