Cencora (NYSE:COR) Earns “Neutral” Rating from Bank of America

Bank of America restated their neutral rating on shares of Cencora (NYSE:COR) in a report released on Wednesday morning, Marketbeat Ratings reports. They currently have a $245.00 price objective on the stock, down from their prior price objective of $275.00.

A number of other research analysts have also commented on COR. StockNews.com upgraded shares of Cencora from a buy rating to a strong-buy rating in a research note on Friday, August 2nd. Leerink Partners reiterated an outperform rating and set a $275.00 price target on shares of Cencora in a research report on Thursday, June 27th. JPMorgan Chase & Co. upped their price objective on Cencora from $280.00 to $287.00 and gave the company an overweight rating in a report on Wednesday, August 21st. Wells Fargo & Company lifted their target price on Cencora from $236.00 to $249.00 and gave the stock an equal weight rating in a report on Thursday, August 1st. Finally, Robert W. Baird cut their price target 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. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $256.67.

Cencora Stock Up 0.7 %

Shares of Cencora stock opened at $228.11 on Wednesday. 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 has a 1-year low of $178.21 and a 1-year high of $247.66. The business’s fifty day moving average price is $234.84 and its two-hundred day moving average price is $233.13. The company has a market capitalization of $45.50 billion, a P/E ratio of 24.96, a PEG ratio of 1.55 and a beta of 0.44.

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

Cencora Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Friday, August 9th were given a $0.51 dividend. The ex-dividend date was Friday, August 9th. This represents a $2.04 annualized dividend and a dividend yield of 0.89%. Cencora’s dividend payout ratio (DPR) is presently 22.32%.

Insider Buying and Selling

In other Cencora news, major shareholder Walgreens Boots Alliance, Inc. sold 4,438,171 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $240.56, for a total transaction of $1,067,646,415.76. Following the sale, the insider now directly owns 19,980,000 shares of the company’s stock, valued at approximately $4,806,388,800. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP Silvana Battaglia sold 1,473 shares of the firm’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 sale, the executive vice president now directly owns 10,948 shares in the company, valued at $2,656,970.12. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 transaction of $1,067,646,415.76. Following the transaction, the insider now directly owns 19,980,000 shares in the company, valued at $4,806,388,800. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,450,399 shares of company stock valued at $1,070,392,799. Company insiders own 15.80% of the company’s stock.

Hedge Funds Weigh In On Cencora

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. acquired a new stake in Cencora during the fourth quarter valued at $4,212,508,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of Cencora during the 1st quarter worth about $2,183,619,000. JPMorgan Chase & Co. acquired a new stake in shares of Cencora during the 1st quarter valued at about $1,199,695,000. Boston Partners bought a new stake in shares of Cencora in the 1st quarter valued at approximately $1,001,269,000. Finally, Capital Research Global Investors acquired a new position in Cencora in the first quarter worth approximately $650,424,000. 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.