Morgan Stanley Issues Positive Forecast for Cencora (NYSE:COR) Stock Price

Cencora (NYSE:COR) had its target price boosted by stock analysts at Morgan Stanley from $313.00 to $330.00 in a research note issued on Wednesday, July 16th, MarketBeat Ratings reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price target indicates a potential upside of 13.73% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. UBS Group raised 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. Bank of America raised their price objective on Cencora from $270.00 to $285.00 and gave the company a “neutral” rating in a research note on Friday, April 11th. Robert W. Baird raised their price objective on Cencora from $314.00 to $350.00 and gave the company an “outperform” rating in a research note on Thursday, May 8th. Wells Fargo & Company raised Cencora from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $274.00 to $337.00 in a research note on Tuesday, June 3rd. Finally, Citigroup raised their target price on Cencora from $330.00 to $355.00 and gave the company a “buy” rating in a report on Thursday, May 8th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Cencora currently has a consensus rating of “Moderate Buy” and a consensus target price of $309.83.

Cencora Trading Down 0.1%

Cencora stock traded down $0.28 during mid-day trading on Wednesday, hitting $290.17. The stock had a trading volume of 785,267 shares, compared to its average volume of 1,072,635. The company has a current ratio of 0.87, a quick ratio of 0.52 and a debt-to-equity ratio of 6.01. Cencora has a 12 month low of $218.65 and a 12 month high of $309.35. The stock has a market capitalization of $56.24 billion, a PE ratio of 33.66, a P/E/G ratio of 1.44 and a beta of 0.57. The stock has a 50-day simple moving average of $293.31 and a two-hundred day simple moving average of $273.89.

Cencora (NYSE:COR) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $4.42 earnings per share for the quarter, topping 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 return on equity of 344.71% and a net margin of 0.55%. The business’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.80 EPS. As a group, sell-side analysts forecast that Cencora will post 15.37 EPS for the current year.

Insider Buying and Selling

In related news, Chairman Steven H. Collis sold 14,579 shares of the company’s stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $292.62, for a total value of $4,266,106.98. Following the transaction, the chairman directly owned 311,913 shares of the company’s stock, valued at $91,271,982.06. This represents a 4.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert P. Mauch sold 4,968 shares of the company’s stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $294.11, for a total transaction of $1,461,138.48. Following the transaction, the chief executive officer owned 42,351 shares of the company’s stock, valued at approximately $12,455,852.61. This trade represents a 10.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,125 shares of company stock valued at $9,993,789 in the last three months. 10.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cencora

Several hedge funds and other institutional investors have recently added to or reduced their stakes in COR. Cornerstone Planning Group LLC raised its holdings in Cencora by 106.7% during the first quarter. Cornerstone Planning Group LLC now owns 93 shares of the company’s stock worth $26,000 after purchasing an additional 48 shares in the last quarter. Hoey Investments Inc. purchased a new position in shares of Cencora during the 1st quarter worth approximately $28,000. Costello Asset Management INC acquired a new stake in Cencora during the first quarter worth approximately $28,000. Banque Transatlantique SA acquired a new stake in Cencora during the fourth quarter worth approximately $29,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in shares of Cencora in the 1st quarter valued at $39,000. Hedge funds and other institutional investors own 97.52% of the company’s stock.

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.