Washington Trust Bank Has $15.10 Million Stake in Cencora, Inc. (NYSE:COR)

Washington Trust Bank cut its stake in Cencora, Inc. (NYSE:COR - Free Report) by 6.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,301 shares of the company's stock after selling 3,565 shares during the period. Cencora makes up approximately 1.5% of Washington Trust Bank's investment portfolio, making the stock its 23rd biggest position. Washington Trust Bank's holdings in Cencora were worth $15,101,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Hoey Investments Inc. bought a new stake in Cencora during the first quarter worth approximately $28,000. Banque Transatlantique SA bought a new stake in Cencora during the fourth quarter worth approximately $29,000. SBI Securities Co. Ltd. bought a new stake in Cencora during the fourth quarter worth approximately $30,000. Vermillion Wealth Management Inc. bought a new stake in Cencora during the fourth quarter worth approximately $38,000. Finally, OFI Invest Asset Management bought a new stake in Cencora during the fourth quarter worth approximately $41,000. 97.52% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on COR. UBS Group raised their target price on shares of Cencora from $298.00 to $335.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Wall Street Zen raised shares of Cencora from a "hold" rating to a "buy" rating in a research note on Wednesday, March 12th. Wells Fargo & Company raised shares of Cencora from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $274.00 to $337.00 in a research note on Tuesday, June 3rd. Morgan Stanley set a $288.00 price objective on shares of Cencora in a research note on Tuesday, April 15th. Finally, Jefferies Financial Group raised their price objective 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. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $306.33.

Insiders Place Their Bets

In related news, CEO Robert P. Mauch sold 4,969 shares of Cencora stock in a transaction on Monday, April 21st. The shares were sold at an average price of $289.33, for a total value of $1,437,680.77. Following the transaction, the chief executive officer owned 47,582 shares in the company, valued at $13,766,900.06. This trade represents a 9.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Steven H. Collis sold 14,579 shares of Cencora stock in a transaction on 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 completion of the transaction, the chairman owned 311,913 shares in the company, valued at $91,271,982.06. This trade represents a 4.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,127 shares of company stock worth $9,812,296 in the last 90 days. 10.80% of the stock is owned by insiders.

Cencora Stock Up 2.1%

COR stock traded up $6.20 during midday trading on Monday, reaching $302.43. The company had a trading volume of 1,597,776 shares, compared to its average volume of 1,507,152. The company has a market capitalization of $58.62 billion, a P/E ratio of 35.08, a PEG ratio of 1.47 and a beta of 0.57. The company has a 50 day moving average of $291.12 and a two-hundred day moving average of $267.80. 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 1 year low of $218.65 and a 1 year high of $309.35.

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

Cencora Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 16th were issued a dividend of $0.55 per share. The ex-dividend date was Friday, May 16th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 0.73%. Cencora's dividend payout ratio is currently 25.52%.

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.