Cencora (NYSE:COR) Given “Neutral” Rating at Bank of America

Bank of America reiterated their neutral rating on shares of Cencora (NYSE:COR) in a report issued on Wednesday morning, Marketbeat reports. Bank of America currently has a $245.00 price objective on the stock, down from their previous price objective of $275.00.

COR has been the subject of several other reports. JPMorgan Chase & Co. boosted their price target 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 upped their target price on Cencora from $236.00 to $249.00 and gave the company an equal weight rating in a research note on Thursday, August 1st. Robert W. Baird decreased their price target on Cencora from $287.00 to $283.00 and set an outperform rating on the stock in a research note on Friday, September 6th. Leerink Partners reaffirmed an outperform rating and set a $275.00 price objective on shares of Cencora in a research note on Thursday, June 27th. Finally, StockNews.com raised shares of Cencora from a buy rating to a strong-buy rating in a research report on Friday, August 2nd. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $256.67.

Cencora Trading Down 2.6 %

Shares of COR opened at $228.48 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 stock has a market cap of $45.57 billion, a price-to-earnings ratio of 25.00, a price-to-earnings-growth ratio of 1.55 and a beta of 0.44. The firm has a 50 day simple moving average of $234.64 and a 200-day simple moving average of $233.23.

Cencora (NYSE:COR) last announced its earnings results on Wednesday, July 31st. The company reported $3.34 earnings per share for the quarter, beating the consensus estimate of $3.18 by $0.16. Cencora had a net margin of 0.65% and a return on equity of 266.60%. The firm had revenue of $74.20 billion during the quarter, compared to the consensus estimate of $73.32 billion. During the same quarter in the previous year, the company posted $2.92 EPS. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. Equities analysts forecast that Cencora will post 13.63 EPS for the current fiscal year.

Cencora Announces Dividend

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

Insiders Place Their Bets

In related news, CEO Steven H. Collis sold 10,755 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $222.12, for a total transaction of $2,388,900.60. Following the sale, the chief executive officer now directly owns 285,088 shares in the company, valued at approximately $63,323,746.56. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, EVP Silvana Battaglia sold 1,473 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at approximately $2,656,970.12. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Steven H. Collis sold 10,755 shares of Cencora stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $222.12, for a total transaction of $2,388,900.60. Following the sale, the chief executive officer now directly owns 285,088 shares in the company, valued at approximately $63,323,746.56. The disclosure for this sale can be found here. Insiders have sold a total of 4,450,399 shares of company stock worth $1,070,392,799 over the last quarter. 15.80% of the stock is owned by corporate insiders.

Institutional Trading of Cencora

A number of hedge funds and other institutional investors have recently modified their holdings of COR. Fisher Asset Management LLC purchased a new stake in Cencora during the 4th quarter worth approximately $244,000. Trust Co. of Vermont bought a new stake in shares of Cencora in the fourth quarter worth $62,000. Wahed Invest LLC acquired a new stake in Cencora in the fourth quarter valued at $567,000. Vanguard Group Inc. bought a new position in Cencora during the 4th quarter valued at $4,212,508,000. Finally, Hennessy Advisors Inc. acquired a new position in Cencora during the 4th quarter worth $3,307,000. 97.52% of the stock is owned by hedge funds and other institutional investors.

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.