Miracle Mile Advisors LLC Reduces Stake in Cencora, Inc. (NYSE:COR)

Miracle Mile Advisors LLC cut its stake in shares of Cencora, Inc. (NYSE:COR) by 25.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 910 shares of the company’s stock after selling 307 shares during the period. Miracle Mile Advisors LLC’s holdings in Cencora were worth $253,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Cencora during the 4th quarter valued at approximately $478,309,000. Bank of America Corp DE increased 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 valued at $1,166,944,000 after acquiring an additional 1,994,256 shares during the last quarter. Castlekeep Investment Advisors LLC bought a new position in Cencora during the fourth quarter valued at $399,508,000. GAMMA Investing LLC raised its stake in shares of Cencora by 43,561.9% in the first quarter. GAMMA Investing LLC now owns 1,598,461 shares of the company’s stock valued at $444,516,000 after acquiring an additional 1,594,800 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Cencora in the 4th quarter worth about $322,460,000. 97.52% of the stock is currently owned by hedge funds and other institutional investors.

Cencora Trading Up 0.7%

COR opened at $286.34 on Thursday. The company has a quick ratio of 0.54, a current ratio of 0.92 and a debt-to-equity ratio of 16.40. The stock’s fifty day moving average is $286.42 and its two-hundred day moving average is $260.98. The company has a market capitalization of $55.50 billion, a P/E ratio of 40.73, a PEG ratio of 1.31 and a beta of 0.58. Cencora, Inc. has a 52 week low of $218.65 and a 52 week high of $309.35.

Cencora (NYSE:COR) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $4.42 EPS for the quarter, beating the consensus estimate of $4.07 by $0.35. The firm had revenue of $75.50 billion for the quarter, compared to analyst estimates of $75.41 billion. Cencora had a return on equity of 328.62% and a net margin of 0.46%. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter last year, the firm posted $3.80 earnings per share. Analysts forecast 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 Monday, June 2nd. Stockholders of record on Friday, May 16th were given a $0.55 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $2.20 annualized dividend and a dividend yield of 0.77%. Cencora’s payout ratio is presently 25.52%.

Wall Street Analysts Forecast Growth

COR has been the topic of several analyst reports. Bank of America upped their price target on shares of Cencora from $270.00 to $285.00 and gave the company a “neutral” rating in a report on Friday, April 11th. UBS Group upped their target price on Cencora from $298.00 to $335.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. Robert W. Baird increased their price target on Cencora from $314.00 to $350.00 and gave the stock an “outperform” rating in a report on Thursday, May 8th. Wall Street Zen upgraded Cencora from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Finally, Morgan Stanley set a $288.00 price objective on Cencora in a research report on Tuesday, April 15th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Cencora presently has a consensus rating of “Moderate Buy” and an average target price of $306.91.

Insider Transactions at Cencora

In other news, EVP Elizabeth S. Campbell sold 4,127 shares of the business’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $268.28, for a total value of $1,107,191.56. Following the completion of the transaction, the executive vice president now directly owns 14,665 shares of the company’s stock, valued at approximately $3,934,326.20. The trade was a 21.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert P. Mauch sold 4,969 shares of Cencora stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $289.33, for a total value of $1,437,680.77. Following the completion of the transaction, the chief executive officer now owns 47,582 shares in the company, valued at $13,766,900.06. This trade represents a 9.46% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,253 shares of company stock valued at $10,582,297. Company insiders own 10.80% of the company’s stock.

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.