Cencora, Inc. $COR Stock: Pictet Asset Management Holding SA Decreases Stake

Pictet Asset Management Holding SA trimmed its holdings in Cencora, Inc. (NYSE:COR) by 1.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 101,774 shares of the company’s stock after selling 1,943 shares during the period. Pictet Asset Management Holding SA owned about 0.05% of Cencora worth $30,558,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in COR. Pinnacle Associates Ltd. lifted its position in Cencora by 1.8% in the 3rd quarter. Pinnacle Associates Ltd. now owns 2,203 shares of the company’s stock valued at $662,000 after acquiring an additional 38 shares in the last quarter. Elmwood Wealth Management Inc. raised its position in Cencora by 0.9% in the 2nd quarter. Elmwood Wealth Management Inc. now owns 4,314 shares of the company’s stock valued at $1,221,000 after buying an additional 40 shares during the last quarter. Signature Equity Partners LLC lifted its stake in Cencora by 4.6% during the 1st quarter. Signature Equity Partners LLC now owns 937 shares of the company’s stock valued at $294,000 after acquiring an additional 41 shares in the last quarter. Mosley Wealth Management lifted its stake in Cencora by 11.5% during the 3rd quarter. Mosley Wealth Management now owns 407 shares of the company’s stock valued at $122,000 after acquiring an additional 42 shares in the last quarter. Finally, Weaver Consulting Group lifted its stake in Cencora by 2.5% during the 3rd quarter. Weaver Consulting Group now owns 1,798 shares of the company’s stock valued at $540,000 after acquiring an additional 44 shares in the last quarter. 97.52% of the stock is currently owned by institutional investors and hedge funds.

Cencora Trading Up 0.8%

Shares of COR stock opened at $348.54 on Wednesday. The company has a quick ratio of 0.59, a current ratio of 0.94 and a debt-to-equity ratio of 3.01. The firm has a market cap of $66.51 billion, a P/E ratio of 19.45, a PEG ratio of 1.79 and a beta of 0.58. The company has a 50 day moving average of $326.05 and a 200-day moving average of $317.23. Cencora, Inc. has a 12-month low of $244.82 and a 12-month high of $377.54.

Cencora (NYSE:COR) last released its earnings results on Wednesday, November 4th. The company reported $4.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.58 by $0.08. The business had revenue of $88.35 billion during the quarter, compared to the consensus estimate of $87.95 billion. Cencora had a return on equity of 110.72% and a net margin of 1.03%. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period last year, the business posted $3.84 earnings per share. Sell-side analysts anticipate that Cencora, Inc. will post 19.58 earnings per share for the current year.

Cencora Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 30th. Shareholders of record on Friday, November 13th will be given a dividend of $0.66 per share. This is a boost from Cencora’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Friday, November 13th. Cencora’s dividend payout ratio (DPR) is 13.39%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on COR shares. Leerink Partners upped their target price on shares of Cencora from $388.00 to $405.00 and gave the stock an “outperform” rating in a research note on Thursday, November 5th. Royal Bank Of Canada restated a “sector perform” rating and set a $330.00 price target on shares of Cencora in a report on Tuesday, September 8th. Wells Fargo & Company upped their price objective on shares of Cencora from $331.00 to $395.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 11th. JPMorgan Chase & Co. increased their price objective on shares of Cencora from $390.00 to $413.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Argus increased their price objective on shares of Cencora from $340.00 to $380.00 and gave the company a “buy” rating in a research note on Tuesday, October 20th. Twelve equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $368.14.

Insiders Place Their Bets

In other news, EVP Elizabeth Campbell sold 11,300 shares of Cencora stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $324.12, for a total value of $3,662,556.00. Following the completion of the transaction, the executive vice president owned 19,455 shares in the company, valued at $6,305,754.60. This trade represents a 36.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.38% of the stock is owned by corporate insiders.

Cencora Company Profile

Cencora, formerly known as AmerisourceBergen, is a global pharmaceutical services company that connects pharmaceutical manufacturers with healthcare providers. Its core business includes sourcing and distributing medicines and other healthcare products to pharmacies, hospitals, health systems and other care providers. The company also provides services supporting specialty pharmaceuticals, including logistics, consulting and solutions for manufacturers and healthcare organizations. These services help manage the handling and delivery of complex medicines and support access to treatments.