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Wire

Cencora's MWI Animal Health Merger With Covetrus Sees 'Intensified' FTC Scrutiny, RBC Says

Cencora's (COR) MWI Animal Health's pending merger with Covetrus sees "intensified" Federal Trade Commission scrutiny, RBC Capital Markets said, noting that the combined entity is expected to hold 67% to 75% of the US veterinary distribution market.The FTC issued Civil Investigative Demands to all parties in July and raised a second request under the Hart-Scott-Rodino Act earlier in May, RBC said in a note Friday.RBC said that a key question is if the agency defines the relevant market as companion and production animals or just companion animals, which will materially impact the estimated concentration levels.The firm said it now expects 2027 revenue of $351.37 billion and EPS of $19.50 from $354.74 billion and $19.76 previously, accounting for the transaction closing and removing MWI Animal Health from the estimates.RBC maintained the company's sector perform rating and $330 price target.Price: $324.59, Change: $-6.36, Percent Change: -1.92%

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Research

RBC Initiates Cencora at Sector Perform With $330 Price Target

Cencora (COR) has an average rating of overweight and mean price target of $368.92, according to analysts polled by FactSet.

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Japan

US Equity Markets End Mixed Amid Tech Stock Gains, Lower Inflation Data

US equity indexes ended mixed Wednesday amid stock gains by some major technology stocks and a four-month low inflation rate report.* The consumer price index rose 3.4% in July from a year earlier, decelerating from 3.5% in June, according to data from the Bureau of Labor Statistics. The annual print matched the average forecast in a Bloomberg-compiled survey.* Iran could "prolong" its war with the US until President Donald Trump leaves office, CNN reported, citing a top adviser to the commander of Iran's Islamic Revolutionary Guard Corps.* September West Texas Intermediate crude oil fell $0.24 to settle at $82.96 per barrel, while October Brent crude, the global benchmark, was last seen down $0.29 at $88.62.* Super Micro Computer's (SMCI) shares were up 19%, the top gainer on the S&P 500, after the company issued an upbeat fiscal 2027 revenue outlook.* Cencora (COR) shares were down nearly 6%, one of the worst performers on the S&P 500, after the company said that certain Walgreens volume that was being serviced by the company, separate from the prime vendor agreement, has started moving outside the company from July 1.

Dow JonesNasdaq CompositeS&P 500$COR$SMCI
Sectors

Sector Update: Healthcare Stocks Advance Late Afternoon

Healthcare stocks were higher late Wednesday afternoon, with the NYSE Healthcare Index up 0.2% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.3%.The iShares Biotechnology ETF (IBB) rose 0.5%.In corporate news, Merck (MRK) shares rose 2.4% after Daiwa upgraded the stock to outperform from neutral and raised its price target to $143 per share from $120.Cencora (COR) said that certain Walgreens volume that was being serviced by the company, separate from the prime vendor agreement, has started moving outside the company from July 1. Meanwhile, Cencora said its prime vendor agreement remains unchanged and accounts for the majority of its business with Walgreens. Cencora shares fell past 5%.Legend Biotech (LEGN) could see pressures from competition and recent leadership change, potentially weighing on Carvykti myeloma therapy strategy, Oppenheimer said. It downgraded Legend to perform from outperform. Shares fell 5.2%.Definium Therapeutics (DFTX) shares rose 5% after the firm said its phase 3 trial of DT120 orally disintegrating tablets in adults with generalized anxiety disorder met its primary endpoint.

$COR$DFTX$LEGN$MRK
Wire

Cencora Says Certain Serviced Walgreens Volume Began Moving Outside Company; Reaffirms 2026 EPS Outlook

Cencora (COR) said Wednesday in a regulatory filing that certain Walgreens volume that was being serviced by the company, separate from the prime vendor agreement, has started moving outside the company from July 1.Meanwhile, Cencora said its prime vendor agreement remains unchanged and accounts for the majority of its business with Walgreens.Cencora reaffirmed its fiscal year 2026 adjusted diluted EPS guidance range of $17.75 to $17.95.Analysts polled by FactSet expect $17.86.Shares of the company were down 4.4% in Wednesday trading.Price: $319.45, Change: $-14.42, Percent Change: -4.32%

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Sectors

Sector Update: Healthcare Stocks Rise Premarket Wednesday

Healthcare stocks were rising premarket Wednesday, with the State Street Health Care Select Sector SPDR ETF (XLV) advancing by 0.9% and the iShares Biotechnology ETF (IBB) up 0.4%.Eli Lilly (LLY) shares were up more than 4% after the company posted higher Q2 non-GAAP earnings and revenue in addition to raising its 2026 sales guidance.CVS Health (CVS) reported higher Q2 adjusted earnings and revenue, and lifted its 2026 non-GAAP EPS outlook. Shares of CVS Health were down more than 7% pre-bell.Cencora (COR) stock was up more than 2% after the company posted higher fiscal Q3 adjusted earnings and revenue in addition to lifting its fiscal 2026 non-GAAP EPS outlook.

$COR$CVS$IBB$LLY$XLV
Wire

Cencora Pick of the Week at Smart Insider Following Chairman's Share Purchase

Cencora (COR) was Smart Insider's stock pick of the week after Chair Mark Durcan bought $1 million in company shares on May 28.Durcan, who has served as chair since October 2025 and has been a director since 2015, acquired 4,000 shares at $266 apiece, Smart Insider said in a Tuesday note.The purchase followed a decline in the stock after the company's Q2 earnings report, according to Smart Insider.Cencora also announced plans to resume share repurchases, authorizing up to $2 billion after pausing the program in January, according to the note.The transaction was Durcan's fourth purchase during his time on the board, with previous acquisitions ranging from about $100,000 to $200,000.Smart Insider described the purchase as "unusually large" for Durcan, adding that he did not buy shares while serving on the boards of other companies, including ASML (ASML) and Advanced Micro Devices (AMD), or during his tenure as chief executive of Micron Technology (MU).Smart Insider ranked Cencora +1, indicating a strong positive signal.Price: $280.57, Change: $-1.06, Percent Change: -0.38%

$AMD$ASML$COR$MU
Wire

Argus Adjusts Price Target on Cencora to $340 From $4000, Maintains Buy Rating

Cencora (COR) has an average rating of overweight and mean price target of $351, according to analysts polled by FactSet.Price: $288.18, Change: $+7.08, Percent Change: +2.52%

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Insider Trading

Cencora Insider Bought Shares Worth $1,065,040, According to a Recent SEC Filing

Dermot Mark Durcan, Director, on May 28, 2026, executed a purchase for 4,000 shares in Cencora (COR) for $1,065,040. Following the Form 4 filing with the SEC, Durcan has control over a total of 27,767 common shares of the company, with 27,767 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1140859/000120235826000004/xslF345X05/wk-form4_1779999812.xml

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Research

Research Alert: CFRA Maintains Buy Rating On Shares Of Cencora

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our target by $86 to $300, a 16.9x multiple of our FY 26 (Sep.) EPS estimate of $17.73 (up from $17.55; our FY 27 estimate is raised to $19.67 from $19.58), between COR's three- and five-year historical forward averages of 17.4x and 15.8x, respectively. Shares declined significantly following a Q2 revenue miss (3.3% below consensus), impacted by customer losses and manufacturer list price reductions, causing a cut to annual sales growth guidance to 5% from 8%. Positively, the International Healthcare segment's revenue grew 13% (7% in constant currency) and operating income increased 14% (13% in constant currency), supported by a rebound in the global specialty logistics business, which achieved its second straight quarter of operating income growth. We look favorably on COR raising FY 26 adjusted operating income growth guidance (13% midpoint vs. 12.5%) as well as adjusted EPS guidance ($17.65-$17.90 from $17.45-$17.75 previously), supported by the resumption of share repurchases ($1B by year-end).

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Wire

McKesson's Fiscal 2027 Guidance 'Encouraging,' Cencora Selloff Overdone, Morgan Stanley Says

McKesson's (MCK) fiscal 2027 guidance is "encouraging," and its commentary on biosimilars should help ease recent pressure on drug distributors, Morgan Stanley said in a Friday note.The investment firm said McKesson's targets and underlying assumptions support their bullish outlook on distributors that continue to benefit from structural tailwinds.On Cencora (COR), the brokerage said the company faces idiosyncratic contract dynamics with Express Scripts that could lead to continued insourcing of biosimilar specialty drugs and add an overhang to the stock. The recent pullback in Cencora shares was overdone, according to the note.Morgan Stanley raised their fiscal 2026 adjusted earnings estimate on Cencora to $17.76 from $17.63. Analysts surveyed by FactSet expect $17.73.Morgan Stanley has an overweight rating and a $966 price target on McKesson.The firm reiterated its overweight rating on Cencora and lowered its price target to $342 from $400.Price: $265.08, Change: $+9.42, Percent Change: +3.68%

$COR$MCK
Research

Research Alert: Cencora: Glp-1 Distribution Supports Q2 Fy 26 Eps Beat, Share Buybacks Resume

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Cencora delivered solid Q2 FY 26 results with adjusted EPS of $4.75 (+7.5% Y/Y), beating consensus by $0.02. Revenue growth of 3.8% to $78.4B represented a deceleration from recent quarterly trends. U.S. Healthcare Solutions (88% of revenue) posted 2.9% growth to $68.8B driven by specialty product volumes, GLP-1 class drug sales, and contributions from the OneOncology acquisition, with operating margin expanding to 1.45% from 1.41%, while International Healthcare Solutions showed strong 13.0% growth (7.2% constant currency) to $7.6B primarily from European distribution business expansion with margin improvement to 2.32%. COR raised full-year adjusted EPS guidance to $17.65-$17.90 from $17.45-$17.75, supported by resumption of share repurchases targeting $1B by year-end. We view the guidance raise and accelerated capital returns positively. COR maintained adjusted FCF guidance of approximately $3.0B for FY 26, supporting continued dividend growth and capital returns to shareholders in our view.

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Research

William Blair Initiates Cencora at Market Perform

Cencora (COR) has an average rating of overweight and mean price target of $405.50, according to analysts polled by FactSet.

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