Synovus Financial Corp Raises Stock Position in Cencora, Inc. $COR

Synovus Financial Corp increased its position in shares of Cencora, Inc. (NYSE:COR) by 6.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,841 shares of the company’s stock after buying an additional 1,183 shares during the period. Synovus Financial Corp’s holdings in Cencora were worth $5,240,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD raised its stake 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 buying an additional 787,858 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Cencora by 7.2% during 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 in the last quarter. Boston Partners increased its stake in Cencora by 8.1% during the 1st quarter. Boston Partners now owns 5,411,193 shares of the company’s stock worth $1,505,984,000 after buying an additional 404,093 shares in the last quarter. Bank of America Corp DE lifted its position in Cencora by 62.3% during the fourth quarter. Bank of America Corp DE now owns 5,193,807 shares of the company’s stock worth $1,166,944,000 after buying an additional 1,994,256 shares in the last quarter. Finally, Invesco Ltd. raised its stake in Cencora by 42.1% during the first quarter. Invesco Ltd. now owns 4,607,964 shares of the company’s stock worth $1,281,429,000 after purchasing an additional 1,364,433 shares during the period. 97.52% of the stock is owned by hedge funds and other institutional investors.

Cencora Trading Down 3.6%

NYSE COR opened at $292.2490 on Monday. The firm’s fifty day moving average is $293.48 and its two-hundred day moving average is $280.87. Cencora, Inc. has a one year low of $218.65 and a one year high of $309.35. The company has a debt-to-equity ratio of 3.64, a quick ratio of 0.53 and a current ratio of 0.90. The firm has a market cap of $56.66 billion, a PE ratio of 30.07, a P/E/G ratio of 1.39 and a beta of 0.58.

Cencora (NYSE:COR) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $4.00 earnings per share for the quarter, beating analysts’ consensus estimates of $3.79 by $0.21. Cencora had a net margin of 0.60% and a return on equity of 267.36%. The firm had revenue of $80.66 billion for the quarter, compared to analyst estimates of $80.34 billion. During the same period last year, the firm posted $3.34 EPS. Cencora’s quarterly revenue was up 8.7% on a year-over-year basis. Analysts expect that Cencora, Inc. will post 15.37 earnings per share for the current year.

Cencora Announces Dividend

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

Insiders Place Their Bets

In other news, CEO Robert P. Mauch sold 4,968 shares of the stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $294.11, for a total value of $1,461,138.48. Following the completion of the transaction, the chief executive officer owned 42,351 shares in the company, valued at $12,455,852.61. This trade represents a 10.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Steven H. Collis sold 14,579 shares of the company’s stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $292.62, for a total transaction of $4,266,106.98. Following the transaction, the chairman owned 311,913 shares in the company, valued at $91,271,982.06. The trade was a 4.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,125 shares of company stock worth $9,993,789. Corporate insiders own 10.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on COR shares. Citigroup increased their target price on Cencora from $330.00 to $355.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. Robert W. Baird raised their price objective on shares of Cencora from $314.00 to $350.00 and gave the company an “outperform” rating in a report on Thursday, May 8th. Jefferies Financial Group boosted their target price 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. UBS Group raised their price target on Cencora from $298.00 to $335.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. Finally, Wells Fargo & Company upped their price objective on Cencora from $337.00 to $354.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 13th. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $311.25.

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.