Bank of America Reaffirms “Neutral” Rating for Cencora (NYSE:COR)

Bank of America reiterated their neutral rating on shares of Cencora (NYSE:COR) in a report published on Wednesday, 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 equities research analysts also recently issued reports about the stock. StockNews.com upgraded shares of Cencora from a buy rating to a strong-buy rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. upped their price target on shares of Cencora from $280.00 to $287.00 and gave the stock an overweight rating in a research report on Wednesday, August 21st. Robert W. Baird cut their price objective on Cencora from $287.00 to $283.00 and set an outperform rating on the stock in a research report on Friday, September 6th. Wells Fargo & Company upped their target price on Cencora from $236.00 to $249.00 and gave the stock an equal weight rating in a research report on Thursday, August 1st. Finally, Leerink Partners reiterated an outperform rating and set a $275.00 target price on shares of Cencora in a report on Thursday, June 27th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $256.67.

Cencora Trading Up 0.7 %

Shares of COR opened at $228.11 on Wednesday. Cencora has a twelve month low of $178.21 and a twelve month high of $247.66. The firm has a market capitalization of $45.50 billion, a P/E ratio of 24.96, a price-to-earnings-growth ratio of 1.55 and a beta of 0.44. The company has a current ratio of 0.89, a quick ratio of 0.55 and a debt-to-equity ratio of 3.93. The stock’s fifty day simple moving average is $234.84 and its 200 day simple moving average is $233.13.

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

Cencora Dividend Announcement

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 dividend of $0.51 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.04 annualized dividend and a yield of 0.89%. Cencora’s dividend payout ratio is presently 22.32%.

Insider Buying and Selling at Cencora

In other news, CEO Steven H. Collis sold 10,755 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $222.12, for a total transaction of $2,388,900.60. Following the transaction, the chief executive officer now owns 285,088 shares of the company’s stock, valued at $63,323,746.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cencora news, major shareholder Walgreens Boots Alliance, Inc. sold 4,438,171 shares of Cencora stock in a transaction 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 owns 19,980,000 shares of the company’s stock, valued at $4,806,388,800. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Steven H. Collis sold 10,755 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $222.12, for a total transaction of $2,388,900.60. Following the sale, the chief executive officer now directly owns 285,088 shares in the company, valued at $63,323,746.56. The disclosure for this sale can be found here. Insiders have sold a total of 4,450,399 shares of company stock valued at $1,070,392,799 in the last three months. Corporate insiders own 15.80% of the company’s stock.

Institutional Investors Weigh In On Cencora

A number of institutional investors have recently modified their holdings of COR. Vanguard Group Inc. bought a new position in shares of Cencora during the fourth quarter valued at approximately $4,212,508,000. Price T Rowe Associates Inc. MD acquired a new position in Cencora during the 1st quarter valued at approximately $2,183,619,000. JPMorgan Chase & Co. bought a new position in Cencora during the 1st quarter worth $1,199,695,000. Boston Partners acquired a new stake in Cencora in the first quarter worth $1,001,269,000. Finally, Capital Research Global Investors bought a new stake in Cencora in the first quarter valued at $650,424,000. Institutional investors own 97.52% of the company’s stock.

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.