Cencora (NYSE:COR) Rating Increased to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Cencora (NYSE:COR) from a buy rating to a strong-buy rating in a report published on Friday morning.

Several other analysts have also recently weighed in on the stock. SVB Leerink reaffirmed an outperform rating and issued a $275.00 target price on shares of Cencora in a report on Thursday, June 27th. Wells Fargo & Company raised their target price on shares of Cencora from $236.00 to $249.00 and gave the company an equal weight rating in a report on Thursday. Citigroup raised their target price on shares of Cencora from $265.00 to $280.00 and gave the company a buy rating in a report on Tuesday, April 30th. Finally, Robert W. Baird raised their target price on shares of Cencora from $285.00 to $287.00 and gave the company an outperform rating in a report on Thursday. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Cencora currently has an average rating of Moderate Buy and an average price target of $243.00.

Cencora Stock Up 1.3 %

Shares of COR opened at $247.53 on Friday. The stock has a market capitalization of $49.37 billion, a PE ratio of 27.08, a P/E/G ratio of 1.68 and a beta of 0.45. Cencora has a 1 year low of $171.65 and a 1 year high of $247.66. The company has a debt-to-equity ratio of 3.93, a quick ratio of 0.53 and a current ratio of 0.89. The company’s 50-day simple moving average is $228.85 and its 200-day simple moving average is $231.18.

Cencora (NYSE:COR) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $3.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.18 by $0.16. The business had revenue of $74.20 billion for the quarter, compared to analysts’ expectations of $73.32 billion. Cencora had a net margin of 0.65% and a return on equity of 266.60%. The business’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.92 earnings per share. Analysts forecast that Cencora will post 13.56 earnings per share for the current fiscal year.

Cencora Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 26th. Shareholders of record on Friday, August 9th will be paid a $0.51 dividend. The ex-dividend date is Friday, August 9th. This represents a $2.04 annualized dividend and a yield of 0.82%. Cencora’s dividend payout ratio is currently 22.32%.

Insider Buying and Selling at Cencora

In other Cencora news, CEO Steven H. Collis sold 10,755 shares of the business’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $222.12, for a total value of $2,388,900.60. Following the transaction, the chief executive officer now directly owns 285,088 shares of the company’s stock, valued at approximately $63,323,746.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Cencora news, CEO Steven H. Collis sold 10,755 shares of the business’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $222.12, for a total value of $2,388,900.60. Following the transaction, the chief executive officer now directly owns 285,088 shares of the company’s stock, valued at approximately $63,323,746.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Walgreens Boots Alliance, Inc. sold 1,859,390 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $215.12, for a total transaction of $399,991,976.80. Following the completion of the transaction, the insider now directly owns 24,418,171 shares in the company, valued at $5,252,836,945.52. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,899,112 shares of company stock valued at $408,654,376. 15.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cencora

A number of institutional investors and hedge funds have recently made changes to their positions in COR. Fisher Asset Management LLC acquired a new position in shares of Cencora during the 4th quarter worth $244,000. Trust Co. of Vermont acquired a new position in shares of Cencora during the 4th quarter worth $62,000. Wahed Invest LLC acquired a new position in shares of Cencora during the 4th quarter worth $567,000. Vanguard Group Inc. purchased a new stake in shares of Cencora in the 4th quarter worth about $4,212,508,000. Finally, Hennessy Advisors Inc. purchased a new stake in shares of Cencora in the 4th quarter worth about $3,307,000. 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.