Cencora (NYSE:COR) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Cencora (NYSE:COR) had its target price boosted by research analysts at Morgan Stanley from $313.00 to $330.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 12.00% from the company’s previous close.

COR has been the topic of several other research reports. Citigroup lifted their price target on shares of Cencora from $330.00 to $355.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. Jefferies Financial Group raised their price objective on shares of Cencora from $275.00 to $300.00 and gave the stock a “hold” rating in a report on Monday, June 30th. UBS Group raised their price objective on shares of Cencora from $298.00 to $335.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Robert W. Baird raised their price objective on shares of Cencora from $314.00 to $350.00 and gave the stock an “outperform” rating in a report on Thursday, May 8th. Finally, Wells Fargo & Company raised shares of Cencora from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $274.00 to $337.00 in a report on Tuesday, June 3rd. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $309.83.

Cencora Stock Performance

NYSE:COR opened at $294.64 on Wednesday. The company has a quick ratio of 0.52, a current ratio of 0.87 and a debt-to-equity ratio of 6.01. The company has a market cap of $57.11 billion, a P/E ratio of 34.18, a P/E/G ratio of 1.47 and a beta of 0.57. Cencora has a fifty-two week low of $218.65 and a fifty-two week high of $309.35. The firm’s 50 day moving average is $292.09 and its two-hundred day moving average is $270.94.

Cencora (NYSE:COR) last issued its earnings results on Wednesday, May 7th. The company reported $4.42 EPS for the quarter, beating analysts’ consensus estimates of $4.07 by $0.35. Cencora had a net margin of 0.55% and a return on equity of 344.71%. The business had revenue of $75.50 billion for the quarter, compared to the consensus estimate of $75.41 billion. During the same quarter last year, the firm posted $3.80 EPS. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. Analysts expect that Cencora will post 15.37 EPS for the current year.

Insider Buying and Selling

In related news, CEO Robert P. Mauch sold 4,969 shares of the business’s stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $289.33, for a total value of $1,437,680.77. Following the sale, the chief executive officer directly owned 47,582 shares in the company, valued at $13,766,900.06. The trade was a 9.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Steven H. Collis sold 14,579 shares of the business’s stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $292.62, for a total transaction of $4,266,106.98. Following the completion of the sale, the chairman owned 311,913 shares in the company, valued at $91,271,982.06. The trade was a 4.47% 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 over the last quarter. 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 business. Perigon Wealth Management LLC increased its position in shares of Cencora by 2.8% in the second quarter. Perigon Wealth Management LLC now owns 2,320 shares of the company’s stock worth $696,000 after acquiring an additional 63 shares in the last quarter. Retireful LLC purchased a new position in Cencora during the second quarter valued at approximately $292,000. TD Private Client Wealth LLC purchased a new position in Cencora during the second quarter valued at approximately $1,663,000. Ballentine Partners LLC grew its position in Cencora by 14.0% during the second quarter. Ballentine Partners LLC now owns 10,198 shares of the company’s stock valued at $3,058,000 after purchasing an additional 1,255 shares in the last quarter. Finally, Cigna Investments Inc. New grew its position in Cencora by 2.9% during the second quarter. Cigna Investments Inc. New now owns 1,788 shares of the company’s stock valued at $536,000 after purchasing an additional 50 shares in the last quarter. 97.52% of the stock is currently owned by 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.