Walgreens Boots Alliance Inc. Has $2.89 Billion Holdings in Cencora, Inc. $COR

Key Points

• Walgreens Boots Alliance Inc. reduced its stake in Cencora, Inc. by 48%, owning 10.38 million shares valued at approximately $2.89 billion, representing 93.4% of its total holdings.
• Cencora has announced a quarterly dividend of $0.55 per share, translating to an annual yield of 0.8%, with the payment date set for September 3rd.
• An analyst consensus rating for Cencora is a "Moderate Buy" with a price target of $311.25, reflecting growing positive sentiment from nine analysts who rated the stock as a Buy.

Walgreens Boots Alliance Inc. reduced its stake in shares of Cencora, Inc. (NYSE:COR - Free Report) by 48.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,380,000 shares of the company's stock after selling 9,600,000 shares during the quarter. Cencora makes up approximately 93.4% of Walgreens Boots Alliance Inc.'s portfolio, making the stock its largest position. Walgreens Boots Alliance Inc. owned about 5.35% of Cencora worth $2,886,574,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in COR. Net Worth Advisory Group increased its position in Cencora by 1.4% during the first quarter. Net Worth Advisory Group now owns 2,645 shares of the company's stock worth $736,000 after acquiring an additional 36 shares during the period. Obermeyer Wealth Partners boosted its stake in Cencora by 1.3% during the first quarter. Obermeyer Wealth Partners now owns 2,724 shares of the company's stock worth $758,000 after buying an additional 36 shares in the last quarter. Cromwell Holdings LLC boosted its stake in Cencora by 9.5% during the first quarter. Cromwell Holdings LLC now owns 450 shares of the company's stock worth $125,000 after buying an additional 39 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC boosted its stake in Cencora by 2.7% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,565 shares of the company's stock worth $435,000 after buying an additional 41 shares in the last quarter. Finally, Private Trust Co. NA boosted its stake in Cencora by 2.5% during the first quarter. Private Trust Co. NA now owns 1,933 shares of the company's stock worth $538,000 after buying an additional 47 shares in the last quarter. 97.52% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Citigroup lifted their price target on shares of Cencora from $330.00 to $355.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Jefferies Financial Group lifted their price target on shares of Cencora from $275.00 to $300.00 and gave the stock a "hold" rating in a research note on Monday, June 30th. Robert W. Baird lifted their price target on shares of Cencora from $314.00 to $350.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. UBS Group boosted their target price on shares of Cencora from $298.00 to $335.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Finally, Wells Fargo & Company boosted their target price on shares of Cencora from $337.00 to $354.00 and gave the company an "overweight" rating in a research note on Wednesday, August 13th. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $311.25.

Insider Activity

In other Cencora news, Chairman Steven H. Collis sold 14,578 shares of the business'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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Robert P. Mauch sold 4,968 shares of the business's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $294.11, for a total value 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 represents a 10.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,125 shares of company stock valued at $9,993,789 over the last three months. Company insiders own 10.80% of the company's stock.

Cencora Price Performance

NYSE COR traded up $1.31 on Tuesday, hitting $289.61. 1,413,672 shares of the company were exchanged, compared to its average volume of 1,391,677. The firm has a 50 day moving average of $293.33 and a two-hundred day moving average of $281.21. The company has a market cap of $56.15 billion, a P/E ratio of 29.80, a P/E/G ratio of 1.37 and a beta of 0.58. The company has a current ratio of 0.90, a quick ratio of 0.53 and a debt-to-equity ratio of 3.64. Cencora, Inc. has a 1-year low of $218.65 and a 1-year high of $309.35.

Cencora (NYSE:COR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $4.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.79 by $0.21. The business had revenue of $80.66 billion for the quarter, compared to the consensus estimate of $80.34 billion. Cencora had a net margin of 0.60% and a return on equity of 267.36%. The firm's quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.34 EPS. On average, equities analysts predict that Cencora, Inc. will post 15.37 EPS for the current year.

Cencora Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th will be issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Friday, August 15th. Cencora's payout ratio is currently 22.63%.

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.