TIAA Trust National Association Trims Stake in Cencora, Inc. (NYSE:COR)

Key Points

• TIAA Trust National Association reduced its stake in Cencora, Inc. by 2.2%, owning 71,724 shares worth approximately $19,946,000 after selling 1,588 shares in the 1st quarter.
• Cencora reported $4.42 EPS for the last quarter, surpassing analysts' estimates of $4.07, while revenue increased by 10.3% year-over-year to $75.50 billion.
• The company declared a quarterly dividend of $0.55 per share, which represents an annualized yield of 0.8% and a payout ratio of 25.52%.

TIAA Trust National Association trimmed its stake in Cencora, Inc. (NYSE:COR - Free Report) by 2.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 71,724 shares of the company's stock after selling 1,588 shares during the period. TIAA Trust National Association's holdings in Cencora were worth $19,946,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of COR. Cornerstone Planning Group LLC boosted its holdings in Cencora by 106.7% in the 1st quarter. Cornerstone Planning Group LLC now owns 93 shares of the company's stock worth $26,000 after buying an additional 48 shares during the period. Hoey Investments Inc. bought a new position in Cencora in the 1st quarter worth $28,000. Banque Transatlantique SA bought a new position in Cencora in the 4th quarter worth $29,000. University of Texas Texas AM Investment Management Co. bought a new position in Cencora in the 1st quarter worth $39,000. Finally, Vermillion Wealth Management Inc. bought a new position in Cencora in the 4th quarter worth $38,000. 97.52% of the stock is currently owned by hedge funds and other institutional investors.

Cencora Stock Up 0.8%

Shares of NYSE:COR opened at $288.31 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.52 and a debt-to-equity ratio of 6.01. Cencora, Inc. has a 12 month low of $218.65 and a 12 month high of $309.35. The company has a 50-day moving average price of $292.97 and a 200 day moving average price of $276.29. The company has a market cap of $55.88 billion, a price-to-earnings ratio of 33.45, a PEG ratio of 1.43 and a beta of 0.58.

Cencora (NYSE:COR - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $4.42 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 firm had revenue of $75.50 billion during the quarter, compared to the consensus estimate of $75.41 billion. During the same quarter last year, the firm earned $3.80 EPS. The firm's revenue for the quarter was up 10.3% compared to the same quarter last year. As a group, equities research analysts predict that Cencora, Inc. will post 15.37 earnings per share for the current year.

Cencora Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 16th were paid a $0.55 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $2.20 annualized dividend and a yield of 0.8%. Cencora's dividend payout ratio (DPR) is presently 25.52%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on COR shares. Jefferies Financial Group upped their target price on shares of Cencora from $275.00 to $300.00 and gave the stock a "hold" rating in a report on Monday, June 30th. Citigroup raised their price objective on Cencora from $330.00 to $355.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. UBS Group raised their price objective on Cencora from $298.00 to $335.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Morgan Stanley set a $330.00 price objective on Cencora and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Finally, Robert W. Baird raised their price objective on Cencora from $314.00 to $350.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $309.83.

Insider Activity

In other Cencora news, CEO Robert P. Mauch sold 4,968 shares of the firm'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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Steven H. Collis sold 14,578 shares of the firm'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. The trade was a 4.49% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 34,125 shares of company stock valued at $9,993,789. 10.80% of the stock is owned by 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.

Want to see what other hedge funds are holding COR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cencora, Inc. (NYSE:COR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.