Allstate Corp Boosts Stake in Cencora, Inc. $COR

Allstate Corp raised its holdings in Cencora, Inc. (NYSE:COR) by 14.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,140 shares of the company’s stock after purchasing an additional 791 shares during the quarter. Allstate Corp’s holdings in Cencora were worth $1,707,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its position in Cencora by 8.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,647,310 shares of the company’s stock valued at $2,682,821,000 after purchasing an additional 787,858 shares during the period. Wellington Management Group LLP raised its position in Cencora by 7.2% in the first quarter. Wellington Management Group LLP now owns 5,421,262 shares of the company’s stock valued at $1,507,599,000 after purchasing an additional 363,402 shares during the period. Boston Partners raised its position in Cencora by 8.1% in the first quarter. Boston Partners now owns 5,411,193 shares of the company’s stock valued at $1,505,984,000 after purchasing an additional 404,093 shares during the period. Bank of America Corp DE raised its position in 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 period. Finally, Invesco Ltd. raised its position in Cencora by 42.1% in the first quarter. Invesco Ltd. now owns 4,607,964 shares of the company’s stock valued at $1,281,429,000 after purchasing an additional 1,364,433 shares during the period. Hedge funds and other institutional investors own 97.52% of the company’s stock.

Analyst Ratings Changes

COR has been the topic of a number of research analyst reports. Morgan Stanley set a $330.00 target price on Cencora and gave the company an “equal weight” rating in a research report on Wednesday, July 16th. UBS Group lifted their price objective on Cencora from $298.00 to $335.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. Wells Fargo & Company lifted their price objective on Cencora from $337.00 to $354.00 and gave the company an “overweight” rating in a research note on Wednesday, August 13th. Jefferies Financial Group lifted their price objective on Cencora from $275.00 to $300.00 and gave the company a “hold” rating in a research note on Monday, June 30th. Finally, Citigroup lifted their price objective on Cencora from $330.00 to $355.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $311.25.

Insider Activity

In other Cencora news, CEO Robert P. Mauch sold 4,968 shares of the company’s stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $294.11, for a total transaction of $1,461,138.48. Following the sale, the chief executive officer owned 42,351 shares in the company, valued at $12,455,852.61. This represents a 10.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Steven H. Collis sold 14,578 shares of the company’s stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $292.67, for a total value of $4,266,543.26. Following the sale, the chairman owned 309,913 shares in the company, valued at approximately $90,702,237.71. This trade represents a 4.49% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,125 shares of company stock worth $9,993,789. 10.80% of the stock is owned by company insiders.

Cencora Trading Down 3.6%

Shares of NYSE COR opened at $292.2490 on Friday. Cencora, Inc. has a twelve month low of $218.65 and a twelve month high of $309.35. The stock has a market capitalization of $56.66 billion, a PE ratio of 30.07, a PEG ratio of 1.39 and a beta of 0.58. The company has a current ratio of 0.90, a quick ratio of 0.53 and a debt-to-equity ratio of 3.64. The stock has a fifty day simple moving average of $293.48 and a 200-day simple moving average of $280.63.

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

Cencora Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th will be issued a dividend of $0.55 per share. The ex-dividend date is Friday, August 15th. This represents a $2.20 annualized dividend and a yield of 0.8%. Cencora’s dividend payout ratio is 22.63%.

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.