Cencora (NYSE:COR) Issues Quarterly Earnings Results, Beats Expectations By $0.21 EPS

Key Points

• Cencora (NYSE:COR) reported a quarterly earnings per share of $4.00, exceeding expectations by $0.21 and showing an 8.7% increase in revenue compared to the same quarter last year.
• The company announced a quarterly dividend of $0.55 per share, with a yield of 0.8%, reflecting a 22.63% dividend payout ratio.
• Analysts have a positive outlook for Cencora, with the stock having an average rating of "Moderate Buy" and an average price target of $309.83.

Cencora (NYSE:COR - Get Free Report) issued its earnings results on Wednesday. The company reported $4.00 earnings per share for the quarter, beating the consensus estimate of $3.79 by $0.21, Zacks reports. Cencora had a net margin of 0.60% and a return on equity of 267.36%. The firm had revenue of $80.66 billion for the quarter, compared to analysts' expectations of $80.34 billion. During the same quarter last year, the company earned $3.34 earnings per share. The firm's revenue was up 8.7% compared to the same quarter last year.

Cencora Stock Performance

Shares of COR traded up $7.06 during mid-day trading on Friday, reaching $285.46. 1,106,201 shares of the company's stock were exchanged, compared to its average volume of 1,099,116. The business's fifty day simple moving average is $292.51 and its 200-day simple moving average is $277.58. The stock has a market capitalization of $55.33 billion, a PE ratio of 29.37, a price-to-earnings-growth ratio of 1.36 and a beta of 0.58. Cencora has a 52-week low of $218.65 and a 52-week high of $309.35. The company has a debt-to-equity ratio of 3.64, a current ratio of 0.90 and a quick ratio of 0.52.

Cencora Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th will be given a dividend of $0.55 per share. The ex-dividend date is Friday, August 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 0.8%. Cencora's dividend payout ratio (DPR) is 22.63%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Wells Fargo & Company raised shares of Cencora from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $274.00 to $337.00 in a research report on Tuesday, June 3rd. Jefferies Financial Group increased their target price on Cencora from $275.00 to $300.00 and gave the company a "hold" rating in a report on Monday, June 30th. Bank of America raised their price target on Cencora from $270.00 to $285.00 and gave the company a "neutral" rating in a research note on Friday, April 11th. Citigroup upped their price objective on Cencora from $330.00 to $355.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Finally, Morgan Stanley set a $330.00 target price on Cencora and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $309.83.

Insider Buying and Selling at Cencora

In other news, CEO Robert P. Mauch sold 4,968 shares of the company's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $294.11, for a total value of $1,461,138.48. Following the completion of the sale, the chief executive officer directly owned 42,351 shares of the company's stock, valued at approximately $12,455,852.61. This represents a 10.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Steven H. Collis sold 14,578 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $292.67, for a total value of $4,266,543.26. Following the transaction, the chairman directly owned 309,913 shares in the company, valued at approximately $90,702,237.71. This represents a 4.49% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,125 shares of company stock valued at $9,993,789. 10.80% of the stock is owned by insiders.

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.

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