Wells Fargo & Company Cuts Cencora (NYSE:COR) Price Target to $237.00

Cencora (NYSE:COR - Free Report) had its target price lowered by Wells Fargo & Company from $249.00 to $237.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other research analysts have also issued reports on COR. Bank of America reiterated a "neutral" rating and set a $245.00 price objective (down from $275.00) on shares of Cencora in a research note on Wednesday, September 18th. UBS Group increased their target price on shares of Cencora from $275.00 to $285.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. StockNews.com lowered shares of Cencora from a "strong-buy" rating to a "buy" rating in a research report on Friday, September 20th. JPMorgan Chase & Co. raised their price objective on shares of Cencora from $280.00 to $287.00 and gave the stock an "overweight" rating in a report on Wednesday, August 21st. Finally, Leerink Partners cut their target price on shares of Cencora from $277.00 to $275.00 and set an "outperform" rating for the company in a research note on Monday, October 7th. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $275.60.

Cencora Price Performance

NYSE COR traded up $0.12 during trading on Friday, reaching $232.24. 780,788 shares of the company traded hands, compared to its average volume of 1,386,901. Cencora has a 1-year low of $195.83 and a 1-year high of $253.27. The company has a debt-to-equity ratio of 4.84, a quick ratio of 0.53 and a current ratio of 0.88. The stock's 50 day moving average price is $238.36 and its two-hundred day moving average price is $234.04. The company has a market cap of $44.89 billion, a price-to-earnings ratio of 30.92, a P/E/G ratio of 1.54 and a beta of 0.45.

Cencora Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 0.95%. This is a positive change from Cencora's previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Friday, November 15th. Cencora's dividend payout ratio (DPR) is presently 29.29%.

Insider Transactions at Cencora

In related news, Chairman Steven H. Collis sold 50,000 shares of Cencora stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $243.97, for a total value of $12,198,500.00. Following the completion of the sale, the chairman now directly owns 326,557 shares in the company, valued at $79,670,111.29. This trade represents a 13.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 93,018 shares of company stock worth $22,478,942 over the last 90 days. 15.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Pacer Advisors Inc. lifted its holdings in Cencora by 6,855.3% in the third quarter. Pacer Advisors Inc. now owns 2,065,374 shares of the company's stock valued at $464,874,000 after buying an additional 2,035,679 shares during the period. Bank of Montreal Can lifted its stake in shares of Cencora by 136.8% in the 2nd quarter. Bank of Montreal Can now owns 641,887 shares of the company's stock valued at $153,623,000 after purchasing an additional 370,841 shares during the period. American Century Companies Inc. boosted its position in shares of Cencora by 155.0% in the 2nd quarter. American Century Companies Inc. now owns 598,438 shares of the company's stock worth $134,828,000 after purchasing an additional 363,796 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Cencora by 7.0% during the third quarter. Wellington Management Group LLP now owns 5,193,386 shares of the company's stock worth $1,168,927,000 after purchasing an additional 338,452 shares during the period. Finally, Two Sigma Advisers LP increased its holdings in Cencora by 21.7% in the third quarter. Two Sigma Advisers LP now owns 1,638,400 shares of the company's stock valued at $368,771,000 after purchasing an additional 292,600 shares during the last quarter. Institutional investors own 97.52% of the company's stock.

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.