CIBC Asset Management Inc Raises Stock Position in Cencora, Inc. (NYSE:COR)

CIBC Asset Management Inc raised its stake in shares of Cencora, Inc. (NYSE:COR) by 6.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,237 shares of the company’s stock after purchasing an additional 2,438 shares during the quarter. CIBC Asset Management Inc’s holdings in Cencora were worth $8,825,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Kingsview Wealth Management LLC bought a new position in Cencora in the 1st quarter worth about $681,000. Blair William & Co. IL bought a new position in Cencora in the 1st quarter worth about $5,520,000. Orion Portfolio Solutions LLC bought a new position in Cencora in the 1st quarter worth about $3,026,000. Dorsey & Whitney Trust CO LLC bought a new position in Cencora in the 1st quarter worth about $288,000. Finally, TIAA Trust National Association bought a new position in Cencora in the 1st quarter worth about $506,000. 97.52% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Chairman Steven H. Collis sold 21,509 shares of Cencora stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $235.80, for a total transaction of $5,071,822.20. Following the completion of the sale, the chairman now owns 285,088 shares of the company’s stock, valued at $67,223,750.40. The trade was a 7.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 15.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on COR. Wells Fargo & Company upped their target price on shares of Cencora from $236.00 to $249.00 and gave the company an “equal weight” rating in a research note on Thursday, August 1st. Bank of America restated a “neutral” rating and set a $245.00 target price (down previously from $275.00) on shares of Cencora in a research note on Wednesday, September 18th. StockNews.com cut shares of Cencora from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 20th. Leerink Partners lowered their price objective on shares of Cencora from $277.00 to $275.00 and set an “outperform” rating on the stock in a research note on Monday, October 7th. Finally, 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 note on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $271.20.

Cencora Price Performance

Shares of COR stock opened at $240.24 on Friday. Cencora, Inc. has a fifty-two week low of $194.23 and a fifty-two week high of $251.56. The firm has a market capitalization of $47.34 billion, a price-to-earnings ratio of 31.99, a PEG ratio of 1.66 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’s 50-day simple moving average is $232.62 and its 200-day simple moving average is $231.03.

Cencora Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a dividend of $0.55 per share. This is an increase from Cencora’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 0.92%. Cencora’s payout ratio is 29.29%.

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.