Sumitomo Life Insurance Co. Cuts Stake in Cencora, Inc. $COR

Sumitomo Life Insurance Co. lowered its holdings in shares of Cencora, Inc. (NYSE:COR) by 5.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,584 shares of the company’s stock after selling 267 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Cencora were worth $1,375,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Voleon Capital Management LP purchased a new stake in shares of Cencora during the first quarter worth about $3,111,000. Focus Partners Wealth grew its position in shares of Cencora by 25.8% during the first quarter. Focus Partners Wealth now owns 5,715 shares of the company’s stock worth $1,589,000 after purchasing an additional 1,171 shares in the last quarter. Martin Capital Partners LLC grew its position in shares of Cencora by 205.2% during the second quarter. Martin Capital Partners LLC now owns 3,784 shares of the company’s stock worth $1,135,000 after purchasing an additional 2,544 shares in the last quarter. Fiduciary Alliance LLC purchased a new position in Cencora during the 2nd quarter valued at approximately $262,000. Finally, Ascent Group LLC grew its holdings in Cencora by 42.7% during the 1st quarter. Ascent Group LLC now owns 12,586 shares of the company’s stock valued at $3,500,000 after buying an additional 3,764 shares in the last quarter. Hedge funds and other institutional investors own 97.52% of the company’s stock.

Insider Buying and Selling

In related news, CEO Robert P. Mauch sold 5,097 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 37,940 shares of the company’s stock, valued at approximately $12,398,792. This trade represents a 11.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Steven H. Collis sold 31,350 shares of the firm’s stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $289.86, for a total value of $9,087,111.00. Following the sale, the chairman directly owned 305,913 shares of the company’s stock, valued at $88,671,942.18. This represents a 9.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 41,544 shares of company stock valued at $12,230,941 over the last three months. 10.80% of the stock is owned by corporate insiders.

Cencora Price Performance

Shares of Cencora stock opened at $337.60 on Monday. The stock has a market cap of $65.45 billion, a price-to-earnings ratio of 34.73, a price-to-earnings-growth ratio of 1.56 and a beta of 0.63. The company has a debt-to-equity ratio of 3.64, a quick ratio of 0.53 and a current ratio of 0.90. The stock has a 50 day moving average price of $308.09 and a 200-day moving average price of $297.19. Cencora, Inc. has a one year low of $223.92 and a one year high of $350.46.

Cencora (NYSE:COR) last announced its earnings results on Wednesday, August 6th. The company reported $4.00 EPS for the quarter, topping analysts’ consensus estimates of $3.79 by $0.21. The firm had revenue of $80.66 billion during the quarter, compared to analysts’ expectations of $80.34 billion. Cencora had a return on equity of 267.36% and a net margin of 0.60%.The company’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.34 EPS. Equities analysts expect that Cencora, Inc. will post 15.37 EPS for the current 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. This represents a $2.20 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Friday, August 15th. Cencora’s dividend payout ratio (DPR) is currently 22.63%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Weiss Ratings restated a “buy (b-)” rating on shares of Cencora in a report on Thursday. Evercore ISI set a $340.00 price target on Cencora in a report on Wednesday, October 8th. UBS Group raised their price target on Cencora from $350.00 to $380.00 and gave the company a “buy” rating in a report on Monday, October 27th. Wells Fargo & Company raised their price target on Cencora from $337.00 to $354.00 and gave the company an “overweight” rating in a report on Wednesday, August 13th. Finally, Mizuho raised their price target on Cencora from $334.00 to $340.00 and gave the company an “outperform” rating in a report on Thursday. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Cencora presently has a consensus rating of “Moderate Buy” and an average price target of $329.55.

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.