PNC Financial Services Group Inc. Cuts Holdings in Cencora, Inc. $COR

PNC Financial Services Group Inc. trimmed its stake in Cencora, Inc. (NYSE:COR) by 1.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 205,326 shares of the company’s stock after selling 3,202 shares during the period. PNC Financial Services Group Inc. owned 0.11% of Cencora worth $64,171,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. increased its holdings in Cencora by 13.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 48,270 shares of the company’s stock valued at $15,086,000 after purchasing an additional 5,543 shares during the last quarter. Acadian Asset Management LLC grew its position in shares of Cencora by 947.5% during the 2nd quarter. Acadian Asset Management LLC now owns 257,082 shares of the company’s stock worth $77,069,000 after buying an additional 232,539 shares during the period. Mediolanum International Funds Ltd increased its stake in shares of Cencora by 133.0% in the 3rd quarter. Mediolanum International Funds Ltd now owns 56,293 shares of the company’s stock valued at $17,342,000 after acquiring an additional 32,138 shares during the last quarter. Segment Wealth Management LLC acquired a new stake in shares of Cencora in the 3rd quarter valued at approximately $4,830,000. Finally, Advisors Asset Management Inc. raised its position in shares of Cencora by 40.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 17,302 shares of the company’s stock valued at $5,407,000 after acquiring an additional 4,973 shares during the period. 97.52% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Robert P. Mauch sold 5,096 shares of the firm’s stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $354.73, for a total value of $1,807,704.08. Following the completion of the transaction, the chief executive officer owned 66,726 shares of the company’s stock, valued at approximately $23,669,713.98. This trade represents a 7.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Silvana Battaglia sold 1,677 shares of Cencora stock in a transaction on Friday, December 19th. The shares were sold at an average price of $345.00, for a total transaction of $578,565.00. Following the completion of the sale, the executive vice president owned 18,796 shares in the company, valued at $6,484,620. The trade was a 8.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 15,220 shares of company stock worth $5,282,867. 0.38% of the stock is owned by insiders.

Cencora Stock Performance

Shares of Cencora stock opened at $360.59 on Tuesday. The firm has a market cap of $70.15 billion, a price-to-earnings ratio of 43.34, a price-to-earnings-growth ratio of 1.66 and a beta of 0.68. The stock’s 50-day moving average is $347.97 and its 200-day moving average is $329.40. Cencora, Inc. has a one year low of $237.71 and a one year high of $377.54. The company has a debt-to-equity ratio of 3.62, a current ratio of 0.92 and a quick ratio of 0.51.

Cencora (NYSE:COR) last posted its quarterly earnings data on Wednesday, February 4th. The company reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.04 by $0.04. The business had revenue of $85.93 billion during the quarter, compared to the consensus estimate of $86.12 billion. Cencora had a return on equity of 176.54% and a net margin of 0.50%.Cencora’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period last year, the company earned $3.73 earnings per share. Equities analysts predict that Cencora, Inc. will post 15.37 earnings per share for the current fiscal year.

Cencora Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Friday, February 13th. Cencora’s payout ratio is currently 28.85%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on COR. Robert W. Baird set a $415.00 price objective on shares of Cencora in a report on Tuesday, January 13th. Wells Fargo & Company boosted their price target on shares of Cencora from $405.00 to $429.00 and gave the company an “overweight” rating in a report on Tuesday, February 10th. Barclays upped their price objective on shares of Cencora from $400.00 to $425.00 and gave the company an “overweight” rating in a research report on Friday. Weiss Ratings upgraded Cencora from a “hold (c+)” rating to a “buy (b)” rating in a report on Thursday, February 5th. Finally, Bank of America lowered their price target on Cencora from $380.00 to $360.00 and set a “neutral” rating for the company in a report on Monday, January 5th. Eleven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Cencora has a consensus rating of “Moderate Buy” and an average target price of $399.00.

About Cencora

Cencora (NYSE:COR) is a global healthcare services and pharmaceutical distribution company that provides end-to-end solutions across the pharmaceutical supply chain. The company’s core activities include wholesale drug distribution, specialty drug distribution, and the operation of specialty pharmacies, complemented by logistics, cold-chain management and other fulfillment services designed to support complex and temperature-sensitive therapies.

Beyond physical distribution, Cencora offers a range of commercial and patient-focused services for pharmaceutical manufacturers and healthcare providers.