Wedge Capital Management L L P NC Has $33.51 Million Position in Cencora, Inc. (NYSE:COR)

Wedge Capital Management L L P NC lowered its stake in Cencora, Inc. (NYSE:COR - Free Report) by 4.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 120,486 shares of the company's stock after selling 5,040 shares during the quarter. Wedge Capital Management L L P NC owned about 0.06% of Cencora worth $33,506,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of COR. Norges Bank purchased a new position in Cencora in the 4th quarter worth approximately $478,309,000. Bank of America Corp DE increased its holdings 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 worth $1,166,944,000 after purchasing an additional 1,994,256 shares during the last quarter. Castlekeep Investment Advisors LLC acquired a new position in shares of Cencora in the 4th quarter valued at approximately $399,508,000. GAMMA Investing LLC raised its position in shares of Cencora by 43,561.9% in 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 in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Cencora during the fourth quarter worth approximately $322,460,000. Institutional investors and hedge funds own 97.52% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Wall Street Zen raised shares of Cencora from a "hold" rating to a "buy" rating in a report on Wednesday, March 12th. Bank of America boosted their target price on shares of Cencora from $270.00 to $285.00 and gave the stock a "neutral" rating in a research report on Friday, April 11th. Robert W. Baird upped their target price on shares of Cencora from $314.00 to $350.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. Morgan Stanley set a $288.00 price target on Cencora in a research note on Tuesday, April 15th. Finally, UBS Group boosted their price objective on Cencora from $298.00 to $335.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $306.91.

Cencora Price Performance

Shares of NYSE COR traded up $0.60 during midday trading on Friday, reaching $289.01. The company's stock had a trading volume of 1,302,615 shares, compared to its average volume of 1,528,602. Cencora, Inc. has a one year low of $218.65 and a one year high of $309.35. The company has a market cap of $56.02 billion, a price-to-earnings ratio of 41.11, a price-to-earnings-growth ratio of 1.31 and a beta of 0.58. The company has a 50 day moving average price of $286.29 and a 200 day moving average price of $260.27. The company has a current ratio of 0.92, a quick ratio of 0.54 and a debt-to-equity ratio of 16.40.

Cencora (NYSE:COR - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $4.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.07 by $0.35. The company had revenue of $75.50 billion for the quarter, compared to analysts' expectations of $75.41 billion. Cencora had a return on equity of 328.62% and a net margin of 0.46%. The firm's revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.80 earnings per share. On average, equities research analysts expect that Cencora, Inc. will post 15.37 EPS for the current year.

Cencora Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 16th were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 0.76%. The ex-dividend date of this dividend was Friday, May 16th. Cencora's payout ratio is 25.52%.

Insider Transactions at Cencora

In related news, CEO Robert P. Mauch sold 4,969 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 47,582 shares of the company's stock, valued at approximately $13,766,900.06. This trade represents a 9.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Lazarus Krikorian sold 2,000 shares of the business's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $260.06, for a total transaction of $520,120.00. Following the sale, the chief accounting officer now directly owns 20,154 shares in the company, valued at approximately $5,241,249.24. This trade represents a 9.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 40,253 shares of company stock valued at $11,102,417 over the last ninety days. Corporate insiders own 10.80% of the company's stock.

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.