Convergence Investment Partners LLC Sells 1,452 Shares of Cencora, Inc. $COR

Convergence Investment Partners LLC cut its stake in Cencora, Inc. (NYSE:COR) by 21.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,294 shares of the company’s stock after selling 1,452 shares during the period. Convergence Investment Partners LLC’s holdings in Cencora were worth $1,588,000 as of its most recent filing with the Securities and Exchange Commission.

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

Cencora Stock Up 1.4%

Shares of NYSE COR opened at $333.02 on Monday. The stock has a market cap of $64.56 billion, a P/E ratio of 34.26, a P/E/G ratio of 1.55 and a beta of 0.63. The firm has a 50 day moving average price of $304.09 and a 200 day moving average price of $295.16. The company has a debt-to-equity ratio of 3.64, a quick ratio of 0.53 and a current ratio of 0.90. Cencora, Inc. has a 52-week low of $223.92 and a 52-week high of $334.34.

Cencora (NYSE:COR) last issued its quarterly earnings data 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 firm had revenue of $80.66 billion during the quarter, compared to analysts’ expectations of $80.34 billion. Cencora had a net margin of 0.60% and a return on equity of 267.36%. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.34 earnings per share. Analysts expect that Cencora, Inc. will post 15.37 EPS for the current year.

Cencora Announces Dividend

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

Insider Buying and Selling

In related 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 transaction of $1,665,699.60. Following the completion of the transaction, the chief executive officer owned 37,940 shares in the company, valued at approximately $12,398,792. The trade was a 11.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Steven H. Collis sold 31,350 shares of the company’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 transaction, the chairman owned 305,913 shares of the company’s stock, valued at $88,671,942.18. This trade represents a 9.30% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 41,544 shares of company stock valued at $12,230,941. Corporate insiders own 10.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on COR shares. 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 note on Thursday, October 16th. Morgan Stanley set a $330.00 price target on shares of Cencora and gave the stock an “equal weight” rating in a research note on Wednesday, July 16th. Weiss Ratings reissued a “buy (b)” rating on shares of Cencora in a research note on Wednesday, October 8th. Evercore ISI set a $340.00 price target on shares of Cencora in a research note on Wednesday, October 8th. Finally, 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 note on Monday, June 30th. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $324.91.

Cencora Company 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.