Cencora (NYSE:COR) Sets New 52-Week High Following Earnings Beat

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

The company reported $3.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.21 by $0.13. The company had revenue of $79.05 billion for the quarter, compared to analysts’ expectations of $77.68 billion. Cencora had a return on equity of 266.60% and a net margin of 0.65%.

Cencora Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on COR shares. JPMorgan Chase & Co. increased their price objective on Cencora from $280.00 to $287.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. StockNews.com lowered Cencora from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 20th. Robert W. Baird boosted their price objective on Cencora from $287.00 to $292.00 and gave the stock an “outperform” rating in a report on Thursday. Evercore ISI upped their price objective on shares of Cencora from $250.00 to $285.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Wells Fargo & Company lifted their target price on shares of Cencora from $236.00 to $249.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Cencora presently has a consensus rating of “Moderate Buy” and a consensus target price of $271.20.

Insider Activity

In other Cencora news, Chairman Steven H. Collis sold 21,509 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chairman now directly owns 285,088 shares of the company’s stock, valued at $67,223,750.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 15.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cencora

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. New Millennium Group LLC bought a new stake in shares of Cencora during the 2nd quarter worth $26,000. TCTC Holdings LLC acquired a new position in shares of Cencora during the first quarter valued at about $29,000. TFO Wealth Partners LLC bought a new stake in shares of Cencora during the first quarter valued at approximately $30,000. LRI Investments LLC bought a new position in shares of Cencora during the 1st quarter worth about $31,000. Finally, MFA Wealth Advisors LLC bought a new stake in shares of Cencora in the 2nd quarter valued at approximately $30,000. 97.52% of the stock is currently owned by institutional investors and hedge funds.

Cencora Price Performance

The firm has a market cap of $48.82 billion, a P/E ratio of 26.90, a P/E/G ratio of 1.49 and a beta of 0.44. The company has a 50-day moving average of $231.77 and a 200 day moving average of $230.76. The company has a debt-to-equity ratio of 3.93, a quick ratio of 0.55 and a current ratio of 0.89.

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.