Jennison Associates LLC Acquires New Stake in Cencora, Inc. $COR

Jennison Associates LLC acquired a new stake in Cencora, Inc. (NYSE:COR) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 163,544 shares of the company’s stock, valued at approximately $49,039,000. Jennison Associates LLC owned 0.08% of Cencora as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Atlantic Edge Private Wealth Management LLC increased its holdings in Cencora by 70.0% in the second quarter. Atlantic Edge Private Wealth Management LLC now owns 85 shares of the company’s stock valued at $25,000 after purchasing an additional 35 shares during the period. Obermeyer Wealth Partners boosted its position in Cencora by 1.3% during the first quarter. Obermeyer Wealth Partners now owns 2,724 shares of the company’s stock valued at $758,000 after acquiring an additional 36 shares during the last quarter. Grove Bank & Trust boosted its position in Cencora by 4.3% during the second quarter. Grove Bank & Trust now owns 879 shares of the company’s stock valued at $264,000 after acquiring an additional 36 shares during the last quarter. U.S. Capital Wealth Advisors LLC boosted its position in Cencora by 0.4% during the second quarter. U.S. Capital Wealth Advisors LLC now owns 8,547 shares of the company’s stock valued at $2,563,000 after acquiring an additional 38 shares during the last quarter. Finally, Monument Capital Management boosted its position in Cencora by 2.4% during the second quarter. Monument Capital Management now owns 1,637 shares of the company’s stock valued at $491,000 after acquiring an additional 38 shares during the last quarter. 97.52% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Robert P. Mauch sold 5,097 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer owned 37,940 shares of the company’s stock, valued at approximately $12,398,792. This trade represents a 11.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Steven H. Collis sold 31,350 shares of the firm’s stock in a transaction dated 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 directly owned 305,913 shares in the company, valued at approximately $88,671,942.18. The trade was a 9.30% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 41,544 shares of company stock worth $12,230,941. 10.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

COR has been the topic of a number of research analyst reports. Wall Street Zen cut shares of Cencora from a “buy” rating to a “hold” rating in a research report on Saturday, October 11th. Morgan Stanley set a $330.00 price target on shares of Cencora and gave the company an “equal weight” rating in a research report on Wednesday, July 16th. Wells Fargo & Company upped their price target on shares of Cencora from $337.00 to $354.00 and gave the company an “overweight” rating in a research report on Wednesday, August 13th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cencora in a research report on Wednesday, October 8th. Finally, Evercore ISI set a $340.00 price target on shares of Cencora in a research report on Wednesday, October 8th. Nine investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $329.00.

Cencora Price Performance

COR stock opened at $333.20 on Thursday. The stock has a market capitalization of $64.60 billion, a PE ratio of 34.28, a price-to-earnings-growth ratio of 1.57 and a beta of 0.63. The company’s 50-day moving average is $306.43 and its 200-day moving average is $296.34. The company has a debt-to-equity ratio of 3.64, a current ratio of 0.90 and a quick ratio of 0.53. Cencora, Inc. has a 1 year low of $223.92 and a 1 year high of $338.22.

Cencora (NYSE:COR) last released its quarterly earnings data on Wednesday, August 6th. The company reported $4.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.79 by $0.21. The company had revenue of $80.66 billion for 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 was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.34 EPS. Equities research analysts expect that Cencora, Inc. will post 15.37 EPS for the current fiscal year.

Cencora Announces Dividend

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

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.