Principal Financial Group Inc. Grows Position in Cencora, Inc. (NYSE:COR)

Principal Financial Group Inc. raised its position in Cencora, Inc. (NYSE:COR) by 6.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 306,726 shares of the company’s stock after buying an additional 19,831 shares during the quarter. Principal Financial Group Inc. owned approximately 0.16% of Cencora worth $69,038,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of COR. Retirement Systems of Alabama raised its position in Cencora by 4.0% in the 3rd quarter. Retirement Systems of Alabama now owns 37,987 shares of the company’s stock valued at $8,550,000 after purchasing an additional 1,470 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Cencora by 20.4% during the third quarter. Franklin Resources Inc. now owns 207,131 shares of the company’s stock worth $46,564,000 after buying an additional 35,024 shares during the period. Peapack Gladstone Financial Corp boosted its stake in shares of Cencora by 2.8% during the third quarter. Peapack Gladstone Financial Corp now owns 3,240 shares of the company’s stock worth $729,000 after buying an additional 88 shares during the period. Synovus Financial Corp grew its holdings in shares of Cencora by 8.3% during the third quarter. Synovus Financial Corp now owns 16,199 shares of the company’s stock worth $3,646,000 after buying an additional 1,242 shares during the last quarter. Finally, Tidal Investments LLC increased its position in Cencora by 18.2% in the 3rd quarter. Tidal Investments LLC now owns 20,684 shares of the company’s stock valued at $4,656,000 after acquiring an additional 3,189 shares during the period. 97.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Leerink Partners decreased their price objective on Cencora from $277.00 to $275.00 and set an “outperform” rating for the company in a research report on Monday, October 7th. Bank of America reiterated a “neutral” rating and issued a $245.00 price objective (down from $275.00) on shares of Cencora in a research report on Wednesday, September 18th. Mizuho began coverage on shares of Cencora in a research report on Wednesday, December 4th. They set an “outperform” rating and a $280.00 price objective for the company. UBS Group lifted their target price on shares of Cencora from $275.00 to $285.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Robert W. Baird increased their price target on shares of Cencora from $287.00 to $292.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $275.60.

Cencora Price Performance

COR stock opened at $227.69 on Friday. The company has a market cap of $44.01 billion, a price-to-earnings ratio of 30.32, a PEG ratio of 1.54 and a beta of 0.45. 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 firm has a 50 day moving average of $239.00 and a 200-day moving average of $234.12. Cencora, Inc. has a 12-month low of $199.82 and a 12-month high of $253.27.

Cencora Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 0.97%. This is an increase from Cencora’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Friday, November 15th. Cencora’s payout ratio is presently 29.29%.

Insider Buying and Selling at Cencora

In other Cencora news, Chairman Steven H. Collis sold 50,000 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $243.97, for a total value of $12,198,500.00. Following the sale, the chairman now owns 326,557 shares of the company’s stock, valued at $79,670,111.29. This represents a 13.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders have sold 93,018 shares of company stock valued at $22,478,942. Insiders own 15.80% of the company’s stock.

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.