Cencora (NYSE:COR) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Key Points

• Wells Fargo raised Cencora’s price target from $331 to $395 and maintained an “overweight” rating, implying 21.85% upside from the previous close.
• Analyst sentiment is broadly positive, with 13 Buy ratings and two Holds, resulting in a “Moderate Buy” consensus and an average price target of $374.25.
• Cencora recently exceeded quarterly estimates, reporting $4.48 in EPS and $84.75 billion in revenue, while also authorizing a $2 billion share buyback representing up to 3.9% of outstanding shares.

Cencora (NYSE:COR - Get Free Report) had its price objective boosted by investment analysts at Wells Fargo & Company from $331.00 to $395.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's price target would indicate a potential upside of 21.85% from the stock's previous close.

Other research analysts have also issued reports about the company. Robert W. Baird set a $370.00 price objective on Cencora in a research report on Thursday. Barclays lowered their target price on Cencora from $425.00 to $350.00 and set an "overweight" rating for the company in a research note on Wednesday, June 10th. Bank of America raised their target price on Cencora from $280.00 to $285.00 and gave the company a "neutral" rating in a report on Wednesday, June 24th. UBS Group boosted their price target on Cencora from $412.00 to $430.00 and gave the stock a "buy" rating in a research report on Thursday. Finally, Wall Street Zen upgraded Cencora from a "hold" rating to a "buy" rating in a report on Saturday. Thirteen analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $374.25.

Cencora Trading Up 1.2%

NYSE COR opened at $324.17 on Tuesday. The firm has a market capitalization of $63.07 billion, a price-to-earnings ratio of 24.08, a PEG ratio of 1.84 and a beta of 0.57. The company has a debt-to-equity ratio of 3.53, a quick ratio of 0.58 and a current ratio of 0.93. Cencora has a one year low of $244.82 and a one year high of $377.54. The company's 50 day moving average price is $295.07 and its 200 day moving average price is $313.94.

Cencora (NYSE:COR - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $4.48 earnings per share (EPS) 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 company had revenue of $84.75 billion during the quarter, compared to the consensus estimate of $84.31 billion. During the same period in the previous year, the firm earned $4.00 earnings per share. Cencora's revenue for the quarter was up 5.1% on a year-over-year basis. On average, sell-side analysts predict that Cencora will post 17.83 EPS for the current year.

Cencora declared that its board has approved a share buyback plan on Thursday, May 21st that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 3.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Lauren M. Tyler bought 550 shares of the company's stock in a transaction dated Monday, June 22nd. The stock was bought at an average price of $270.23 per share, with a total value of $148,626.50. Following the transaction, the director owned 4,359 shares of the company's stock, valued at approximately $1,177,932.57. This trade represents a 14.44% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 0.38% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cencora

A number of hedge funds have recently bought and sold shares of the company. United Bank raised its position in shares of Cencora by 4.5% during the 2nd quarter. United Bank now owns 7,032 shares of the company's stock valued at $2,109,000 after acquiring an additional 305 shares in the last quarter. Nebula Research & Development LLC bought a new stake in Cencora during the second quarter valued at $595,000. Treasurer of the State of North Carolina raised its holdings in shares of Cencora by 7.9% during the second quarter. Treasurer of the State of North Carolina now owns 85,534 shares of the company's stock worth $25,647,000 after purchasing an additional 6,244 shares during the period. Diversify Advisory Services LLC raised its holdings in shares of Cencora by 94.1% during the second quarter. Diversify Advisory Services LLC now owns 2,585 shares of the company's stock worth $747,000 after purchasing an additional 1,253 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in shares of Cencora by 26.0% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 73,452 shares of the company's stock worth $22,025,000 after buying an additional 15,154 shares during the last quarter. 97.52% of the stock is currently owned by institutional investors and hedge funds.

About Cencora

Cencora NYSE: COR is a global healthcare services and pharmaceutical distribution company that provides end-to-end solutions across the pharmaceutical supply chain. The company's core activities include wholesale drug distribution, specialty drug distribution, and the operation of specialty pharmacies, complemented by logistics, cold-chain management and other fulfillment services designed to support complex and temperature-sensitive therapies.

Beyond physical distribution, Cencora offers a range of commercial and patient-focused services for pharmaceutical manufacturers and healthcare providers.

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