Cencora, Inc. (NYSE:COR) Shares Sold by MAI Capital Management

MAI Capital Management reduced its holdings in Cencora, Inc. (NYSE:COR) by 38.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,344 shares of the company’s stock after selling 2,745 shares during the period. MAI Capital Management’s holdings in Cencora were worth $978,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of COR. New Millennium Group LLC acquired a new stake in Cencora during the second quarter worth about $26,000. MFA Wealth Advisors LLC acquired a new stake in shares of Cencora during the 2nd quarter worth approximately $30,000. Concord Wealth Partners acquired a new position in Cencora in the third quarter valued at approximately $30,000. LRI Investments LLC acquired a new stake in Cencora during the first quarter worth $31,000. Finally, SYSTM Wealth Solutions LLC acquired a new position in shares of Cencora in the 2nd quarter valued at $36,000. Hedge funds and other institutional investors own 97.52% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman Steven H. Collis sold 21,509 shares of Cencora stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $242.16, for a total transaction of $5,208,619.44. Following the completion of the sale, the chairman now directly owns 306,752 shares of the company’s stock, valued at approximately $74,283,064.32. The trade was a 6.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 15.80% of the stock is currently owned by company insiders.

Cencora Stock Performance

Shares of COR opened at $245.50 on Friday. Cencora, Inc. has a 1 year low of $195.83 and a 1 year high of $251.56. The stock has a market capitalization of $48.38 billion, a PE ratio of 32.69, a PEG ratio of 1.60 and a beta of 0.44. The company has a debt-to-equity ratio of 4.84, a quick ratio of 0.53 and a current ratio of 0.88. The stock has a 50-day simple moving average of $232.96 and a 200-day simple moving average of $231.37.

Cencora Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a $0.55 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.20 dividend on an annualized basis and a yield of 0.90%. This is an increase from Cencora’s previous quarterly dividend of $0.51. Cencora’s payout ratio is currently 29.29%.

Analyst Ratings Changes

A number of research analysts have commented on COR shares. Bank of America reaffirmed a “neutral” rating and issued a $245.00 target price (down previously from $275.00) on shares of Cencora in a research report on Wednesday, September 18th. Evercore ISI increased their price objective on shares of Cencora from $250.00 to $285.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Robert W. Baird boosted their target price on Cencora from $287.00 to $292.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. UBS Group boosted their price objective on Cencora from $275.00 to $285.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Wells Fargo & Company raised their target price on Cencora from $236.00 to $249.00 and gave the company an “equal weight” rating in a report on Thursday, August 1st. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $271.20.

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.