Parsons Capital Management Inc. RI Has $4.15 Million Stake in Cencora, Inc. (NYSE:COR)

Parsons Capital Management Inc. RI trimmed its holdings in shares of Cencora, Inc. (NYSE:COR) by 4.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,919 shares of the company’s stock after selling 718 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Cencora were worth $4,149,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in COR. Norges Bank acquired a new stake in shares of Cencora in the fourth quarter valued at about $478,309,000. Bank of America Corp DE grew its position in shares of Cencora by 62.3% in the fourth quarter. Bank of America Corp DE now owns 5,193,807 shares of the company’s stock valued at $1,166,944,000 after purchasing an additional 1,994,256 shares during the last quarter. Castlekeep Investment Advisors LLC acquired a new stake in shares of Cencora in the fourth quarter valued at about $399,508,000. GAMMA Investing LLC grew its position in shares of Cencora by 43,561.9% in the first quarter. GAMMA Investing LLC now owns 1,598,461 shares of the company’s stock valued at $444,516,000 after purchasing an additional 1,594,800 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Cencora in the fourth quarter valued at about $322,460,000. 97.52% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on COR shares. Wells Fargo & Company upgraded shares of Cencora from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $274.00 to $337.00 in a research note on Tuesday, June 3rd. Bank of America increased their target price on shares of Cencora from $270.00 to $285.00 and gave the company a “neutral” rating in a research note on Friday, April 11th. Morgan Stanley set a $288.00 target price on shares of Cencora in a research note on Tuesday, April 15th. Wall Street Zen upgraded shares of Cencora from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Finally, Citigroup raised their price target on shares of Cencora from $330.00 to $355.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Cencora has an average rating of “Moderate Buy” and a consensus price target of $306.91.

Cencora Stock Performance

NYSE COR opened at $283.94 on Tuesday. The company has a 50 day moving average of $286.38 and a 200-day moving average of $260.64. The company has a current ratio of 0.92, a quick ratio of 0.54 and a debt-to-equity ratio of 16.40. Cencora, Inc. has a 1-year low of $218.65 and a 1-year high of $309.35. The firm has a market cap of $55.03 billion, a price-to-earnings ratio of 40.39, a PEG ratio of 1.31 and a beta of 0.58.

Cencora (NYSE:COR) last released its earnings results on Wednesday, May 7th. The company reported $4.42 EPS for the quarter, topping analysts’ consensus estimates of $4.07 by $0.35. Cencora had a net margin of 0.46% and a return on equity of 328.62%. The firm had revenue of $75.50 billion during the quarter, compared to analyst estimates of $75.41 billion. During the same quarter in the previous year, the business earned $3.80 EPS. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, equities analysts forecast that Cencora, Inc. will post 15.37 earnings per share for the current fiscal year.

Cencora Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 16th were issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 0.77%. The ex-dividend date of this dividend was Friday, May 16th. Cencora’s dividend payout ratio is presently 25.52%.

Insiders Place Their Bets

In other news, Chairman Steven H. Collis sold 14,579 shares of Cencora stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $281.81, for a total transaction of $4,108,507.99. Following the transaction, the chairman now directly owns 315,913 shares of the company’s stock, valued at $89,027,442.53. This trade represents a 4.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert P. Mauch sold 4,969 shares of Cencora stock in a transaction on Monday, April 21st. The stock was sold at an average price of $289.33, for a total transaction of $1,437,680.77. Following the transaction, the chief executive officer now directly owns 47,582 shares in the company, valued at approximately $13,766,900.06. This represents a 9.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,253 shares of company stock valued at $10,582,297. Company insiders own 10.80% of the company’s stock.

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.