Robert W. Baird Issues Positive Forecast for Cencora (NYSE:COR) Stock Price

Cencora (NYSE:COR) had its price target upped by investment analysts at Robert W. Baird from $370.00 to $373.00 in a research report issued on Monday. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s price objective points to a potential upside of 14.61% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Morgan Stanley upped their price target on shares of Cencora from $342.00 to $346.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Citigroup reissued a “buy” rating on shares of Cencora in a research note on Thursday, August 6th. Bank of America upped their target price on Cencora from $280.00 to $285.00 and gave the company a “neutral” rating in a research report on Wednesday, June 24th. UBS Group upped their target price on Cencora from $412.00 to $430.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Finally, Weiss Ratings raised Cencora from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, October 6th. Fourteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $365.69.

Cencora Price Performance

COR stock traded up $1.61 during midday trading on Monday, reaching $325.46. 308,835 shares of the stock were exchanged, compared to its average volume of 1,473,408. Cencora has a 52 week low of $244.82 and a 52 week high of $377.54. The company has a fifty day moving average price of $318.47 and a 200 day moving average price of $302.73. The company has a debt-to-equity ratio of 3.53, a current ratio of 0.93 and a quick ratio of 0.58. The stock has a market capitalization of $62.11 billion, a PE ratio of 24.16, a P/E/G ratio of 1.66 and a beta of 0.58.

Cencora (NYSE:COR) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.35 by $0.13. The company had revenue of $84.75 billion for the quarter, compared to analysts’ expectations of $84.31 billion. Cencora had a net margin of 0.79% and a return on equity of 125.45%. Cencora’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.00 earnings per share. As a group, analysts expect that Cencora will post 17.87 EPS for the current fiscal year.

Insider Activity

In other news, EVP Elizabeth Campbell sold 11,300 shares of the company’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $324.12, for a total value of $3,662,556.00. Following the completion of the sale, the executive vice president owned 19,455 shares in the company, valued at $6,305,754.60. This represents a 36.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.38% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cencora

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Cencora in the second quarter worth $5,154,136,000. T. Rowe Price Investment Management Inc. raised its stake in shares of Cencora by 160.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,700,091 shares of the company’s stock worth $2,262,956,000 after purchasing an additional 4,123,795 shares during the period. Bank of America Corp DE raised its stake in shares of Cencora by 6.9% during the 1st quarter. Bank of America Corp DE now owns 4,138,388 shares of the company’s stock worth $1,300,033,000 after purchasing an additional 267,318 shares during the period. Amundi boosted its holdings in shares of Cencora by 43.5% in the 2nd quarter. Amundi now owns 2,229,326 shares of the company’s stock worth $630,855,000 after buying an additional 676,066 shares during the last quarter. Finally, Carmignac Gestion boosted its holdings in shares of Cencora by 58.7% in the 2nd quarter. Carmignac Gestion now owns 1,747,363 shares of the company’s stock worth $494,463,000 after buying an additional 646,112 shares during the last quarter. Hedge funds and other institutional investors own 97.52% of the company’s stock.

About Cencora

Cencora, formerly known as AmerisourceBergen, is a global pharmaceutical solutions company that sources, distributes and supports the delivery of medicines and healthcare products. The company serves pharmaceutical manufacturers, healthcare providers, pharmacies and animal-health customers through its supply-chain and commercialization services.

Its activities include pharmaceutical and specialty-product distribution, manufacturer services, specialty logistics, clinical-trial support, patient-support programs and other services designed to help bring medicines to market and improve access to treatment.