CIBC Asset Management Inc Boosts Holdings in Cencora, Inc. (NYSE:COR)

CIBC Asset Management Inc increased its stake in shares of Cencora, Inc. (NYSE:COR) by 6.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 39,237 shares of the company’s stock after buying an additional 2,438 shares during the period. CIBC Asset Management Inc’s holdings in Cencora were worth $8,825,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in COR. Price T Rowe Associates Inc. MD purchased a new stake in Cencora during the first quarter worth about $2,183,619,000. Boston Partners purchased a new position in shares of Cencora in the first quarter worth about $1,001,269,000. Capital Research Global Investors purchased a new position in shares of Cencora in the first quarter worth about $650,424,000. Bessemer Group Inc. purchased a new position in shares of Cencora in the first quarter worth about $556,245,000. Finally, Janus Henderson Group PLC purchased a new position in shares of Cencora in the first quarter worth about $223,970,000. Hedge funds and other institutional investors own 97.52% of the company’s stock.

Cencora Trading Down 1.1 %

Shares of COR opened at $240.24 on Friday. The firm has a market cap of $47.34 billion, a price-to-earnings ratio of 31.99, a PEG ratio of 1.66 and a beta of 0.44. The company has a debt-to-equity ratio of 4.84, a quick ratio of 0.53 and a current ratio of 0.88. Cencora, Inc. has a fifty-two week low of $194.23 and a fifty-two week high of $251.56. The firm has a 50 day moving average price of $232.62 and a 200-day moving average price of $231.03.

Cencora Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a dividend of $0.55 per share. This is a positive change from Cencora’s previous quarterly dividend of $0.51. This represents a $2.20 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date is Friday, November 15th. Cencora’s dividend payout ratio is currently 29.29%.

Analysts Set New Price Targets

COR has been the subject of several recent research reports. JPMorgan Chase & Co. lifted their target price on shares of Cencora from $280.00 to $287.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. 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 research note on Monday, October 7th. Robert W. Baird boosted their price objective on shares of Cencora from $287.00 to $292.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Barclays boosted their price objective on shares of Cencora from $263.00 to $290.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Finally, Bank of America reaffirmed a “neutral” rating and set a $245.00 price objective (down previously from $275.00) on shares of Cencora in a research note on Wednesday, September 18th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $271.20.

Insider Activity at Cencora

In related news, Chairman Steven H. Collis sold 21,509 shares of the company’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $235.80, for a total transaction of $5,071,822.20. Following the completion of the sale, the chairman now directly owns 285,088 shares in the company, valued at $67,223,750.40. This represents a 7.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 15.80% of the stock is currently owned by company insiders.

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.