Cencora’s (COR) Neutral Rating Reaffirmed at Bank of America

Bank of America reiterated their neutral rating on shares of Cencora (NYSE:COR) in a report released on Wednesday morning, MarketBeat reports. Bank of America currently has a $245.00 price target on the stock, down from their previous price target of $275.00.

Other analysts also recently issued research reports about the stock. Leerink Partners reaffirmed an outperform rating and set a $275.00 target price on shares of Cencora in a report on Thursday, June 27th. JPMorgan Chase & Co. lifted their target price on shares of Cencora from $280.00 to $287.00 and gave the stock an overweight rating in a report on Wednesday, August 21st. Robert W. Baird reduced their target price on shares of Cencora from $287.00 to $283.00 and set an outperform rating for the company in a report on Friday, September 6th. Wells Fargo & Company lifted their target price on shares of Cencora from $236.00 to $249.00 and gave the stock an equal weight rating in a report on Thursday, August 1st. Finally, StockNews.com raised shares of Cencora from a buy rating to a strong-buy rating in a report on Friday, August 2nd. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $256.67.

Cencora Stock Performance

Shares of COR opened at $228.11 on Wednesday. The firm has a 50-day moving average of $234.84 and a 200-day moving average of $233.11. Cencora has a one year low of $178.21 and a one year high of $247.66. The company has a market cap of $45.50 billion, a PE ratio of 24.96, a price-to-earnings-growth ratio of 1.55 and a beta of 0.44. The company has a debt-to-equity ratio of 3.93, a current ratio of 0.89 and a quick ratio of 0.55.

Cencora (NYSE:COR) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $3.34 EPS for the quarter, beating analysts’ consensus estimates of $3.18 by $0.16. Cencora had a net margin of 0.65% and a return on equity of 266.60%. The company had revenue of $74.20 billion during the quarter, compared to the consensus estimate of $73.32 billion. During the same quarter last year, the firm posted $2.92 EPS. The company’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, equities analysts forecast that Cencora will post 13.63 earnings per share for the current year.

Cencora Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 9th were issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date of this dividend was Friday, August 9th. Cencora’s dividend payout ratio is currently 22.32%.

Insider Buying and Selling at Cencora

In other news, major shareholder Walgreens Boots Alliance, Inc. sold 4,438,171 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $240.56, for a total value of $1,067,646,415.76. Following the completion of the transaction, the insider now directly owns 19,980,000 shares in the company, valued at approximately $4,806,388,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Walgreens Boots Alliance, Inc. sold 4,438,171 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $240.56, for a total value of $1,067,646,415.76. Following the completion of the transaction, the insider now directly owns 19,980,000 shares in the company, valued at approximately $4,806,388,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Silvana Battaglia sold 1,473 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $242.69, for a total transaction of $357,482.37. Following the completion of the transaction, the executive vice president now owns 10,948 shares of the company’s stock, valued at $2,656,970.12. The disclosure for this sale can be found here. Insiders sold 4,450,399 shares of company stock valued at $1,070,392,799 in the last quarter. Company insiders own 15.80% of the company’s stock.

Hedge Funds Weigh In On Cencora

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. acquired a new position in Cencora during the 4th quarter worth approximately $4,212,508,000. Price T Rowe Associates Inc. MD acquired a new position in Cencora during the 1st quarter worth approximately $2,183,619,000. JPMorgan Chase & Co. acquired a new position in Cencora during the 1st quarter worth approximately $1,199,695,000. Boston Partners acquired a new position in Cencora during the 1st quarter worth approximately $1,001,269,000. Finally, Capital Research Global Investors acquired a new position in Cencora during the 1st quarter worth approximately $650,424,000. 97.52% of the stock is currently owned by institutional investors and hedge funds.

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.