Meiji Yasuda Asset Management Co Ltd. Increases Position in Cencora, Inc. $COR

Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Cencora, Inc. (NYSE:COR) by 370.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,683 shares of the company’s stock after acquiring an additional 19,438 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Cencora were worth $6,864,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of COR. Price T Rowe Associates Inc. MD boosted its position in Cencora by 8.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,647,310 shares of the company’s stock worth $2,682,821,000 after purchasing an additional 787,858 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Cencora by 7.2% during the 1st quarter. Wellington Management Group LLP now owns 5,421,262 shares of the company’s stock worth $1,507,599,000 after buying an additional 363,402 shares during the last quarter. Boston Partners boosted its position in shares of Cencora by 8.1% in 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. Invesco Ltd. grew its stake in Cencora by 42.1% in the 1st quarter. Invesco Ltd. now owns 4,607,964 shares of the company’s stock valued at $1,281,429,000 after acquiring an additional 1,364,433 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Cencora by 9.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,711,281 shares of the company’s stock valued at $475,890,000 after acquiring an additional 154,311 shares in the last quarter. Hedge funds and other institutional investors own 97.52% of the company’s stock.

Insider Activity

In related news, Chairman Steven H. Collis sold 14,578 shares of the business’s stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $292.67, for a total value of $4,266,543.26. Following the completion of the sale, the chairman directly owned 309,913 shares in the company, valued at approximately $90,702,237.71. The trade was a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert P. Mauch sold 4,968 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 42,351 shares in the company, valued at approximately $12,455,852.61. This represents a 10.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,125 shares of company stock valued at $9,993,789 in the last 90 days. 10.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Morgan Stanley set a $330.00 price target on shares of Cencora and gave the company an “equal weight” rating in a research report on Wednesday, July 16th. Wells Fargo & Company upped their target price on Cencora from $337.00 to $354.00 and gave the company an “overweight” rating in a research note on Wednesday, August 13th. Finally, Jefferies Financial Group raised their price target on Cencora from $275.00 to $300.00 and gave the stock a “hold” rating in a research report on Monday, June 30th. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $311.25.

Cencora Stock Down 0.1%

Shares of NYSE COR opened at $292.52 on Monday. The firm has a market cap of $56.71 billion, a P/E ratio of 30.09, a price-to-earnings-growth ratio of 1.39 and a beta of 0.62. The company has a debt-to-equity ratio of 3.64, a quick ratio of 0.53 and a current ratio of 0.90. Cencora, Inc. has a 1 year low of $218.65 and a 1 year high of $309.35. The firm’s 50 day moving average price is $292.84 and its 200 day moving average price is $284.16.

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 analysts’ consensus estimates 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 analyst estimates of $80.34 billion. During the same quarter in the prior year, the company posted $3.34 EPS. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cencora, Inc. will post 15.37 earnings per share for the current year.

Cencora Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th were paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Friday, August 15th. Cencora’s dividend payout ratio (DPR) is presently 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.