Morgan Stanley Reiterates “$330.00” Price Target for Cencora (NYSE:COR)

Morgan Stanley set a $330.00 price objective on Cencora (NYSE:COR) in a research report report published on Wednesday, Marketbeat reports. The brokerage currently has an equal weight rating on the stock.

COR has been the subject of a number of other research reports. Jefferies Financial Group boosted their price target on Cencora from $275.00 to $300.00 and gave the company a “hold” rating in a research note on Monday, June 30th. Robert W. Baird boosted their price target on Cencora from $314.00 to $350.00 and gave the company an “outperform” rating in a research note on Thursday, May 8th. Bank of America boosted their price target on Cencora from $270.00 to $285.00 and gave the company a “neutral” rating in a research note on Friday, April 11th. UBS Group boosted their target price on Cencora from $298.00 to $335.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Finally, Wells Fargo & Company raised Cencora from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $274.00 to $337.00 in a research note on Tuesday, June 3rd. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Cencora presently has an average rating of “Moderate Buy” and an average price target of $309.83.

Cencora Trading Down 0.6%

COR stock opened at $292.73 on Wednesday. The company has a debt-to-equity ratio of 6.01, a current ratio of 0.87 and a quick ratio of 0.52. The company has a fifty day moving average price of $292.38 and a two-hundred day moving average price of $272.08. Cencora has a one year low of $218.65 and a one year high of $309.35. The stock has a market cap of $56.74 billion, a price-to-earnings ratio of 33.96, a price-to-earnings-growth ratio of 1.46 and a beta of 0.57.

Cencora (NYSE:COR) last released its quarterly earnings data on Wednesday, May 7th. The company reported $4.42 EPS for the quarter, topping analysts’ consensus estimates of $4.07 by $0.35. The firm had revenue of $75.50 billion during the quarter, compared to analysts’ expectations of $75.41 billion. Cencora had a net margin of 0.55% and a return on equity of 344.71%. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the previous year, the business posted $3.80 earnings per share. Equities analysts anticipate that Cencora will post 15.37 EPS for the current year.

Cencora Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 16th were given a $0.55 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 0.75%. Cencora’s dividend payout ratio (DPR) is currently 25.52%.

Insider Buying and Selling

In other Cencora news, CEO Robert P. Mauch sold 4,969 shares of the stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $289.33, for a total transaction of $1,437,680.77. Following the transaction, the chief executive officer directly owned 47,582 shares in the company, valued at approximately $13,766,900.06. This represents a 9.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Steven H. Collis sold 14,579 shares of the stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $281.81, for a total value of $4,108,507.99. Following the transaction, the chairman owned 315,913 shares in the company, valued at $89,027,442.53. The trade was a 4.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,127 shares of company stock worth $9,812,296 in the last 90 days. Corporate insiders own 10.80% of the company’s stock.

Hedge Funds Weigh In On Cencora

A number of institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its position in Cencora by 8.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,647,310 shares of the company’s stock valued at $2,682,821,000 after buying an additional 787,858 shares during the last quarter. Wellington Management Group LLP raised its position in Cencora by 7.2% in the 1st quarter. Wellington Management Group LLP now owns 5,421,262 shares of the company’s stock valued at $1,507,599,000 after buying an additional 363,402 shares during the last quarter. Boston Partners raised its position in Cencora by 8.1% in the 1st quarter. Boston Partners now owns 5,411,193 shares of the company’s stock valued at $1,505,984,000 after buying an additional 404,093 shares during the last quarter. Bank of America Corp DE raised its position in Cencora by 62.3% in the 4th quarter. Bank of America Corp DE now owns 5,193,807 shares of the company’s stock valued at $1,166,944,000 after buying an additional 1,994,256 shares during the last quarter. Finally, Invesco Ltd. raised its position in Cencora by 42.1% in the 1st quarter. Invesco Ltd. now owns 4,607,964 shares of the company’s stock valued at $1,281,429,000 after buying an additional 1,364,433 shares during the last quarter. 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.