Suncoast Equity Management Boosts Stock Position in Cencora, Inc. (NYSE:COR)

Suncoast Equity Management raised its holdings in shares of Cencora, Inc. (NYSE:COR) by 4.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 26,816 shares of the company’s stock after acquiring an additional 1,040 shares during the quarter. Cencora makes up 0.7% of Suncoast Equity Management’s investment portfolio, making the stock its 22nd biggest holding. Suncoast Equity Management’s holdings in Cencora were worth $6,036,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Allspring Global Investments Holdings LLC increased its stake in Cencora by 120.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 357,956 shares of the company’s stock valued at $80,569,000 after purchasing an additional 195,668 shares during the last quarter. Buckley Wealth Management LLC raised its stake in Cencora by 1.5% during the 3rd quarter. Buckley Wealth Management LLC now owns 5,345 shares of the company’s stock worth $1,203,000 after acquiring an additional 80 shares in the last quarter. Capital Investment Advisors LLC boosted its stake in Cencora by 35.4% in the third quarter. Capital Investment Advisors LLC now owns 1,334 shares of the company’s stock valued at $300,000 after acquiring an additional 349 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Cencora by 108.7% during the third quarter. Blue Trust Inc. now owns 2,776 shares of the company’s stock worth $625,000 after purchasing an additional 1,446 shares during the last quarter. Finally, Net Worth Advisory Group acquired a new stake in shares of Cencora during the third quarter worth about $586,000. Hedge funds and other institutional investors own 97.52% of the company’s stock.

Cencora Stock Performance

NYSE:COR traded up $0.28 during mid-day trading on Monday, reaching $237.71. The stock had a trading volume of 136,853 shares, compared to its average volume of 1,417,409. Cencora, Inc. has a twelve month low of $182.75 and a twelve month high of $247.66. The business has a 50 day simple moving average of $232.38 and a 200 day simple moving average of $230.95. The firm has a market capitalization of $47.41 billion, a price-to-earnings ratio of 25.98, a PEG ratio of 1.40 and a beta of 0.44. The company has a debt-to-equity ratio of 3.93, a quick ratio of 0.55 and a current ratio of 0.89.

Cencora (NYSE:COR) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $3.34 EPS for the quarter, beating the consensus estimate of $3.18 by $0.16. Cencora had a return on equity of 266.60% and a net margin of 0.65%. The business had revenue of $74.20 billion during the quarter, compared to analysts’ expectations of $73.32 billion. During the same period last year, the firm earned $2.92 EPS. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, analysts expect that Cencora, Inc. will post 13.63 earnings per share for the current fiscal year.

Cencora Announces Dividend

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

Analysts Set New Price Targets

COR has been the topic of a number of research reports. Robert W. Baird dropped their price target on Cencora from $287.00 to $283.00 and set an “outperform” rating on the stock in a research note on Friday, September 6th. Wells Fargo & Company raised their target price on shares of Cencora from $236.00 to $249.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 1st. Evercore ISI decreased their price target on shares of Cencora from $270.00 to $250.00 and set an “outperform” rating for the company in a research note on Tuesday, October 8th. JPMorgan Chase & Co. raised their price objective on shares of Cencora from $280.00 to $287.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Finally, Leerink Partners reduced their target price on shares of Cencora from $277.00 to $275.00 and set an “outperform” rating for the company in a report on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Cencora has an average rating of “Moderate Buy” and an average price target of $259.44.

Insider Buying and Selling

In other Cencora news, major shareholder Walgreens Boots Alliance, Inc. sold 4,438,171 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $240.56, for a total value of $1,067,646,415.76. Following the completion of the transaction, the insider now directly owns 19,980,000 shares of the company’s stock, valued at approximately $4,806,388,800. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, major shareholder Walgreens Boots Alliance, Inc. sold 4,438,171 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $240.56, for a total value of $1,067,646,415.76. Following the sale, the insider now owns 19,980,000 shares in the company, valued at $4,806,388,800. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Silvana Battaglia sold 1,473 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $242.69, for a total value of $357,482.37. Following the completion of the transaction, the executive vice president now directly owns 10,948 shares of the company’s stock, valued at $2,656,970.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.80% of the stock is owned by insiders.

Cencora 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.