Cencora (NYSE:COR) Sets New 1-Year High Following Earnings Beat

Cencora, Inc. (NYSE:COR)’s stock price reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $250.42 and last traded at $247.21, with a volume of 106024 shares traded. The stock had previously closed at $245.38.

The company reported $3.34 EPS for the quarter, beating analysts’ consensus estimates of $3.21 by $0.13. The business had revenue of $79.05 billion for the quarter, compared to analyst estimates of $77.68 billion. Cencora had a net margin of 0.65% and a return on equity of 266.60%.

Cencora Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.55 per share. This is a positive change from Cencora’s previous quarterly dividend of $0.51. This represents a $2.20 annualized dividend and a dividend yield of 0.89%. The ex-dividend date of this dividend is Friday, November 15th. Cencora’s dividend payout ratio is 22.15%.

Analyst Upgrades and Downgrades

COR has been the subject of several recent analyst reports. Robert W. Baird cut their price objective on shares of Cencora from $287.00 to $283.00 and set an “outperform” rating for the company in a research report on Friday, September 6th. Leerink Partners lowered their target price on Cencora from $277.00 to $275.00 and set an “outperform” rating for the company in a report on Monday, October 7th. Evercore ISI lifted their price target on Cencora from $250.00 to $285.00 and gave the company an “outperform” rating in a research note on Thursday. Bank of America reaffirmed a “neutral” rating and issued a $245.00 price objective (down previously from $275.00) on shares of Cencora in a research note on Wednesday, September 18th. Finally, Barclays lifted their target price on shares of Cencora from $263.00 to $290.00 and gave the stock an “overweight” rating in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cencora presently has an average rating of “Moderate Buy” and a consensus target price of $268.67.

Insiders Place Their Bets

In other Cencora news, Chairman Steven H. Collis sold 21,509 shares of the firm’s stock in a transaction on 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 transaction, the chairman now directly owns 285,088 shares of the company’s stock, valued at approximately $67,223,750.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 15.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD purchased a new stake in Cencora in the 1st quarter valued at $2,183,619,000. JPMorgan Chase & Co. bought a new position in shares of Cencora during the first quarter valued at about $1,199,695,000. Boston Partners purchased a new position in Cencora during the first quarter worth about $1,001,269,000. Capital Research Global Investors bought a new stake in Cencora in the 1st quarter worth about $650,424,000. Finally, Bessemer Group Inc. purchased a new stake in Cencora in the 1st quarter valued at about $556,245,000. Institutional investors own 97.52% of the company’s stock.

Cencora Stock Performance

The company’s 50-day simple moving average is $231.57 and its 200 day simple moving average is $230.64. The stock has a market cap of $48.71 billion, a P/E ratio of 26.64, a PEG ratio of 1.49 and a beta of 0.44. The company has a current ratio of 0.89, a quick ratio of 0.55 and a debt-to-equity ratio of 3.93.

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.