Steven H. Collis, Executive Chairman of Cencora, Inc. (NYSE:COR), recently sold shares totaling approximately $5.07 million. According to the SEC filing, Collis sold 21,509 shares of common stock at an average price of $235.80 per share on October 22, 2024. This transaction was part of a pre-established Rule 10b5-1 trading plan.
In a related transaction, Collis also exercised stock options to acquire 21,509 shares at a price of $89.58 per share, bringing the total value of these acquisitions to approximately $1.93 million. Following these transactions, Collis holds 285,088 shares directly.
In other recent news, Cencora Inc has been the focus of various financial developments and analyst ratings. The company reported a strong fiscal 2024 third quarter, with revenues exceeding $74 billion, marking an 11% increase year-over-year, and adjusted diluted earnings per share (EPS) rising by 14% to $3.34. Citi has maintained a Buy rating on Cencora's shares, despite a recent cyberattack, while BofA Securities downgraded the stock from a Buy to a Neutral rating and reduced its price target to $245. Additionally, Baird has slightly reduced its price target for Cencora to $283 but maintained an 'Outperform' rating. TD Cowen also reiterated a Buy rating with a $271.00 price target, indicating minimal impact on Cencora's fiscal year 2025 adjusted EPS due to the exclusion of the branded drug Humira from Evernorth's commercial formulary. In terms of board appointments, Cencora has recently welcomed Frank Clyburn, former CEO of International Flavors and Fragrances Inc. and Executive Vice President at Merck, as an independent director to its Board of Directors. These are the recent developments for Cencora.
InvestingPro Insights
While Steven H. Collis's recent stock sale might raise eyebrows, it's essential to consider Cencora's broader financial picture. According to InvestingPro data, Cencora boasts a substantial market capitalization of $46.0 billion, underscoring its significant presence in the Healthcare Providers & Services industry. The company's revenue growth of 11.56% over the last twelve months as of Q3 2024 indicates robust business performance, aligning with the 10.9% quarterly revenue growth reported in Q3 2024.
InvestingPro Tips reveal that Cencora has raised its dividend for 19 consecutive years, demonstrating a commitment to shareholder returns. This is further supported by the company's dividend yield of 0.87% and a dividend growth rate of 5.15% over the last twelve months. Such consistent dividend performance may provide some reassurance to investors in light of the recent insider sale.
Additionally, Cencora's stock has shown strong performance, with a 25.16% total return over the past year. The company is trading at 94.69% of its 52-week high, suggesting investor confidence in its prospects. However, it's worth noting that Cencora is trading at a relatively high P/E ratio of 25.26, which could indicate that the stock is priced at a premium compared to its earnings.
For investors seeking a more comprehensive analysis, InvestingPro offers 18 additional tips on Cencora, providing a deeper understanding of the company's financial health and market position.
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