Truist Financial Corp Has $117.14 Million Stock Position in Cencora, Inc. $COR

Key Points

• Truist Financial Corp increased its stake in Cencora, Inc. by 1.2%, owning 390,665 shares valued at approximately $117.14 million, representing about 0.20% of the company.
• Cencora reported a strong quarterly earnings increase with an EPS of $4.00, surpassing analysts' expectations of $3.79, and achieving a revenue of $80.66 billion, a year-over-year rise of 8.7%.
• The company declared a quarterly dividend of $0.55 per share, equivalent to an annual yield of 0.7%, with a dividend payout ratio of 22.63%.

Truist Financial Corp lifted its stake in shares of Cencora, Inc. (NYSE:COR - Free Report) by 1.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 390,665 shares of the company's stock after purchasing an additional 4,466 shares during the quarter. Truist Financial Corp owned about 0.20% of Cencora worth $117,141,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cornerstone Planning Group LLC increased its holdings in shares of Cencora by 106.7% during the first quarter. Cornerstone Planning Group LLC now owns 93 shares of the company's stock valued at $26,000 after acquiring an additional 48 shares in the last quarter. Hoey Investments Inc. bought a new position in shares of Cencora in the 1st quarter worth $28,000. Costello Asset Management INC acquired a new stake in Cencora in the 1st quarter valued at $28,000. University of Texas Texas AM Investment Management Co. bought a new stake in Cencora during the 1st quarter valued at $39,000. Finally, Golden State Wealth Management LLC raised its holdings in Cencora by 157.6% during the first 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 last quarter. 97.52% of the stock is owned by institutional investors.

Cencora Stock Up 1.3%

COR opened at $312.10 on Wednesday. Cencora, Inc. has a twelve month low of $218.65 and a twelve month high of $312.73. The company's 50-day moving average price is $293.69 and its two-hundred day moving average price is $289.33. The stock has a market cap of $60.51 billion, a price-to-earnings ratio of 32.11, a PEG ratio of 1.57 and a beta of 0.62. 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 (NYSE:COR - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $4.00 EPS 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 for the quarter, compared to analysts' expectations of $80.34 billion. During the same quarter in the previous year, the firm posted $3.34 EPS. Cencora's revenue was up 8.7% on a year-over-year basis. As a group, equities analysts expect that Cencora, Inc. will post 15.37 earnings per share for the current year.

Cencora Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th were paid a dividend of $0.55 per share. The ex-dividend date was Friday, August 15th. This represents a $2.20 annualized dividend and a dividend yield of 0.7%. Cencora's dividend payout ratio is presently 22.63%.

Insider Activity

In related news, CEO Robert P. Mauch sold 5,097 shares of the business's stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $290.00, for a total value of $1,478,130.00. Following the sale, the chief executive officer directly owned 39,274 shares in the company, valued at approximately $11,389,460. The trade was a 11.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Steven H. Collis sold 31,350 shares of the stock in a transaction dated 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 transaction, the chairman owned 305,913 shares of the company's stock, valued at $88,671,942.18. This represents a 9.30% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 55,993 shares of company stock valued at $16,292,923. 10.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

COR has been the subject of several recent research reports. Morgan Stanley set a $330.00 target price on shares of Cencora and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Jefferies Financial Group boosted their price objective on Cencora from $275.00 to $300.00 and gave the stock a "hold" rating in a report on Monday, June 30th. Finally, Wells Fargo & Company raised 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. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $311.25.

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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