Cencora (NYSE:COR) Raised to “Overweight” at Wells Fargo & Company

Cencora (NYSE:COR) was upgraded by research analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a report issued on Tuesday, Marketbeat reports. The brokerage currently has a $337.00 price objective on the stock, up from their previous price objective of $274.00. Wells Fargo & Company‘s price target would suggest a potential upside of 16.60% from the company’s current price.

Several other equities research analysts have also recently issued reports on COR. Bank of America lifted their price objective on Cencora from $270.00 to $285.00 and gave the stock a “neutral” rating in a report on Friday, April 11th. Wall Street Zen upgraded Cencora from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Citigroup lifted their price target on Cencora from $330.00 to $355.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. UBS Group boosted their price target on Cencora from $298.00 to $335.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Finally, Robert W. Baird raised their price objective on Cencora from $314.00 to $350.00 and gave the company an “outperform” rating in a report on Thursday, May 8th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $306.91.

Cencora Trading Down 0.9%

Shares of NYSE:COR opened at $289.02 on Tuesday. Cencora has a 1 year low of $218.65 and a 1 year high of $309.35. The firm has a market capitalization of $56.02 billion, a price-to-earnings ratio of 41.11, a price-to-earnings-growth ratio of 1.31 and a beta of 0.60. 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 business’s 50 day moving average price is $285.86 and its 200-day moving average price is $259.51.

Cencora (NYSE:COR) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $4.42 earnings per share for the quarter, topping analysts’ consensus estimates of $4.07 by $0.35. The company had revenue of $75.50 billion during the quarter, compared to analysts’ expectations of $75.41 billion. Cencora had a net margin of 0.46% and a return on equity of 328.62%. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the prior year, the business posted $3.80 earnings per share. On average, equities research analysts forecast that Cencora will post 15.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman Steven H. Collis sold 14,578 shares of the stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $269.51, for a total value of $3,928,916.78. Following the completion of the transaction, the chairman now directly owns 317,913 shares in the company, valued at approximately $85,680,732.63. This represents a 4.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Lazarus Krikorian sold 2,000 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $260.06, for a total value of $520,120.00. Following the sale, the chief accounting officer now directly owns 20,154 shares of the company’s stock, valued at approximately $5,241,249.24. This trade represents a 9.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 40,253 shares of company stock valued at $11,102,417 in the last three months. 10.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cencora

Large investors have recently modified their holdings of the business. Hickory Asset Management Inc. purchased a new stake in Cencora in the 4th quarter valued at about $572,000. Vontobel Holding Ltd. increased its position in shares of Cencora by 46.9% during the fourth quarter. Vontobel Holding Ltd. now owns 6,245 shares of the company’s stock valued at $1,403,000 after acquiring an additional 1,995 shares during the last quarter. Portfolio Design Labs LLC raised its stake 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 acquiring an additional 4,794 shares during the period. Livforsakringsbolaget Skandia Omsesidigt raised its stake in shares of Cencora by 4.4% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 28,575 shares of the company’s stock valued at $6,420,000 after acquiring an additional 1,200 shares during the period. Finally, Latitude Advisors LLC acquired a new position in shares of Cencora in the 4th quarter worth approximately $559,000. Institutional investors and hedge funds 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.