Wedbush Securities Inc. Cuts Stake in Cencora, Inc. (NYSE:COR)

Wedbush Securities Inc. reduced its stake in Cencora, Inc. (NYSE:COR) by 7.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,139 shares of the company’s stock after selling 673 shares during the period. Wedbush Securities Inc.’s holdings in Cencora were worth $1,834,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of COR. Financial Advocates Investment Management raised its stake in shares of Cencora by 4.7% in the second quarter. Financial Advocates Investment Management now owns 978 shares of the company’s stock worth $220,000 after buying an additional 44 shares during the period. Checchi Capital Advisers LLC raised its stake in shares of Cencora by 2.2% in the second quarter. Checchi Capital Advisers LLC now owns 2,217 shares of the company’s stock worth $499,000 after buying an additional 48 shares during the period. Valeo Financial Advisors LLC raised its stake in shares of Cencora by 3.4% in the second quarter. Valeo Financial Advisors LLC now owns 1,566 shares of the company’s stock worth $353,000 after buying an additional 51 shares during the period. Barlow Wealth Partners Inc. raised its stake in shares of Cencora by 5.4% in the second quarter. Barlow Wealth Partners Inc. now owns 1,339 shares of the company’s stock worth $303,000 after buying an additional 68 shares during the period. Finally, Tevis Investment Management raised its stake in shares of Cencora by 4.9% in the second quarter. Tevis Investment Management now owns 1,476 shares of the company’s stock worth $333,000 after buying an additional 69 shares during the period. 97.52% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cencora

In related news, CEO Steven H. Collis sold 10,755 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $222.12, for a total transaction of $2,388,900.60. Following the completion of the sale, the chief executive officer now directly owns 285,088 shares of the company’s stock, valued at approximately $63,323,746.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Cencora news, EVP Silvana Battaglia sold 1,473 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $242.69, for a total value of $357,482.37. Following the completion of the sale, the executive vice president now directly owns 10,948 shares in the company, valued at approximately $2,656,970.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steven H. Collis sold 10,755 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $222.12, for a total value of $2,388,900.60. Following the completion of the sale, the chief executive officer now owns 285,088 shares of the company’s stock, valued at $63,323,746.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,450,399 shares of company stock worth $1,070,392,799. 15.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. StockNews.com raised Cencora from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 2nd. Robert W. Baird cut their target price on Cencora from $287.00 to $283.00 and set an “outperform” rating for the company in a research report on Friday. Leerink Partners reiterated an “outperform” rating and set a $275.00 target price on shares of Cencora in a research report on Thursday, June 27th. Wells Fargo & Company increased their target price on Cencora from $236.00 to $249.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. increased their target price on Cencora from $280.00 to $287.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $258.13.

Cencora Stock Performance

NYSE COR opened at $236.53 on Tuesday. The stock has a market capitalization of $46.61 billion, a PE ratio of 25.88, a P/E/G ratio of 1.54 and a beta of 0.44. The business has a 50 day simple moving average of $232.44 and a two-hundred day simple moving average of $233.20. The company has a debt-to-equity ratio of 3.93, a current ratio of 0.89 and a quick ratio of 0.55. Cencora, Inc. has a 1-year low of $172.41 and a 1-year high of $247.66.

Cencora (NYSE:COR) last announced its earnings results on Wednesday, July 31st. The company reported $3.34 EPS for the quarter, topping analysts’ consensus estimates of $3.18 by $0.16. The firm had revenue of $74.20 billion during the quarter, compared to analysts’ expectations of $73.32 billion. Cencora had a return on equity of 266.60% and a net margin of 0.65%. The company’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.92 EPS. On average, research analysts predict that Cencora, Inc. will post 13.61 EPS for the current fiscal year.

Cencora Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 9th were issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date was Friday, August 9th. Cencora’s dividend payout ratio (DPR) is 22.32%.

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.