Earnest Partners LLC Purchases New Holdings in Cencora, Inc. (NYSE:COR)

Earnest Partners LLC purchased a new stake in Cencora, Inc. (NYSE:COR) in the 1st quarter, HoldingsChannel reports. The fund purchased 282,744 shares of the company’s stock, valued at approximately $68,704,000.

Several other hedge funds have also made changes to their positions in COR. Rise Advisors LLC purchased a new stake in Cencora in the 1st quarter worth approximately $25,000. Legacy Bridge LLC purchased a new stake in Cencora in the 1st quarter worth approximately $27,000. TCTC Holdings LLC purchased a new stake in Cencora in the 1st quarter worth approximately $29,000. TFO Wealth Partners LLC purchased a new stake in Cencora in the 1st quarter worth approximately $30,000. Finally, WASHINGTON TRUST Co bought a new position in shares of Cencora during the 1st quarter valued at $32,000. Hedge funds and other institutional investors own 97.52% of the company’s stock.

Insiders Place Their Bets

In other Cencora news, major shareholder Walgreens Boots Alliance, Inc. sold 1,859,390 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $215.12, for a total value of $399,991,976.80. Following the sale, the insider now directly owns 24,418,171 shares in the company, valued at approximately $5,252,836,945.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Dermot Mark Durcan acquired 500 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were bought at an average cost of $218.58 per share, with a total value of $109,290.00. Following the completion of the acquisition, the director now owns 21,876 shares of the company’s stock, valued at $4,781,656.08. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Walgreens Boots Alliance, Inc. sold 1,859,390 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $215.12, for a total value of $399,991,976.80. Following the completion of the transaction, the insider now directly owns 24,418,171 shares of the company’s stock, valued at $5,252,836,945.52. The disclosure for this sale can be found here. Insiders have sold 1,899,112 shares of company stock worth $408,654,376 in the last ninety days. Insiders own 15.80% of the company’s stock.

Cencora Stock Performance

NYSE:COR traded down $0.44 during midday trading on Monday, reaching $227.18. The stock had a trading volume of 1,214,874 shares, compared to its average volume of 1,363,223. Cencora, Inc. has a 1-year low of $171.65 and a 1-year high of $246.75. The firm’s fifty day simple moving average is $226.96 and its 200-day simple moving average is $230.70. The company has a debt-to-equity ratio of 3.41, a current ratio of 0.89 and a quick ratio of 0.53. The stock has a market capitalization of $45.31 billion, a P/E ratio of 24.86, a PEG ratio of 1.58 and a beta of 0.45.

Cencora (NYSE:COR) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $3.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.65 by $0.15. The company had revenue of $68.41 billion for the quarter, compared to analyst estimates of $70.60 billion. Cencora had a net margin of 0.67% and a return on equity of 268.67%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period last year, the business posted $3.50 EPS. On average, equities research analysts forecast that Cencora, Inc. will post 13.46 EPS for the current fiscal year.

Cencora Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Friday, May 10th were given a $0.51 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $2.04 annualized dividend and a yield of 0.90%. Cencora’s dividend payout ratio is 22.32%.

Wall Street Analyst Weigh In

COR has been the topic of a number of recent research reports. StockNews.com downgraded shares of Cencora from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 2nd. Citigroup raised their price target on shares of Cencora from $265.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, April 30th. SVB Leerink restated an “outperform” rating and set a $275.00 price target on shares of Cencora in a report on Thursday, June 27th. Finally, Robert W. Baird raised their price target on shares of Cencora from $280.00 to $285.00 and gave the company an “outperform” rating in a report on Tuesday, July 9th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $238.78.

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.