Cencora (NYSE:COR) Sets New 1-Year High After Strong Earnings

Cencora, Inc. (NYSE:COR - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $309.35 and last traded at $306.57, with a volume of 572075 shares changing hands. The stock had previously closed at $290.81.

The company reported $4.42 EPS for the quarter, beating the consensus estimate of $4.07 by $0.35. Cencora had a net margin of 0.46% and a return on equity of 328.62%. The firm had revenue of $75.50 billion during the quarter, compared to analysts' expectations of $75.41 billion. During the same quarter last year, the business earned $3.80 earnings per share. The business's revenue for the quarter was up 10.3% compared to the same quarter last year.

Cencora Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Friday, May 16th will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date of this dividend is Friday, May 16th. Cencora's payout ratio is currently 25.52%.

Analysts Set New Price Targets

A number of brokerages have issued reports on COR. Evercore ISI lifted their target price on shares of Cencora from $270.00 to $280.00 and gave the stock an "outperform" rating in a research report on Thursday, February 6th. JPMorgan Chase & Co. lifted their target price on shares of Cencora from $289.00 to $301.00 and gave the stock an "overweight" rating in a research report on Friday, January 24th. UBS Group lifted their price target on shares of Cencora from $298.00 to $335.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Bank of America lifted their price target on shares of Cencora from $270.00 to $285.00 and gave the stock a "neutral" rating in a report on Friday, April 11th. Finally, StockNews.com upgraded shares of Cencora from a "hold" rating to a "buy" rating in a report on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $301.18.

Insider Transactions at Cencora

In related news, EVP Elizabeth S. Campbell sold 4,127 shares of the company's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $268.28, for a total transaction of $1,107,191.56. Following the completion of the sale, the executive vice president now directly owns 14,665 shares of the company's stock, valued at approximately $3,934,326.20. This represents a 21.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Steven H. Collis sold 14,579 shares of the company's stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $281.81, for a total transaction of $4,108,507.99. Following the completion of the transaction, the chairman now directly owns 315,913 shares of the company's stock, valued at approximately $89,027,442.53. The trade was a 4.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 50,223 shares of company stock valued at $13,580,967 over the last 90 days. Corporate insiders own 10.80% of the company's stock.

Hedge Funds Weigh In On Cencora

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cornerstone Planning Group LLC lifted its position in shares of Cencora by 106.7% during the first quarter. Cornerstone Planning Group LLC now owns 93 shares of the company's stock worth $26,000 after purchasing an additional 48 shares during the last quarter. Hoey Investments Inc. acquired a new stake in Cencora during the first quarter worth about $28,000. Costello Asset Management INC acquired a new stake in shares of Cencora in the first quarter valued at approximately $28,000. JFS Wealth Advisors LLC increased its stake in shares of Cencora by 63.0% in the fourth quarter. JFS Wealth Advisors LLC now owns 119 shares of the company's stock valued at $27,000 after purchasing an additional 46 shares during the period. Finally, Banque Transatlantique SA acquired a new stake in shares of Cencora in the fourth quarter valued at approximately $29,000. 97.52% of the stock is owned by hedge funds and other institutional investors.

Cencora Stock Down 1.6%

The firm's fifty day moving average price is $276.48 and its 200-day moving average price is $253.57. The company has a debt-to-equity ratio of 16.40, a current ratio of 0.92 and a quick ratio of 0.54. The firm has a market capitalization of $53.98 billion, a P/E ratio of 39.59, a PEG ratio of 1.31 and a beta of 0.60.

Cencora Company Profile

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.