AmerisourceBergen Corp. (ABC) Rating Increased to Outperform at Avondale Partners
AmerisourceBergen Corp. (NYSE:ABC) was upgraded by Avondale Partners from a “market perform” rating to an “outperform” rating in a research note issued on Tuesday.
Other equities research analysts have also issued reports about the stock. Leerink Swann restated a “buy” rating on shares of AmerisourceBergen Corp. in a report on Wednesday, August 3rd. Deutsche Bank AG boosted their price objective on shares of AmerisourceBergen Corp. from $83.00 to $96.00 and gave the stock a “hold” rating in a report on Wednesday, August 3rd. Barclays PLC boosted their price objective on shares of AmerisourceBergen Corp. from $83.00 to $89.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 3rd. Citigroup Inc. boosted their price objective on shares of AmerisourceBergen Corp. from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Finally, FBR & Co boosted their price objective on shares of AmerisourceBergen Corp. from $84.00 to $90.00 and gave the stock a “mkt perform” rating in a report on Wednesday, August 3rd. Ten investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $97.50.
Shares of AmerisourceBergen Corp. (NYSE:ABC) traded up 0.892% on Tuesday, reaching $80.835. 329,268 shares of the company traded hands. The stock has a market capitalization of $17.36 billion, a P/E ratio of 10.904 and a beta of 0.75. The stock’s 50 day moving average price is $85.60 and its 200-day moving average price is $83.20. AmerisourceBergen Corp. has a one year low of $73.31 and a one year high of $105.81.
AmerisourceBergen Corp. (NYSE:ABC) last announced its earnings results on Tuesday, August 2nd. The company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.10. AmerisourceBergen Corp. had a net margin of 1.14% and a return on equity of 83.93%. The business earned $36.90 billion during the quarter, compared to analyst estimates of $36.57 billion. During the same period in the previous year, the business posted $1.20 earnings per share. AmerisourceBergen Corp.’s revenue for the quarter was up 7.8% on a year-over-year basis. Equities analysts forecast that AmerisourceBergen Corp. will post $5.55 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 6th. Stockholders of record on Monday, August 22nd were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend was Thursday, August 18th. AmerisourceBergen Corp.’s dividend payout ratio is presently 18.73%.
In related news, insider John G. Chou sold 63,750 shares of the company’s stock in a transaction dated Wednesday, August 31st. The shares were sold at an average price of $85.70, for a total value of $5,463,375.00. Following the transaction, the insider now owns 104,043 shares in the company, valued at approximately $8,916,485.10. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Henry Wadsworth Mcgee III sold 3,351 shares of the company’s stock in a transaction dated Wednesday, September 21st. The stock was sold at an average price of $82.10, for a total transaction of $275,117.10. Following the completion of the transaction, the director now owns 10,901 shares in the company, valued at approximately $894,972.10. The disclosure for this sale can be found here. 6.90% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in ABC. Acrospire Investment Management LLC purchased a new position in shares of AmerisourceBergen Corp. during the first quarter worth about $104,000. IFP Advisors Inc boosted its position in shares of AmerisourceBergen Corp. by 12.0% in the second quarter. IFP Advisors Inc now owns 1,374 shares of the company’s stock worth $109,000 after buying an additional 147 shares during the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management purchased a new position in shares of AmerisourceBergen Corp. during the second quarter worth about $119,000. Kanaly Trust Co boosted its position in shares of AmerisourceBergen Corp. by 52.7% in the second quarter. Kanaly Trust Co now owns 1,920 shares of the company’s stock worth $152,000 after buying an additional 663 shares during the last quarter. Finally, Ifrah Financial Services Inc. boosted its position in shares of AmerisourceBergen Corp. by 4.0% in the second quarter. Ifrah Financial Services Inc. now owns 2,526 shares of the company’s stock worth $200,000 after buying an additional 97 shares during the last quarter. Institutional investors own 66.19% of the company’s stock.
AmerisourceBergen Corp. Company Profile
AmerisourceBergen Corporation is a pharmaceutical sourcing and distribution services company. The Company operates through two segments: Pharmaceutical Distribution and Other. The Company also provides data and other services to its manufacturing customers. The Company provides services to healthcare providers, and pharmaceutical and biotech manufacturers.
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