Carnegie Investment Counsel Cuts Stake in Cencora, Inc. $COR

Carnegie Investment Counsel lowered its stake in shares of Cencora, Inc. (NYSE:COR) by 51.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,520 shares of the company’s stock after selling 1,620 shares during the period. Carnegie Investment Counsel’s holdings in Cencora were worth $456,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Atlantic Edge Private Wealth Management LLC increased its stake in shares of Cencora by 70.0% during the second quarter. Atlantic Edge Private Wealth Management LLC now owns 85 shares of the company’s stock worth $25,000 after purchasing an additional 35 shares in the last quarter. Cornerstone Planning Group LLC increased its stake in shares of Cencora by 106.7% during the first quarter. Cornerstone Planning Group LLC now owns 93 shares of the company’s stock worth $26,000 after purchasing an additional 48 shares in the last quarter. Costello Asset Management INC purchased a new stake in shares of Cencora during the first quarter worth about $28,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Cencora during the first quarter worth about $39,000. Finally, Golden State Wealth Management LLC increased its stake in shares of Cencora by 157.6% during the first quarter. Golden State Wealth Management LLC now owns 170 shares of the company’s stock worth $47,000 after purchasing an additional 104 shares in the last quarter. Hedge funds and other institutional investors own 97.52% of the company’s stock.

Insider Buying and Selling

In other news, CEO Robert P. Mauch sold 5,097 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $326.80, for a total value of $1,665,699.60. Following the sale, the chief executive officer directly owned 37,940 shares of the company’s stock, valued at approximately $12,398,792. The trade was a 11.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Steven H. Collis sold 31,350 shares of the business’s stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $289.86, for a total transaction of $9,087,111.00. Following the completion of the sale, the chairman directly owned 305,913 shares in the company, valued at $88,671,942.18. This trade represents a 9.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 41,544 shares of company stock worth $12,230,941 over the last three months. Insiders own 10.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on COR. Morgan Stanley set a $330.00 price target on shares of Cencora and gave the stock an “equal weight” rating in a research report on Wednesday, July 16th. Evercore ISI set a $340.00 price target on shares of Cencora in a research report on Wednesday, October 8th. Mizuho boosted their price target on shares of Cencora from $316.00 to $334.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. Jefferies Financial Group boosted their price target on shares of Cencora from $275.00 to $300.00 and gave the stock a “hold” rating in a research report on Monday, June 30th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Cencora in a research report on Wednesday, October 8th. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Cencora currently has an average rating of “Moderate Buy” and an average price target of $324.91.

Cencora Stock Performance

NYSE:COR opened at $333.02 on Monday. The company has a debt-to-equity ratio of 3.64, a current ratio of 0.90 and a quick ratio of 0.53. The firm has a market capitalization of $64.56 billion, a price-to-earnings ratio of 34.26, a PEG ratio of 1.55 and a beta of 0.63. The company’s 50-day moving average is $304.09 and its two-hundred day moving average is $295.16. Cencora, Inc. has a 1-year low of $223.92 and a 1-year high of $334.34.

Cencora (NYSE:COR) last released its quarterly earnings results on Wednesday, August 6th. The company reported $4.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.79 by $0.21. The business had revenue of $80.66 billion for the quarter, compared to the consensus estimate of $80.34 billion. Cencora had a net margin of 0.60% and a return on equity of 267.36%. The business’s revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the firm earned $3.34 EPS. Analysts forecast that Cencora, Inc. will post 15.37 EPS for the current year.

Cencora Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th were paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Friday, August 15th. Cencora’s payout ratio is 22.63%.

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.