Cencora (NYSE:COR) Price Target Raised to $373.00

Key Points

• Robert W. Baird raised Cencora’s price target to $373 from $370 while maintaining an “outperform” rating, implying 14.61% upside from the prior close.
• Analyst sentiment remains favorable, with 14 Buy ratings and four Holds; the stock has a “Moderate Buy” consensus rating and an average price target of $365.69.
• Cencora exceeded quarterly expectations, reporting $4.48 in adjusted earnings per share versus a $4.35 consensus estimate and $84.75 billion in revenue, up 5.1% year over year.

Cencora (NYSE:COR - Get Free Report) had its price target hoisted by equities research analysts at Robert W. Baird from $370.00 to $373.00 in a research note issued on Monday. The firm presently has an "outperform" rating on the stock. Robert W. Baird's price objective points to a potential upside of 14.61% from the stock's previous close.

Several other brokerages have also recently weighed in on COR. Morgan Stanley boosted their price objective on Cencora from $342.00 to $346.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. JPMorgan Chase & Co. raised their target price on shares of Cencora from $382.00 to $390.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. UBS Group lifted their price target on shares of Cencora from $412.00 to $430.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Evercore reissued an "outperform" rating and set a $350.00 price target (up from $330.00) on shares of Cencora in a research note on Thursday, August 6th. Finally, Royal Bank Of Canada reissued a "sector perform" rating and set a $330.00 price target on shares of Cencora in a research note on Tuesday, September 8th. Fourteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $365.69.

Cencora Price Performance

NYSE:COR traded up $1.61 during mid-day trading on Monday, hitting $325.46. The company's stock had a trading volume of 308,835 shares, compared to its average volume of 1,473,408. Cencora has a fifty-two week low of $244.82 and a fifty-two week high of $377.54. The company has a market capitalization of $62.11 billion, a price-to-earnings ratio of 24.16, a P/E/G ratio of 1.66 and a beta of 0.58. The stock has a fifty day moving average of $318.47 and a 200-day moving average of $302.73. The company has a current ratio of 0.93, a quick ratio of 0.58 and a debt-to-equity ratio of 3.53.

Cencora (NYSE:COR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.35 by $0.13. Cencora had a net margin of 0.79% and a return on equity of 125.45%. The firm had revenue of $84.75 billion for the quarter, compared to analysts' expectations of $84.31 billion. During the same period in the prior year, the firm earned $4.00 earnings per share. The company's quarterly revenue was up 5.1% compared to the same quarter last year. As a group, equities analysts forecast that Cencora will post 17.87 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Elizabeth Campbell sold 11,300 shares of the business's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $324.12, for a total transaction of $3,662,556.00. Following the transaction, the executive vice president directly owned 19,455 shares of the company's stock, valued at approximately $6,305,754.60. The trade was a 36.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.38% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cencora

A number of hedge funds have recently added to or reduced their stakes in COR. BlackRock Inc. bought a new stake in shares of Cencora during the 2nd quarter worth approximately $5,154,136,000. T. Rowe Price Investment Management Inc. increased its stake in Cencora by 160.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,700,091 shares of the company's stock valued at $2,262,956,000 after acquiring an additional 4,123,795 shares during the last quarter. Bank of America Corp DE acquired a new position in Cencora during the second quarter valued at approximately $1,056,625,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Cencora during the second quarter valued at approximately $483,772,000. Finally, Legal & General Group Plc bought a new stake in Cencora during the second quarter worth $339,556,000. Institutional investors own 97.52% of the company's stock.

About Cencora

Cencora, formerly known as AmerisourceBergen, is a global pharmaceutical solutions company that sources, distributes and supports the delivery of medicines and healthcare products. The company serves pharmaceutical manufacturers, healthcare providers, pharmacies and animal-health customers through its supply-chain and commercialization services.

Its activities include pharmaceutical and specialty-product distribution, manufacturer services, specialty logistics, clinical-trial support, patient-support programs and other services designed to help bring medicines to market and improve access to treatment.

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