Cencora, Inc. $COR Position Increased by Fifth Third Bancorp

Fifth Third Bancorp raised its position in Cencora, Inc. (NYSE:COR) by 18.4% during the third quarter, Holdings Channel reports. The fund owned 77,837 shares of the company’s stock after acquiring an additional 12,112 shares during the period. Fifth Third Bancorp’s holdings in Cencora were worth $23,370,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Cencora during the 2nd quarter valued at about $5,154,136,000. Bank of America Corp DE increased its position in shares of Cencora by 6.9% during the 1st quarter. Bank of America Corp DE now owns 4,138,388 shares of the company’s stock valued at $1,300,033,000 after purchasing an additional 267,318 shares during the last quarter. Amundi increased its position in shares of Cencora by 43.5% during the 2nd quarter. Amundi now owns 2,229,326 shares of the company’s stock valued at $630,855,000 after purchasing an additional 676,066 shares during the last quarter. Carmignac Gestion lifted its stake in shares of Cencora by 58.7% in the 2nd quarter. Carmignac Gestion now owns 1,747,363 shares of the company’s stock worth $494,463,000 after purchasing an additional 646,112 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Cencora in the second quarter worth approximately $483,772,000. 97.52% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Morgan Stanley boosted their target price on shares of Cencora from $346.00 to $377.00 and gave the company an “overweight” rating in a research report on Friday, October 30th. Citigroup reiterated a “buy” rating on shares of Cencora in a research report on Thursday, August 6th. Evercore reiterated an “outperform” rating and set a $350.00 price target (up from $330.00) on shares of Cencora in a research note on Thursday, August 6th. Robert W. Baird boosted their price objective on shares of Cencora from $373.00 to $375.00 and gave the company an “outperform” rating in a research report on Thursday, October 22nd. Finally, Weiss Ratings raised shares of Cencora from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, October 6th. Twelve analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $368.14.

Insider Activity

In related news, EVP Elizabeth Campbell sold 11,300 shares of Cencora stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $324.12, for a total transaction of $3,662,556.00. Following the sale, the executive vice president owned 19,455 shares of the company’s stock, valued at approximately $6,305,754.60. This trade represents a 36.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.38% of the company’s stock.

Cencora Stock Performance

Shares of NYSE COR opened at $359.12 on Friday. The stock has a market cap of $68.53 billion, a PE ratio of 19.44, a price-to-earnings-growth ratio of 1.81 and a beta of 0.58. Cencora, Inc. has a 1 year low of $244.82 and a 1 year high of $377.54. The firm has a fifty day moving average price of $327.12 and a 200-day moving average price of $317.20. The company has a debt-to-equity ratio of 3.01, a current ratio of 0.94 and a quick ratio of 0.59.

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

Cencora Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 30th. Investors of record on Friday, November 13th will be given a dividend of $0.66 per share. This is an increase from Cencora’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Friday, November 13th. Cencora’s dividend payout ratio (DPR) is 13.39%.

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.