Cencora (NYSE:COR) Upgraded by Wells Fargo & Company to “Overweight” Rating

Wells Fargo & Company upgraded shares of Cencora (NYSE:COR) from an equal weight rating to an overweight rating in a report issued on Tuesday morning, Marketbeat reports. They currently have $337.00 price objective on the stock, up from their previous price objective of $274.00.

A number of other equities research analysts also recently commented on COR. Citigroup lifted their target price on Cencora from $330.00 to $355.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. Morgan Stanley set a $288.00 price objective on shares of Cencora in a report on Tuesday, April 15th. Wall Street Zen raised shares of Cencora from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Robert W. Baird boosted their price target on shares of Cencora from $314.00 to $350.00 and gave the company an “outperform” rating in a research note on Thursday, May 8th. Finally, Bank of America boosted their target price on Cencora from $270.00 to $285.00 and gave the company a “neutral” rating in a research report on Friday, April 11th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Cencora has a consensus rating of “Moderate Buy” and a consensus target price of $306.91.

Cencora Price Performance

Shares of COR stock opened at $291.58 on Tuesday. The company has a debt-to-equity ratio of 16.40, a current ratio of 0.92 and a quick ratio of 0.54. The firm’s 50-day moving average is $285.59 and its two-hundred day moving average is $259.30. Cencora has a 12 month low of $218.65 and a 12 month high of $309.35. The company has a market capitalization of $56.52 billion, a PE ratio of 41.48, a price-to-earnings-growth ratio of 1.31 and a beta of 0.60.

Cencora (NYSE:COR) last released its quarterly earnings results on Wednesday, May 7th. The company reported $4.42 EPS for the quarter, beating the consensus estimate of $4.07 by $0.35. The firm had revenue of $75.50 billion for the quarter, compared to analyst estimates of $75.41 billion. Cencora had a net margin of 0.46% and a return on equity of 328.62%. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.80 EPS. Analysts predict that Cencora will post 15.37 earnings per share for the current year.

Cencora Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 16th were paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 0.75%. The ex-dividend date was Friday, May 16th. Cencora’s payout ratio is currently 25.52%.

Insider Buying and Selling

In other news, CAO Lazarus Krikorian sold 2,000 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $260.06, for a total transaction of $520,120.00. Following the sale, the chief accounting officer now owns 20,154 shares of the company’s stock, valued at approximately $5,241,249.24. This represents a 9.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert P. Mauch sold 4,969 shares of the company’s stock in a transaction on Monday, April 21st. The stock was sold at an average price of $289.33, for a total value of $1,437,680.77. Following the sale, the chief executive officer now directly owns 47,582 shares in the company, valued at $13,766,900.06. This represents a 9.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 40,253 shares of company stock valued at $11,102,417 in the last ninety days. Company insiders own 10.80% of the company’s stock.

Institutional Trading of Cencora

Large investors have recently made changes to their positions in the company. Hickory Asset Management Inc. purchased a new stake in shares of Cencora during the fourth quarter worth approximately $572,000. Vontobel Holding Ltd. increased its position in shares of Cencora by 46.9% in the 4th quarter. Vontobel Holding Ltd. now owns 6,245 shares of the company’s stock valued at $1,403,000 after purchasing an additional 1,995 shares during the last quarter. Portfolio Design Labs LLC increased its position in shares of Cencora by 76.9% in the 4th quarter. Portfolio Design Labs LLC now owns 11,032 shares of the company’s stock valued at $2,479,000 after purchasing an additional 4,794 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in Cencora by 4.4% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 28,575 shares of the company’s stock valued at $6,420,000 after buying an additional 1,200 shares during the last quarter. Finally, Latitude Advisors LLC purchased a new position in Cencora in the fourth quarter valued at $559,000. 97.52% of the stock is currently owned by hedge funds and other institutional investors.

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.