Freedom Investment Management Inc. Trims Holdings in Cencora, Inc. $COR

Freedom Investment Management Inc. trimmed its stake in Cencora, Inc. (NYSE:COR) by 72.5% during the second quarter, Holdings Channel.com reports. The fund owned 1,559 shares of the company’s stock after selling 4,114 shares during the period. Freedom Investment Management Inc.’s holdings in Cencora were worth $467,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Citizens & Northern Corp increased its stake in Cencora by 2.1% during the 2nd quarter. Citizens & Northern Corp now owns 7,441 shares of the company’s stock worth $2,231,000 after buying an additional 156 shares during the period. Cullen Frost Bankers Inc. increased its stake in Cencora by 5.9% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 4,423 shares of the company’s stock worth $1,326,000 after buying an additional 247 shares during the period. Atlantic Edge Private Wealth Management LLC increased its stake in Cencora by 70.0% during the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 85 shares of the company’s stock worth $25,000 after buying an additional 35 shares during the period. Phoenix Financial Ltd. purchased a new stake in Cencora during the 2nd quarter worth approximately $258,000. Finally, DekaBank Deutsche Girozentrale increased its stake in Cencora by 1.9% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 543,013 shares of the company’s stock worth $161,655,000 after buying an additional 10,125 shares during the period. 97.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Morgan Stanley set a $330.00 target price on shares of Cencora and gave the stock an “equal weight” rating in a research note on Wednesday, July 16th. Wall Street Zen downgraded shares of Cencora from a “buy” rating to a “hold” rating in a research note on Saturday, October 11th. Wells Fargo & Company boosted their price target on shares of Cencora from $337.00 to $354.00 and gave the stock an “overweight” rating in a report on Wednesday, August 13th. Mizuho boosted their price target on shares of Cencora from $316.00 to $334.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Cencora in a report on Wednesday, October 8th. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $324.91.

Cencora Trading Up 1.4%

Shares of Cencora stock opened at $333.02 on Friday. The company has a fifty day simple moving average of $304.09 and a 200-day simple moving average of $295.02. Cencora, Inc. has a 12-month low of $223.92 and a 12-month high of $334.34. 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 market cap of $64.56 billion, a price-to-earnings ratio of 34.26, a PEG ratio of 1.55 and a beta of 0.63.

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

Cencora Dividend Announcement

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

Insiders Place Their Bets

In related news, Chairman Steven H. Collis sold 31,350 shares of the stock in a transaction on 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 sale, the chairman owned 305,913 shares in the company, valued at $88,671,942.18. This represents a 9.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert P. Mauch sold 5,097 shares of the stock in a transaction on Monday, October 20th. The stock was sold at an average price of $326.80, for a total transaction of $1,665,699.60. Following the sale, the chief executive officer owned 37,940 shares of the company’s stock, valued at approximately $12,398,792. This represents a 11.84% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,544 shares of company stock valued at $12,230,941. 10.80% of the stock is owned by company insiders.

About Cencora

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.