State of New Jersey Common Pension Fund D Decreases Stock Holdings in Cencora, Inc. $COR

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Cencora, Inc. by 13.7% to $15.41 million during the first quarter, now owning 55,406 shares.
• Cencora's stock received multiple analyst upgrades, with price targets raised by firms such as UBS Group and Citigroup, reflecting a consensus price target of $311.25 and an overall rating of "Moderate Buy."
• In the latest quarter, Cencora reported earnings of $4.00 per share, exceeding expectations, while also announcing a quarterly dividend of $0.55 to be paid on September 3rd.

State of New Jersey Common Pension Fund D decreased its holdings in shares of Cencora, Inc. (NYSE:COR - Free Report) by 13.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 55,406 shares of the company's stock after selling 8,830 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Cencora were worth $15,408,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of COR. Bank of America Corp DE raised its stake in Cencora by 62.3% during the fourth quarter. Bank of America Corp DE now owns 5,193,807 shares of the company's stock valued at $1,166,944,000 after purchasing an additional 1,994,256 shares in the last quarter. Castlekeep Investment Advisors LLC purchased a new stake in Cencora during the fourth quarter valued at $399,508,000. GAMMA Investing LLC raised its stake in Cencora by 43,561.9% during the first quarter. GAMMA Investing LLC now owns 1,598,461 shares of the company's stock valued at $444,516,000 after purchasing an additional 1,594,800 shares in the last quarter. Invesco Ltd. increased its position in Cencora by 42.1% during the first quarter. Invesco Ltd. now owns 4,607,964 shares of the company's stock valued at $1,281,429,000 after acquiring an additional 1,364,433 shares during the last quarter. Finally, Nuveen LLC bought a new position in Cencora during the first quarter valued at $181,284,000. Hedge funds and other institutional investors own 97.52% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. UBS Group boosted their price objective on shares of Cencora from $298.00 to $335.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Wells Fargo & Company boosted their price objective 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. Robert W. Baird boosted their price objective on shares of Cencora from $314.00 to $350.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. Citigroup boosted their price objective on shares of Cencora from $330.00 to $355.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Finally, Jefferies Financial Group boosted their price objective 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. Nine investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Cencora has an average rating of "Moderate Buy" and an average price target of $311.25.

Insider Transactions at Cencora

In related news, CEO Robert P. Mauch sold 4,968 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 42,351 shares of the company's stock, valued at $12,455,852.61. This 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 is available through the SEC website. Also, Chairman Steven H. Collis sold 14,578 shares of the company's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $292.67, for a total transaction of $4,266,543.26. Following the completion of the sale, the chairman directly owned 309,913 shares of the company's stock, valued at approximately $90,702,237.71. This trade represents a 4.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,125 shares of company stock valued at $9,993,789. 10.80% of the stock is owned by insiders.

Cencora Trading Down 0.1%

Shares of NYSE COR traded down $0.3310 during mid-day trading on Thursday, reaching $303.3590. The company had a trading volume of 2,247,646 shares, compared to its average volume of 1,559,602. The business's 50-day moving average is $293.37 and its 200-day moving average is $279.82. The company has a current ratio of 0.90, a quick ratio of 0.53 and a debt-to-equity ratio of 3.64. The stock has a market cap of $58.82 billion, a price-to-earnings ratio of 31.21, a price-to-earnings-growth ratio of 1.40 and a beta of 0.58. Cencora, Inc. has a 52 week low of $218.65 and a 52 week high of $309.35.

Cencora (NYSE:COR - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $4.00 earnings per share 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 company had revenue of $80.66 billion during the quarter, compared to analyst estimates of $80.34 billion. During the same period in the prior year, the firm earned $3.34 earnings per share. The firm's revenue for the quarter was up 8.7% compared to the same quarter last year. Equities analysts expect that Cencora, Inc. will post 15.37 earnings per share for the current year.

Cencora Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Friday, August 15th will be paid a $0.55 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $2.20 dividend on an annualized basis and a yield of 0.7%. Cencora's dividend payout ratio is 22.63%.

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.