Cencora (NYSE:COR) Given New $380.00 Price Target at Argus

Cencora (NYSE:COR) had its price target upped by equities researchers at Argus from $340.00 to $380.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Argus’ price target would indicate a potential upside of 11.74% from the stock’s current price.

COR has been the subject of several other reports. Leerink Partners upped their price objective on shares of Cencora from $380.00 to $388.00 and gave the company an “outperform” rating in a research note on Wednesday, October 7th. JPMorgan Chase & Co. raised their target price on Cencora from $382.00 to $390.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Robert W. Baird raised their target price on Cencora from $370.00 to $373.00 and gave the stock an “outperform” rating in a research note on Monday, October 12th. Wells Fargo & Company boosted their price target on Cencora from $331.00 to $395.00 and gave the company an “overweight” rating in a report on Tuesday, August 11th. Finally, Morgan Stanley boosted their price target on Cencora from $342.00 to $346.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Fourteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Cencora presently has a consensus rating of “Moderate Buy” and a consensus price target of $366.31.

Cencora Stock Down 0.2%

Shares of NYSE COR opened at $340.07 on Tuesday. The firm’s fifty day moving average is $320.70 and its 200 day moving average is $303.48. Cencora has a 52 week low of $244.82 and a 52 week high of $377.54. The company has a quick ratio of 0.58, a current ratio of 0.93 and a debt-to-equity ratio of 3.53. The company has a market cap of $64.90 billion, a price-to-earnings ratio of 25.27, a PEG ratio of 1.75 and a beta of 0.58.

Cencora (NYSE:COR) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.35 by $0.13. The business had revenue of $84.75 billion during the quarter, compared to analysts’ expectations of $84.31 billion. Cencora had a net margin of 0.79% and a return on equity of 125.45%. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.00 EPS. On average, equities research analysts expect that Cencora will post 17.87 earnings per share for the current year.

Insider Activity at Cencora

In other news, EVP Elizabeth Campbell sold 11,300 shares of the business’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $324.12, for a total transaction of $3,662,556.00. Following the sale, the executive vice president owned 19,455 shares in the company, valued at approximately $6,305,754.60. The trade was a 36.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Deutsche Bank AG purchased a new stake in Cencora during the second quarter valued at $286,673,000. Impact Partnership Wealth LLC purchased a new position in shares of Cencora in the 1st quarter worth $1,170,000. SEB Asset Management AB purchased a new position in shares of Cencora in the 1st quarter worth $134,139,000. Wedge Capital Management L L P NC grew its stake in shares of Cencora by 31.0% in the 2nd quarter. Wedge Capital Management L L P NC now owns 105,614 shares of the company’s stock worth $29,887,000 after buying an additional 24,968 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Cencora in the 2nd quarter worth about $841,000. 97.52% of the stock is currently owned by institutional investors.

About Cencora

Cencora, formerly known as AmerisourceBergen, is a global pharmaceutical sourcing and distribution company. It provides branded, generic and specialty pharmaceuticals, over-the-counter products and related health care supplies to pharmacies, hospitals, health systems, physician practices and other health care providers.

The company also offers services to pharmaceutical and biotechnology manufacturers, including logistics, commercialization support, market access, consulting, clinical trial support and patient assistance programs.