Meritage Portfolio Management Sells 579 Shares of Cencora, Inc. (NYSE:COR)

Meritage Portfolio Management reduced its stake in Cencora, Inc. (NYSE:COR) by 1.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 57,321 shares of the company’s stock after selling 579 shares during the quarter. Cencora makes up 0.8% of Meritage Portfolio Management’s portfolio, making the stock its 26th biggest position. Meritage Portfolio Management’s holdings in Cencora were worth $12,902,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in COR. Price T Rowe Associates Inc. MD bought a new stake in Cencora in the 1st quarter valued at about $2,183,619,000. JPMorgan Chase & Co. bought a new stake in Cencora during the 1st quarter worth approximately $1,199,695,000. Boston Partners bought a new position in shares of Cencora in the first quarter valued at approximately $1,001,269,000. Capital Research Global Investors purchased a new position in shares of Cencora during the first quarter valued at approximately $650,424,000. Finally, Bessemer Group Inc. purchased a new stake in Cencora in the 1st quarter valued at $556,245,000. Institutional investors and hedge funds own 97.52% of the company’s stock.

Insider Buying and Selling

In other news, Chairman Steven H. Collis sold 21,509 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $235.80, for a total value of $5,071,822.20. Following the sale, the chairman now directly owns 285,088 shares of the company’s stock, valued at approximately $67,223,750.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 15.80% of the stock is owned by insiders.

Cencora Stock Performance

Cencora stock traded up $0.65 during midday trading on Friday, reaching $248.41. The stock had a trading volume of 1,376,073 shares, compared to its average volume of 1,341,350. The firm has a market capitalization of $48.95 billion, a PE ratio of 33.08, a P/E/G ratio of 1.55 and a beta of 0.44. Cencora, Inc. has a 12 month low of $191.11 and a 12 month high of $251.00. The company has a quick ratio of 0.55, a current ratio of 0.88 and a debt-to-equity ratio of 4.84. The firm’s 50-day moving average price is $231.95 and its 200 day moving average price is $230.79.

Cencora Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a dividend of $0.55 per share. This is a boost from Cencora’s previous quarterly dividend of $0.51. This represents a $2.20 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date of this dividend is Friday, November 15th. Cencora’s dividend payout ratio is presently 27.16%.

Wall Street Analysts Forecast Growth

COR has been the subject of several recent analyst reports. Leerink Partners reduced 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. UBS Group increased their price objective on shares of Cencora from $275.00 to $285.00 and gave the company a “buy” rating in a research note on Thursday. JPMorgan Chase & Co. boosted their target price on Cencora from $280.00 to $287.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Barclays increased their price target on Cencora from $263.00 to $290.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Wells Fargo & Company boosted their price objective on Cencora from $236.00 to $249.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 1st. Three investment 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.com, the company currently has an average rating of “Moderate Buy” and an average target price 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.