Cencora (NYSE:COR) Reaches New 12-Month High Following Analyst Upgrade

Cencora, Inc. (NYSE:COR) reached a new 52-week high during mid-day trading on Wednesday after UBS Group raised their price target on the stock from $298.00 to $335.00. UBS Group currently has a buy rating on the stock. Cencora traded as high as $293.28 and last traded at $292.76, with a volume of 1570173 shares traded. The stock had previously closed at $290.17.

Several other equities analysts have also issued reports on COR. JPMorgan Chase & Co. boosted their price target on Cencora from $289.00 to $301.00 and gave the company an “overweight” rating in a research note on Friday, January 24th. Morgan Stanley set a $288.00 price target on shares of Cencora in a research report on Tuesday, April 15th. StockNews.com upgraded Cencora from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Wells Fargo & Company lifted their price objective on Cencora from $251.00 to $274.00 and gave the stock an “equal weight” rating in a report on Friday, March 14th. Finally, Bank of America increased their target price on Cencora from $270.00 to $285.00 and gave the stock a “neutral” rating in a research report on Friday, April 11th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $290.00.

Insider Activity at Cencora

In other news, CAO Lazarus Krikorian sold 2,000 shares of Cencora stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $260.06, for a total value of $520,120.00. Following the completion of the transaction, the chief accounting officer now owns 20,154 shares in the company, valued at approximately $5,241,249.24. This trade represents a 9.03 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Silvana Battaglia sold 5,000 shares of the firm’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $242.24, for a total transaction of $1,211,200.00. Following the completion of the sale, the executive vice president now owns 15,374 shares in the company, valued at $3,724,197.76. The trade was a 24.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 50,223 shares of company stock worth $13,580,967 in the last 90 days. Corporate insiders own 10.80% of the company’s stock.

Institutional Trading of Cencora

Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank acquired a new position in Cencora in the fourth quarter worth approximately $478,309,000. Bank of America Corp DE raised its position in shares of Cencora by 62.3% during the fourth quarter. Bank of America Corp DE now owns 5,193,807 shares of the company’s stock worth $1,166,944,000 after purchasing an additional 1,994,256 shares during the period. Castlekeep Investment Advisors LLC purchased a new stake in shares of Cencora during the fourth quarter valued at $399,508,000. GAMMA Investing LLC lifted its holdings in shares of Cencora by 43,561.9% during the first quarter. GAMMA Investing LLC now owns 1,598,461 shares of the company’s stock valued at $444,516,000 after purchasing an additional 1,594,800 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Cencora in the 4th quarter worth about $322,460,000. Institutional investors and hedge funds own 97.52% of the company’s stock.

Cencora Trading Down 0.8 %

The company has a fifty day simple moving average of $271.82 and a 200-day simple moving average of $251.02. The stock has a market cap of $56.32 billion, a price-to-earnings ratio of 41.32, a P/E/G ratio of 1.31 and a beta of 0.55. The company has a current ratio of 0.92, a quick ratio of 0.54 and a debt-to-equity ratio of 16.40.

Cencora (NYSE:COR) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $3.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.50 by $0.23. Cencora had a return on equity of 328.62% and a net margin of 0.46%. On average, research analysts forecast that Cencora, Inc. will post 15.37 earnings per share for the current fiscal year.

Cencora Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were paid a $0.55 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.20 dividend on an annualized basis and a yield of 0.76%. Cencora’s payout ratio is currently 31.29%.

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.