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

Bank of America reissued their neutral rating on shares of Cencora (NYSE:COR) in a research note released on Wednesday, Marketbeat Ratings reports. The brokerage currently has a $245.00 price objective on the stock, down from their prior price objective of $275.00.

COR has been the topic of a number of other reports. Robert W. Baird reduced their price objective on shares of Cencora from $287.00 to $283.00 and set an outperform rating on the stock in a research note on Friday, September 6th. Leerink Partners reaffirmed an outperform rating and issued a $275.00 price objective on shares of Cencora in a research note on Thursday, June 27th. StockNews.com raised shares of Cencora from a buy rating to a strong-buy rating in a research note on Friday, August 2nd. Wells Fargo & Company raised their price objective on shares of Cencora from $236.00 to $249.00 and gave the company an equal weight rating in a research note on Thursday, August 1st. Finally, JPMorgan Chase & Co. increased 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. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Cencora has an average rating of Moderate Buy and an average price target of $256.67.

Cencora Price Performance

COR opened at $228.11 on Wednesday. Cencora has a one year low of $178.21 and a one year high of $247.66. The company has a debt-to-equity ratio of 3.93, a current ratio of 0.89 and a quick ratio of 0.55. The company’s 50 day simple moving average is $234.84 and its 200-day simple moving average is $233.11. The stock 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.

Cencora (NYSE:COR) last released its quarterly earnings results on Wednesday, July 31st. The company reported $3.34 EPS for the quarter, beating the consensus estimate of $3.18 by $0.16. Cencora had a net margin of 0.65% and a return on equity of 266.60%. The business had revenue of $74.20 billion for the quarter, compared to analysts’ expectations of $73.32 billion. During the same period in the prior year, the firm earned $2.92 earnings per share. Cencora’s revenue was up 10.8% compared to the same quarter last year. Sell-side analysts anticipate that Cencora will post 13.63 earnings per share for the current fiscal year.

Cencora Dividend Announcement

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

Insider Buying and Selling

In related news, EVP Silvana Battaglia sold 1,473 shares of the firm’s stock in a transaction 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 sale, the executive vice president now directly owns 10,948 shares in the company, valued at $2,656,970.12. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Silvana Battaglia sold 1,473 shares of the firm’s stock in a transaction 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 sale, the executive vice president now directly owns 10,948 shares in the company, valued at $2,656,970.12. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Walgreens Boots Alliance, Inc. sold 4,438,171 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $240.56, for a total transaction of $1,067,646,415.76. Following the sale, the insider now owns 19,980,000 shares in the company, valued at $4,806,388,800. The disclosure for this sale can be found here. Insiders have sold a total of 4,450,399 shares of company stock worth $1,070,392,799 over the last ninety days. Company insiders own 15.80% of the company’s stock.

Institutional Investors Weigh In On Cencora

Several hedge funds and other institutional investors have recently added to or reduced their stakes in COR. Rise Advisors LLC acquired a new stake in Cencora in the 1st quarter valued at $25,000. New Millennium Group LLC acquired a new stake in Cencora in the 2nd quarter valued at $26,000. Legacy Bridge LLC acquired a new stake in Cencora in the 1st quarter valued at $27,000. TCTC Holdings LLC acquired a new stake in Cencora in the 1st quarter valued at $29,000. Finally, TFO Wealth Partners LLC acquired a new stake in Cencora in the 1st quarter valued at $30,000. 97.52% of the stock is currently 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.