Washington Trust Bank Reduces Stake in Cencora, Inc. (NYSE:COR)

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

Several other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Cencora during the 4th quarter valued at $478,309,000. Bank of America Corp DE boosted its stake in Cencora by 62.3% during the 4th quarter. Bank of America Corp DE now owns 5,193,807 shares of the company's stock valued at $1,166,944,000 after purchasing an additional 1,994,256 shares during the last quarter. Castlekeep Investment Advisors LLC purchased a new stake in Cencora during the 4th quarter valued at $399,508,000. GAMMA Investing LLC boosted its stake in Cencora by 43,561.9% during the 1st quarter. GAMMA Investing LLC now owns 1,598,461 shares of the company's stock valued at $444,516,000 after purchasing an additional 1,594,800 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in Cencora by 20.4% during the 4th quarter. Invesco Ltd. now owns 3,243,531 shares of the company's stock valued at $728,757,000 after purchasing an additional 550,246 shares during the last quarter. Institutional investors own 97.52% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on COR shares. Jefferies Financial Group increased their target price on Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a research note on Monday, June 30th. Morgan Stanley set a $288.00 price target on Cencora in a report on Tuesday, April 15th. Wells Fargo & Company raised Cencora from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $274.00 to $337.00 in a report on Tuesday, June 3rd. Citigroup increased their price target on Cencora from $330.00 to $355.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Finally, Bank of America increased their price target on Cencora from $270.00 to $285.00 and gave the company a "neutral" rating in a report on Friday, April 11th. Two research 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, the company presently has a consensus rating of "Moderate Buy" and an average target price of $306.33.

Cencora Stock Performance

Cencora stock traded up $0.32 during trading on Wednesday, reaching $298.35. The company had a trading volume of 253,140 shares, compared to its average volume of 1,503,839. The company has a current ratio of 0.87, a quick ratio of 0.52 and a debt-to-equity ratio of 6.01. The firm's 50-day simple moving average is $291.57 and its 200 day simple moving average is $268.53. The firm has a market capitalization of $57.83 billion, a price-to-earnings ratio of 34.61, a price-to-earnings-growth ratio of 1.50 and a beta of 0.57. Cencora, Inc. has a 52 week low of $218.65 and a 52 week high of $309.35.

Cencora (NYSE:COR - Get Free Report) last posted 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. The business had revenue of $75.50 billion for the quarter, compared to analysts' expectations of $75.41 billion. Cencora had a return on equity of 344.71% and a net margin of 0.55%. The business's quarterly revenue was up 10.3% on a year-over-year basis. During the same period last year, the firm earned $3.80 earnings per share. Sell-side analysts forecast 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. Shareholders 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 yield of 0.74%. Cencora's dividend payout ratio is presently 25.52%.

Insider Transactions at Cencora

In other news, CEO Robert P. Mauch sold 4,969 shares of the firm's stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $289.33, for a total transaction of $1,437,680.77. Following the completion of 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Steven H. Collis sold 14,579 shares of the firm's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $292.62, for a total value 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. The trade was a 4.47% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,127 shares of company stock worth $9,812,296. Insiders own 10.80% of the company's stock.

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.