Cencora (NYSE:COR) Trading Up 4.7% - Here's What Happened

Cencora, Inc. (NYSE:COR - Get Free Report)'s share price rose 4.7% during mid-day trading on Tuesday . The company traded as high as $236.41 and last traded at $235.35. Approximately 878,551 shares were traded during trading, a decline of 38% from the average daily volume of 1,412,427 shares. The stock had previously closed at $224.81.

Wall Street Analyst Weigh In

Several research firms have commented on COR. Wells Fargo & Company boosted their price target on shares of Cencora from $236.00 to $249.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 1st. Evercore ISI cut their price target on Cencora from $270.00 to $250.00 and set an "outperform" rating on the stock in a report on Tuesday, October 8th. JPMorgan Chase & Co. increased their price target on Cencora from $280.00 to $287.00 and gave the company an "overweight" rating in a research report on Wednesday, August 21st. Bank of America reissued a "neutral" rating and set a $245.00 price objective (down from $275.00) on shares of Cencora in a research report on Wednesday, September 18th. Finally, Leerink Partners reduced their target price on shares of Cencora from $277.00 to $275.00 and set an "outperform" rating on the stock in a report on Monday, October 7th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $259.44.

Cencora Price Performance

The company has a debt-to-equity ratio of 3.93, a quick ratio of 0.55 and a current ratio of 0.89. The stock has a market capitalization of $46.50 billion, a price-to-earnings ratio of 25.51, a P/E/G ratio of 1.40 and a beta of 0.44. The company has a 50-day moving average of $232.64 and a 200-day moving average of $231.18.

Cencora (NYSE:COR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $3.34 earnings per share for the quarter, beating analysts' consensus estimates of $3.18 by $0.16. The business had revenue of $74.20 billion during the quarter, compared to analyst estimates of $73.32 billion. Cencora had a net margin of 0.65% and a return on equity of 266.60%. The company's revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.92 earnings per share. As a group, equities research analysts expect that Cencora, Inc. will post 13.63 earnings per share for the current fiscal year.

Cencora Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Friday, August 9th were given a $0.51 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.04 annualized dividend and a dividend yield of 0.88%. Cencora's dividend payout ratio is presently 22.32%.

Insider Buying and Selling

In related news, major shareholder Walgreens Boots Alliance, Inc. sold 4,438,171 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $240.56, for a total transaction of $1,067,646,415.76. Following the completion of the sale, the insider now owns 19,980,000 shares of the company's stock, valued at approximately $4,806,388,800. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Silvana Battaglia sold 1,473 shares of Cencora stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $242.69, for a total value of $357,482.37. Following the completion of the sale, the executive vice president now owns 10,948 shares in the company, valued at approximately $2,656,970.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Walgreens Boots Alliance, Inc. sold 4,438,171 shares of the company's stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $240.56, for a total value of $1,067,646,415.76. Following the sale, the insider now directly owns 19,980,000 shares in the company, valued at approximately $4,806,388,800. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Kingswood Wealth Advisors LLC bought a new position in shares of Cencora during the second quarter worth about $655,000. TD Asset Management Inc acquired a new stake in shares of Cencora in the first quarter valued at approximately $95,313,000. LSV Asset Management acquired a new position in shares of Cencora during the first quarter worth approximately $3,579,000. Cairn Investment Group Inc. bought a new position in Cencora in the 1st quarter worth approximately $2,294,000. Finally, Lake Street Advisors Group LLC bought a new position in Cencora in the 1st quarter worth approximately $836,000. 97.52% of the stock is currently owned by institutional investors.

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.