Cencora, Inc. (NYSE:COR) Raises Dividend to $0.55 Per Share

Cencora, Inc. (NYSE:COR) announced a quarterly dividend on Wednesday, November 6th, Zacks reports. Investors of record on Friday, November 15th will be given a dividend of 0.55 per share on Friday, November 29th. This represents a $2.20 annualized dividend and a dividend yield of 0.89%. The ex-dividend date is Friday, November 15th. This is a boost from Cencora’s previous quarterly dividend of $0.51.

Cencora has increased its dividend by an average of 5.0% annually over the last three years and has raised its dividend every year for the last 14 years. Cencora has a dividend payout ratio of 13.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Cencora to earn $14.82 per share next year, which means the company should continue to be able to cover its $2.04 annual dividend with an expected future payout ratio of 13.8%.

Cencora Price Performance

COR stock traded up $1.83 during midday trading on Thursday, hitting $247.21. The company’s stock had a trading volume of 106,024 shares, compared to its average volume of 1,403,092. The company has a quick ratio of 0.55, a current ratio of 0.89 and a debt-to-equity ratio of 3.93. Cencora has a 12 month low of $191.11 and a 12 month high of $250.42. The company has a 50 day moving average of $231.57 and a two-hundred day moving average of $230.64. The firm has a market capitalization of $48.71 billion, a price-to-earnings ratio of 26.64, a price-to-earnings-growth ratio of 1.49 and a beta of 0.44.

Cencora (NYSE:COR) last posted its earnings results on Wednesday, November 6th. The company reported $3.34 earnings per share for the quarter, beating the consensus estimate of $3.21 by $0.13. The company had revenue of $79.05 billion during the quarter, compared to analysts’ expectations of $77.68 billion. Cencora had a net margin of 0.65% and a return on equity of 266.60%. On average, analysts expect that Cencora will post 13.64 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on COR. Wells Fargo & Company increased their price target on Cencora from $236.00 to $249.00 and gave the company an “equal weight” rating in a research note on Thursday, August 1st. Bank of America reiterated a “neutral” rating and set a $245.00 target price (down from $275.00) on shares of Cencora in a research report on Wednesday, September 18th. Leerink Partners reduced their price target on shares of Cencora from $277.00 to $275.00 and set an “outperform” rating on the stock in a research report on Monday, October 7th. JPMorgan Chase & Co. increased their price objective on shares of Cencora from $280.00 to $287.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Finally, Evercore ISI boosted their target price on shares of Cencora from $250.00 to $285.00 and gave the stock an “outperform” rating in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $268.67.

Insider Buying and Selling

In related news, Chairman Steven H. Collis sold 21,509 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $235.80, for a total value of $5,071,822.20. Following the sale, the chairman now directly owns 285,088 shares of the company’s stock, valued at $67,223,750.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 15.80% of the stock is owned by corporate insiders.

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.