The Manufacturers Life Insurance Company Grows Position in Cencora, Inc. (NYSE:COR)

The Manufacturers Life Insurance Company lifted its position in Cencora, Inc. (NYSE:COR) by 2.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 503,317 shares of the company’s stock after purchasing an additional 14,079 shares during the period. The Manufacturers Life Insurance Company owned about 0.26% of Cencora worth $113,287,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also bought and sold shares of the company. New Millennium Group LLC purchased a new stake in Cencora in the 2nd quarter worth $26,000. MFA Wealth Advisors LLC bought a new position in Cencora during the 2nd quarter valued at about $30,000. Concord Wealth Partners bought a new stake in shares of Cencora during the 3rd quarter worth approximately $30,000. LRI Investments LLC bought a new position in shares of Cencora in the first quarter worth about $31,000. Finally, SYSTM Wealth Solutions LLC purchased a new position in shares of Cencora during the second quarter worth approximately $36,000. Hedge funds and other institutional investors own 97.52% of the company’s stock.

Insider Activity

In related news, Chairman Steven H. Collis sold 21,509 shares of Cencora stock in a transaction on 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 transaction, the chairman now directly owns 285,088 shares of the company’s stock, valued at approximately $67,223,750.40. The trade was a 7.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders have sold a total of 93,018 shares of company stock valued at $22,478,942 over the last quarter. Corporate insiders own 15.80% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on COR. Robert W. Baird upped their price objective on shares of Cencora from $287.00 to $292.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Evercore ISI increased their price objective on shares of Cencora from $250.00 to $285.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. StockNews.com downgraded Cencora from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 20th. Wells Fargo & Company boosted their price objective on Cencora from $236.00 to $249.00 and gave the company an “equal weight” rating in a report on Thursday, August 1st. Finally, Bank of America restated a “neutral” rating and set a $245.00 target price (down from $275.00) on shares of Cencora in a research report on Wednesday, September 18th. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $271.20.

Cencora Trading Up 1.7 %

Shares of COR stock opened at $248.40 on Wednesday. Cencora, Inc. has a twelve month low of $195.83 and a twelve month high of $251.56. The company has a current ratio of 0.88, a quick ratio of 0.53 and a debt-to-equity ratio of 4.84. The business’s 50 day moving average is $233.28 and its two-hundred day moving average is $231.85. The company has a market capitalization of $48.95 billion, a P/E ratio of 33.08, a price-to-earnings-growth ratio of 1.63 and a beta of 0.44.

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 paid a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 0.89%. The ex-dividend date is Friday, November 15th. This is a boost from Cencora’s previous quarterly dividend of $0.51. Cencora’s dividend payout ratio (DPR) is 29.29%.

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.