Cencora (NYSE:COR) Stock Price Target Raised at Morgan Stanley

Cencora (NYSE:COR) had its target price upped by equities researchers at Morgan Stanley from $346.00 to $377.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley‘s target price points to a potential upside of 12.88% from the company’s current price.

COR has been the topic of several other reports. Citigroup reiterated a “buy” rating on shares of Cencora in a research note on Thursday, August 6th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $330.00 price objective on shares of Cencora in a research note on Tuesday, September 8th. Bank of America lifted their price objective on Cencora from $285.00 to $310.00 in a research note on Tuesday, July 21st. Leerink Partners boosted their price objective on Cencora from $380.00 to $388.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 7th. Finally, UBS Group cut their target price on shares of Cencora from $430.00 to $400.00 and set a “buy” rating on the stock in a research note on Friday, October 16th. Fourteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $368.38.

Cencora Stock Performance

Shares of NYSE COR traded up $3.47 during midday trading on Friday, reaching $334.00. 571,555 shares of the stock were exchanged, compared to its average volume of 1,456,526. The firm has a 50-day simple moving average of $323.03 and a two-hundred day simple moving average of $317.58. The company has a quick ratio of 0.58, a current ratio of 0.93 and a debt-to-equity ratio of 3.53. Cencora has a twelve month low of $244.82 and a twelve month high of $377.54. The firm has a market cap of $63.74 billion, a price-to-earnings ratio of 24.81, a PEG ratio of 1.66 and a beta of 0.58.

Cencora (NYSE:COR) last issued its earnings results on Wednesday, August 5th. The company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.35 by $0.13. The business had revenue of $84.75 billion during the quarter, compared to the consensus estimate of $84.31 billion. Cencora had a return on equity of 125.45% and a net margin of 0.79%. The company’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same period last year, the company earned $4.00 EPS. As a group, analysts anticipate that Cencora will post 17.87 EPS for the current fiscal year.

Insider Activity at Cencora

In other Cencora news, EVP Elizabeth Campbell sold 11,300 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $324.12, for a total value of $3,662,556.00. Following the transaction, the executive vice president directly owned 19,455 shares in the company, valued at $6,305,754.60. This represents a 36.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On Cencora

Large investors have recently bought and sold shares of the stock. AIA Group Ltd grew its stake in Cencora by 1,344.8% during the 3rd quarter. AIA Group Ltd now owns 15,300 shares of the company’s stock worth $4,594,000 after buying an additional 14,241 shares during the last quarter. Provenance Wealth Advisors LLC raised its position in Cencora by 24,393.8% in the 3rd quarter. Provenance Wealth Advisors LLC now owns 3,919 shares of the company’s stock valued at $1,177,000 after purchasing an additional 3,903 shares during the last quarter. TrinityBridge Ltd boosted its stake in Cencora by 35.8% during the 3rd quarter. TrinityBridge Ltd now owns 145,444 shares of the company’s stock worth $43,692,000 after purchasing an additional 38,339 shares during the period. Integrity Alliance LLC. boosted its stake in Cencora by 4.6% during the 3rd quarter. Integrity Alliance LLC. now owns 5,497 shares of the company’s stock worth $1,651,000 after purchasing an additional 240 shares during the period. Finally, Integrity Advisory Solutions LLC acquired a new stake in shares of Cencora during the third quarter worth about $207,000. Institutional investors and hedge funds own 97.52% of the company’s stock.

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.