MAI Capital Management Sells 2,745 Shares of Cencora, Inc. (NYSE:COR)

MAI Capital Management cut its holdings in Cencora, Inc. (NYSE:COR - Free Report) by 38.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund 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 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. New Millennium Group LLC acquired a new stake in shares of Cencora in the second quarter valued at approximately $26,000. LRI Investments LLC bought a new position in shares of Cencora in the first quarter valued at $31,000. MFA Wealth Advisors LLC bought a new position in shares of Cencora in the second quarter valued at $30,000. Concord Wealth Partners bought a new position in shares of Cencora in the third quarter valued at $30,000. Finally, SYSTM Wealth Solutions LLC bought a new position in shares of Cencora in the second quarter valued at $36,000. 97.52% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cencora

In related news, Chairman Steven H. Collis sold 21,509 shares of the company's stock in a transaction dated 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 owns 306,752 shares of the company's stock, valued at $74,283,064.32. This represents a 6.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 15.80% of the company's stock.

Cencora Stock Performance

Shares of COR traded down $0.67 during midday trading on Friday, reaching $245.02. 942,788 shares of the stock were exchanged, compared to its average volume of 1,400,130. Cencora, Inc. has a twelve month low of $195.83 and a twelve month high of $251.56. The company has a quick ratio of 0.53, a current ratio of 0.88 and a debt-to-equity ratio of 4.84. The company has a market cap of $48.28 billion, a P/E ratio of 32.69, a PEG ratio of 1.60 and a beta of 0.44. The stock's 50 day simple moving average is $233.12 and its 200 day simple moving average is $231.47.

Cencora Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.55 per share. The ex-dividend date is Friday, November 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 0.90%. This is an increase from Cencora's previous quarterly dividend of $0.51. Cencora's dividend payout ratio (DPR) is currently 29.29%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Wells Fargo & Company raised 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. Evercore ISI raised their target price on shares of Cencora from $250.00 to $285.00 and gave the company an "outperform" rating in a research note on Thursday, November 7th. Leerink Partners decreased their target price on shares of Cencora from $277.00 to $275.00 and set an "outperform" rating for the company in a research note on Monday, October 7th. Barclays raised their target price on shares of Cencora from $263.00 to $290.00 and gave the company an "overweight" rating in a research note on Thursday, November 7th. Finally, Robert W. Baird lifted their price objective on shares of Cencora from $287.00 to $292.00 and gave the stock an "outperform" rating in a research report on Thursday, November 7th. Three analysts have rated the stock with a hold rating and nine 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 a consensus 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.