Cencora, Inc. (NYSE:COR) has reported a significant transaction by Chairman, President & CEO Steven H. Collis, involving the sale of company stock valued at approximately $2.38 million. The transaction, which took place on May 21, 2024, consisted of 10,755 shares sold at an average price of $221.30 each.
This sale was conducted under a prearranged 10b5-1 trading plan, which Collis had entered into on December 18, 2023, and was disclosed in the company's Form 8-K filed with the Securities and Exchange Commission later that same year. Such plans allow company insiders to sell a predetermined number of shares at a predetermined time to avoid accusations of insider trading.
In addition to the sale, Collis also acquired 10,755 shares of Cencora common stock on the same day, at a price of $89.58 per share, totaling $963,432. This transaction appears to be linked to the exercise of options that were exercisable in four equal installments between 2019 and 2022.
Following these transactions, Collis's ownership in the company stands at 285,088 shares of common stock directly held after the sale, and 96,790 shares underlying non-qualified stock options that remain exercisable. The remaining options are set to expire on November 14, 2025.
Investors and market watchers often scrutinize Form 4 filings to gain insight into executives' perspectives on their company's financial health and future performance. Transactions by high-level executives can be particularly telling, as they may reflect the leadership's confidence in the company's direction and prospects.
InvestingPro Insights
Cencora, Inc. (NYSE:COR) has been navigating the market with strategic financial maneuvers, as evidenced by the recent insider transactions from Chairman, President & CEO Steven H. Collis. InvestingPro data sheds further light on the company's current standing, providing investors with a comprehensive view of its financial health and market performance.
With a market capitalization of $43.25 billion, Cencora sits at a P/E ratio of 23.53, indicating investor valuation of its earnings. The company's revenue for the last twelve months as of Q2 2024 stands at a robust $276.54 billion, with a growth of 11.71%. This growth trajectory is supported by a gross profit of $9.40 billion, though the gross profit margin is relatively low at 3.4%, which could be a point of focus for investors considering the company's efficiency in generating profit from its revenue.
InvestingPro Tips reveal that Cencora has a history of rewarding its shareholders, having raised its dividend for 19 consecutive years. This is a strong signal of the company's commitment to returning value to its investors. Additionally, the Relative Strength Index (RSI) suggests the stock is currently in oversold territory, which could indicate a potential buying opportunity for investors looking for an entry point.
For those interested in a deeper dive into Cencora's performance and strategic insights, there are additional InvestingPro Tips available at https://www.investing.com/pro/COR. With a total of 17 InvestingPro Tips listed, investors can gain a more nuanced understanding of the company's financial landscape. Remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription for more in-depth analysis and data-driven investing guidance.
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