Meridian Wealth Management LLC Makes New Investment in Cencora, Inc. (NYSE:COR)

Meridian Wealth Management LLC purchased a new stake in Cencora, Inc. (NYSE:COR) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,666 shares of the company’s stock, valued at approximately $375,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. New Millennium Group LLC acquired a new stake in Cencora in the second quarter valued at approximately $26,000. LRI Investments LLC acquired a new stake in shares of Cencora during the 1st quarter valued at $31,000. MFA Wealth Advisors LLC bought a new stake in Cencora during the 2nd quarter worth $30,000. Concord Wealth Partners acquired a new position in Cencora in the 3rd quarter worth about $30,000. Finally, SYSTM Wealth Solutions LLC bought a new position in Cencora in the second quarter valued at about $36,000. 97.52% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Chairman Steven H. Collis sold 21,509 shares of Cencora stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $242.16, for a total value 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 approximately $74,283,064.32. This trade represents a 6.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 15.80% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on COR shares. Bank of America restated a “neutral” rating and set a $245.00 price target (down from $275.00) on shares of Cencora in a report on Wednesday, September 18th. Wells Fargo & Company upped their price target on shares of Cencora from $236.00 to $249.00 and gave the company an “equal weight” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. lifted their price target on shares of Cencora from $280.00 to $287.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. StockNews.com downgraded Cencora from a “strong-buy” rating to a “buy” rating in a report on Friday, September 20th. Finally, UBS Group lifted their target price on Cencora from $275.00 to $285.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $271.20.

Cencora Stock Down 0.3 %

Shares of NYSE:COR opened at $245.02 on Monday. Cencora, Inc. has a 1 year low of $195.83 and a 1 year high of $251.56. The company has a debt-to-equity ratio of 4.84, a current ratio of 0.88 and a quick ratio of 0.53. The business’s 50-day moving average is $233.22 and its 200-day moving average is $231.65. The company has a market capitalization of $48.28 billion, a price-to-earnings ratio of 32.63, a P/E/G ratio of 1.63 and a beta of 0.44.

Cencora Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.55 dividend. The ex-dividend date is Friday, November 15th. This is a positive change from Cencora’s previous quarterly dividend of $0.51. This represents a $2.20 annualized dividend and a yield of 0.90%. Cencora’s payout ratio is 29.29%.

Cencora Company 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.