Cencora Inc. (NYSE:COR) Chairman, President, and CEO Steven H. Collis has sold shares worth approximately $5.18 million, according to a recent SEC filing. The transaction took place on September 17, with the executive selling a total of 21,509 shares of the company's common stock at an average price of $241.01.
The sale was conducted under a prearranged Rule 10b5-1 trading plan, which allows company insiders to sell shares at predetermined times to avoid accusations of insider trading. This plan had been previously disclosed in a Company's 8-K filing with the Securities and Exchange Commission on December 21, 2023.
On the same day, Collis also acquired 21,509 shares through the exercise of options at a price of $89.58 per share, totaling approximately $1.93 million. These options were exercisable in four equal installments on specific dates from 2019 to 2022.
Following these transactions, Collis's direct ownership in the company stands at 285,088 shares of common stock. The CEO's actions come as part of regular stock trading activities that corporate executives engage in, and they provide investors with insights into their personal stakes in the companies they manage.
Cencora, Inc., formerly known as AmerisourceBergen (NYSE:COR) Corp, is a Delaware-incorporated company with a primary classification in wholesale distribution of drugs, proprietaries, and drug sundries. The company's fiscal year concludes at the end of September, and its business headquarters are located in Conshohocken, Pennsylvania.
In other recent news, Cencora Inc reported a significant 11% year-over-year increase in its fiscal 2024 third quarter revenue, surpassing $74 billion. The company's adjusted diluted earnings per share (EPS) also rose by 14% to $3.34, prompting an upward adjustment in the full-year outlook. Despite recent cybersecurity incidents, including a reported payment to the Dark Angels hacking group, Cencora has reassured investors that these events will not significantly impact the company's financials.
In analyst news, Citi has reiterated a Buy rating on Cencora shares, while BofA Securities downgraded the stock from a Buy to a Neutral rating, reducing the price target to $245. Baird maintained its 'Outperform' rating but adjusted its price target for Cencora to $283, and TD Cowen reiterated a Buy rating with a $271.00 price target, indicating minimal impact on Cencora's adjusted EPS for fiscal year 2025 due to the exclusion of the branded drug Humira from Evernorth's commercial formulary.
In terms of board changes, Cencora announced the appointment of 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, a move expected to enhance the company's growth strategies. These are the recent developments for Cencora.
InvestingPro Insights
In light of the recent share transactions by Cencora Inc.'s (NYSE:COR) Chairman, President, and CEO Steven H. Collis, investors may be curious about the company's current financial health and market performance. According to InvestingPro data, Cencora Inc. has a market capitalization of approximately $44.81 billion and is trading at a P/E ratio of 24.68. This valuation reflects a company with substantial market recognition, although it trades at a high Price/Earnings ratio relative to near-term earnings growth, indicating a premium for its shares.
InvestingPro Tips highlight that Cencora Inc. has raised its dividend for 19 consecutive years, showcasing a strong commitment to returning value to shareholders. This consistent increase in dividends could be a sign of confidence from the management in the company's financial stability and growth prospects. Moreover, with 9 analysts having revised their earnings upwards for the upcoming period, there appears to be a positive sentiment regarding the company's future performance.
Furthermore, Cencora Inc. boasts a strong return over the last five years, which may be attractive to investors looking for companies with a proven track record of growth. The company's ability to maintain dividend payments for 24 consecutive years further solidifies its position as a stable and reliable investment.
For those interested in delving deeper into Cencora Inc.'s financials and market performance, InvestingPro offers additional tips and metrics. To explore this valuable resource and gain further insights into Cencora Inc., visit https://www.investing.com/pro/COR.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.