Cencora (NYSE:COR) Price Target Raised to $350.00

Cencora (NYSE:COR) had its target price upped by Robert W. Baird from $314.00 to $350.00 in a research report released on Thursday,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

A number of other brokerages have also issued reports on COR. Morgan Stanley set a $288.00 price target on Cencora in a research note on Tuesday, April 15th. Wells Fargo & Company raised their price target on shares of Cencora from $251.00 to $274.00 and gave the company an “equal weight” rating in a report on Friday, March 14th. StockNews.com upgraded shares of Cencora from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Bank of America raised their price objective on Cencora from $270.00 to $285.00 and gave the company a “neutral” rating in a research report on Friday, April 11th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Cencora from $289.00 to $301.00 and gave the company an “overweight” rating in a research note on Friday, January 24th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Cencora presently has a consensus rating of “Moderate Buy” and an average target price of $301.18.

Cencora Price Performance

Shares of NYSE COR opened at $283.12 on Thursday. The company’s 50-day moving average price is $276.48 and its 200 day moving average price is $253.44. The stock has a market cap of $54.90 billion, a price-to-earnings ratio of 40.27, a PEG ratio of 1.31 and a beta of 0.60. Cencora has a 52 week low of $214.77 and a 52 week high of $309.35. The company has a current ratio of 0.92, a quick ratio of 0.54 and a debt-to-equity ratio of 16.40.

Cencora (NYSE:COR) last announced its earnings results on Wednesday, May 7th. The company reported $4.42 earnings per share for the quarter, beating the consensus estimate of $4.07 by $0.35. The firm had revenue of $75.50 billion during the quarter, compared to the consensus estimate of $75.41 billion. Cencora had a net margin of 0.46% and a return on equity of 328.62%. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.80 EPS. As a group, research analysts forecast that Cencora will post 15.37 earnings per share for the current fiscal year.

Cencora Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Friday, May 16th will be paid a dividend of $0.55 per share. The ex-dividend date of this dividend is Friday, May 16th. This represents a $2.20 annualized dividend and a yield of 0.78%. Cencora’s payout ratio is 25.52%.

Insiders Place Their Bets

In other news, EVP Silvana Battaglia sold 5,000 shares of the business’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $242.24, for a total transaction of $1,211,200.00. Following the completion of the transaction, the executive vice president now owns 15,374 shares of the company’s stock, valued at approximately $3,724,197.76. The trade was a 24.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Steven H. Collis sold 14,579 shares of the stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $281.81, for a total transaction of $4,108,507.99. Following the completion of the sale, the chairman now directly owns 315,913 shares in the company, valued at approximately $89,027,442.53. This trade represents a 4.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 50,223 shares of company stock valued at $13,580,967 over the last quarter. Insiders own 10.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Norges Bank bought a new stake in Cencora during the fourth quarter worth approximately $478,309,000. Bank of America Corp DE lifted its stake in Cencora by 62.3% during the fourth quarter. Bank of America Corp DE now owns 5,193,807 shares of the company’s stock valued at $1,166,944,000 after purchasing an additional 1,994,256 shares during the last quarter. Castlekeep Investment Advisors LLC bought a new position in shares of Cencora in the fourth quarter valued at $399,508,000. GAMMA Investing LLC lifted its position in shares of Cencora by 43,561.9% during the 1st quarter. GAMMA Investing LLC now owns 1,598,461 shares of the company’s stock valued at $444,516,000 after acquiring an additional 1,594,800 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Cencora in the 4th quarter valued at $322,460,000. 97.52% of the stock is owned by institutional investors and hedge funds.

About Cencora

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.