Aug. 12 at 8:14 PM
Cencora shares fell after the pharmaceutical distributor confirmed that some Walgreens volume previously handled outside its master provider agreement began shifting to rival distributors on July 1, 2026. While Cencora stressed that its core master supply agreement with Walgreens remains fully intact, investors were concerned about the loss of business from a major customer.
Management reaffirmed its FY2026 adjusted diluted EPS guidance of
$17.75–
$17.95, noting the volume shift was anticipated and already reflected in its Aug. 5 commentary. Wells Fargo raised its price target to
$395 from
$331 while maintaining an Overweight rating, but the upgrade failed to offset selling pressure. CFO James Cleary’s previously disclosed plan to sell about 20,000 shares also added caution.
Cencora dropped as much as 5.8% to a session low of
$315.13, well below its 52-week high of
$377.54. The broader market gained, with the S&P 500 up 0.3% and Nasdaq 0.6%.
$COR