The Manufacturers Life Insurance Company Purchases 96,003 Shares of Cencora, Inc. $COR

Key Points

• The Manufacturers Life Insurance Company increased its ownership in Cencora, Inc. by 11.4% during the first quarter, acquiring 96,003 additional shares to hold a total of 940,182 shares worth approximately $261.5 million.
• Institutional investors currently hold a significant 97.52% of Cencora's stock, indicating strong institutional interest in the company.
• Cencora reported earnings of $4.00 per share for the last quarter, exceeding analysts' expectations, while the company also declared a quarterly dividend of $0.55 to be paid on September 3rd.

The Manufacturers Life Insurance Company raised its position in shares of Cencora, Inc. (NYSE:COR - Free Report) by 11.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 940,182 shares of the company's stock after acquiring an additional 96,003 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.48% of Cencora worth $261,455,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Exchange Traded Concepts LLC lifted its stake in shares of Cencora by 4.5% in the first quarter. Exchange Traded Concepts LLC now owns 1,104 shares of the company's stock worth $307,000 after acquiring an additional 48 shares in the last quarter. Dynamic Advisor Solutions LLC raised its stake in Cencora by 6.4% during the first quarter. Dynamic Advisor Solutions LLC now owns 1,535 shares of the company's stock valued at $427,000 after buying an additional 93 shares in the last quarter. GAMMA Investing LLC raised its stake in Cencora by 57.0% during the first quarter. GAMMA Investing LLC now owns 5,748 shares of the company's stock valued at $1,598,000 after buying an additional 2,087 shares in the last quarter. Golden State Wealth Management LLC raised its stake in Cencora by 157.6% during 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 in the last quarter. Finally, Integrated Advisors Network LLC acquired a new stake in Cencora during the first quarter valued at approximately $200,000. Institutional investors and hedge funds own 97.52% of the company's stock.

Cencora Price Performance

Shares of NYSE:COR traded up $3.22 on Tuesday, reaching $294.83. 1,307,128 shares of the company traded hands, compared to its average volume of 1,550,794. The company's 50 day moving average is $292.99 and its 200-day moving average is $282.75. The stock has a market capitalization of $57.16 billion, a PE ratio of 30.33, a P/E/G ratio of 1.38 and a beta of 0.62. Cencora, Inc. has a fifty-two week low of $218.65 and a fifty-two week high of $309.35. The company has a debt-to-equity ratio of 3.64, a current ratio of 0.90 and a quick ratio of 0.53.

Cencora (NYSE:COR - Get Free Report) last released 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 return on equity of 267.36% and a net margin of 0.60%.The company had revenue of $80.66 billion during the quarter, compared to analyst estimates of $80.34 billion. During the same quarter in the prior year, the company earned $3.34 earnings per share. The company's revenue for the quarter was up 8.7% on a year-over-year basis. As a group, analysts anticipate that Cencora, Inc. will post 15.37 earnings per share for the current fiscal year.

Cencora Announces Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on COR shares. 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. Jefferies Financial Group upped their target price on Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a report on Monday, June 30th. Wells Fargo & Company upped their target price on Cencora from $337.00 to $354.00 and gave the company an "overweight" rating in a report on Wednesday, August 13th. Citigroup upped their target price on Cencora from $330.00 to $355.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Finally, Robert W. Baird upped their target price on Cencora from $314.00 to $350.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Nine investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $311.25.

Insider Transactions at Cencora

In related news, CEO Robert P. Mauch sold 4,968 shares of Cencora stock in a transaction dated 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 sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Steven H. Collis sold 14,579 shares of the firm's stock in a transaction dated 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 transaction, the chairman owned 311,913 shares of the company's stock, valued at approximately $91,271,982.06. This represents a 4.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,125 shares of company stock worth $9,993,789 over the last quarter. 10.80% of the stock is currently owned by corporate insiders.

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.