Stevens Capital Management LP Lowers Stock Position in Cencora, Inc. (NYSE:COR)

Key Points

• Stevens Capital Management LP reduced its stake in Cencora, Inc. by 51.8%, bringing its holdings to 2,017 shares valued at approximately $561,000.
• Several institutional investors, including GAMMA Investing LLC, have significantly increased their positions in Cencora, with GAMMA raising its stake by 57.0%.
• Wall Street analysts have raised their target prices for Cencora, with Wells Fargo increasing their target from $274 to $337, reflecting a positive outlook with a consensus rating of "Moderate Buy."

Stevens Capital Management LP trimmed its position in shares of Cencora, Inc. (NYSE:COR - Free Report) by 51.8% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,017 shares of the company's stock after selling 2,169 shares during the period. Stevens Capital Management LP's holdings in Cencora were worth $561,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in COR. Cornerstone Planning Group LLC boosted its holdings in 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. Hoey Investments Inc. purchased a new position in Cencora in the first quarter valued at $28,000. Banque Transatlantique SA purchased a new position in Cencora in the fourth quarter valued at $29,000. Vermillion Wealth Management Inc. purchased a new position in Cencora in the fourth quarter valued at $38,000. Finally, Golden State Wealth Management LLC increased its holdings in Cencora by 157.6% in the first quarter. Golden State Wealth Management LLC now owns 170 shares of the company's stock valued at $47,000 after buying an additional 104 shares during the last quarter. 97.52% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Morgan Stanley set a $330.00 target price on Cencora and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Wells Fargo & Company raised Cencora from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $274.00 to $337.00 in a report on Tuesday, June 3rd. Bank of America raised their price target on Cencora from $270.00 to $285.00 and gave the stock a "neutral" rating in a report on Friday, April 11th. Citigroup raised their price target on Cencora from $330.00 to $355.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Finally, Jefferies Financial Group raised their price target on Cencora from $275.00 to $300.00 and gave the stock a "hold" rating in a report on Monday, June 30th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $309.83.

Cencora Price Performance

Shares of COR stock traded up $1.85 during midday trading on Wednesday, reaching $291.62. 154,145 shares of the company traded hands, compared to its average volume of 1,573,812. The firm's 50 day simple moving average is $293.12 and its two-hundred day simple moving average is $275.23. Cencora, Inc. has a 1-year low of $218.65 and a 1-year high of $309.35. The company has a debt-to-equity ratio of 6.01, a current ratio of 0.87 and a quick ratio of 0.52. The firm has a market cap of $56.52 billion, a PE ratio of 33.81, a price-to-earnings-growth ratio of 1.42 and a beta of 0.57.

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

Cencora Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 16th were paid a dividend of $0.55 per share. The ex-dividend date of this dividend was Friday, May 16th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 0.75%. Cencora's dividend payout ratio (DPR) is 25.52%.

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.