Cencora (NYSE:COR) Price Target Raised to $377.00

Cencora (NYSE:COR) had its price objective hoisted by Morgan Stanley from $346.00 to $377.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other analysts have also recently weighed in on COR. UBS Group decreased 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. Citigroup reissued a “buy” rating on shares of Cencora in a report on Thursday, August 6th. Robert W. Baird boosted their price objective on shares of Cencora from $373.00 to $375.00 and gave the stock an “outperform” rating in a research note on Thursday, October 22nd. Argus lifted their price objective on Cencora from $340.00 to $380.00 and gave the stock a “buy” rating in a report on Tuesday, October 20th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and issued a $330.00 target price on shares of Cencora in a research report on Tuesday, September 8th. Fourteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Cencora currently has a consensus rating of “Moderate Buy” and an average target price of $368.38.

Cencora Stock Performance

Cencora stock opened at $330.70 on Friday. Cencora has a fifty-two week low of $244.82 and a fifty-two week high of $377.54. The firm’s 50 day simple moving average is $323.34 and its 200-day simple moving average is $317.53. The company has a debt-to-equity ratio of 3.53, a current ratio of 0.93 and a quick ratio of 0.58. The company has a market cap of $63.11 billion, a P/E ratio of 24.57, a price-to-earnings-growth ratio of 1.69 and a beta of 0.58.

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

Insider Activity

In other Cencora news, EVP Elizabeth Campbell sold 11,300 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $6,305,754.60. This trade represents a 36.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On Cencora

A number of institutional investors have recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC raised its holdings in shares of Cencora by 506.2% during the second quarter. Elevation Wealth Partners LLC now owns 97 shares of the company’s stock valued at $27,000 after buying an additional 81 shares during the last quarter. Bell Investment Advisors Inc purchased a new position in Cencora in the second quarter valued at about $28,000. Caitlin John LLC acquired a new position in shares of Cencora during the 2nd quarter worth $28,000. Cassaday & Co Wealth Management LLC bought a new stake in Cencora during the first quarter worth approximately $35,000. Finally, Lynch Investment Planning LLC acquired a new stake in Cencora in the 3rd quarter valued at approximately $39,000. Institutional investors and hedge funds own 97.52% of the company’s stock.

Cencora Company Profile

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.