In a significant move reverberating through the financial markets, Commerce Bank recently announced a notable reduction in its stake in Cencora, Inc. (NYSE:COR) during the first quarter. This divestment, which saw the bank shed 2,905 shares, represents a strategic shift in its portfolio and has drawn attention from market observers keen on understanding institutional investment trends.
Following this transaction, Commerce Bank now holds 19,692 shares of Cencora’s stock. This adjustment reflects a 12.9% decrease in their overall position, as meticulously detailed in reports by Holdings Channel. The value of Commerce Bank’s remaining holdings in Cencora stood at an impressive $5,476,000 at the close of the most recent financial quarter, underscoring the substantial nature of their investment.
Beyond Commerce Bank, a diverse array of institutional investors and hedge funds have also been actively rebalancing their Cencora portfolios. For instance, Cornerstone Planning Group LLC dramatically increased its stake by 106.7%, acquiring an additional 48 shares to bring its total to 93 shares valued at $26,000. Similarly, new stakes were purchased by Hoey Investments Inc. ($28,000), Banque Transatlantique SA ($29,000), University of Texas Texas AM Investment Management Co. ($39,000), and Vermillion Wealth Management Inc. ($38,000), illustrating a broad institutional interest in the company.
Cencora’s stock performance itself presents a compelling picture. Shares commenced trading at $288.31 on a recent Friday, navigating market fluctuations with a fifty-day simple moving average of $292.97 and a 200-day simple moving average of $276.29. The company boasts a robust market capitalization of $55.88 billion, complemented by a PE ratio of 33.45, a P/E/G ratio of 1.43, and a beta of 0.58, indicating its market stability and growth prospects.
From a financial health perspective, Cencora maintains a debt-to-equity ratio of 6.01, a current ratio of 0.87, and a quick ratio of 0.52. These figures collectively offer insight into the company’s leverage and liquidity, providing a snapshot for investors evaluating its short-term and long-term financial stability in the competitive market landscape.
Adding to its appeal for shareholders, Cencora recently distributed a quarterly dividend of $0.55 per share, paid out on Monday, June 2nd. This dividend, representing an annualized payout of $2.20 and a dividend yield of 0.8%, was accessible to stockholders of record by Friday, May 16th, which also marked the ex-dividend date. The company’s dividend payout ratio currently stands at 25.52%, reflecting a consistent return to investors.
Insider trading has also been a focal point for Cencora, with notable sales by key executives. The Chairman divested 14,579 shares for over $4.26 million, reducing their position by 4.47%. Similarly, the CEO sold 4,968 shares, totaling over $1.46 million, marking a 10.50% decrease in their holdings. These transactions, disclosed in SEC filings, highlight the ongoing activity of corporate insiders, who collectively own 10.80% of the company’s stock.
Analyst sentiment toward Cencora remains largely positive, with several research firms adjusting their ratings and price targets. Bank of America raised its target to $285.00 with a “neutral” rating, while Robert W. Baird increased its target to $350.00 with an “outperform” rating. Wells Fargo upgraded the stock to “overweight” with a $337.00 target, and Citigroup assigned a “buy” rating with a $355.00 target, underscoring strong confidence in Cencora’s future performance.
Overall, the stock has garnered a “Moderate Buy” consensus rating from market analysts, with an average price target of $309.83. This collective outlook, derived from various research reports, suggests a generally optimistic view on Cencora’s trajectory amidst the dynamic shifts in institutional holdings and broader market conditions, offering valuable guidance for potential and current investors alike.
