AmerisourceBergen Corp. (ABC) Receives Buy Rating from Leerink Swann
AmerisourceBergen Corp. (NYSE:ABC)‘s stock had its “buy” rating reiterated by investment analysts at Leerink Swann in a research report issued on Friday. They currently have a $100.00 price target on the stock. Leerink Swann’s price target points to a potential upside of 24.78% from the company’s previous close.
The analysts wrote, “We note that even with the impact of the fire, comp trends improved across divisions; absent the fire, core Gap, while still at a disappointing -5% comp, would have seen an 8 and 9 point improvement on a 2 and 3 stack vs. August, respectively.””
Other research analysts also recently issued research reports about the stock. Credit Suisse Group AG reiterated a “buy” rating and issued a $98.00 price target on shares of AmerisourceBergen Corp. in a research note on Friday, August 26th. Citigroup Inc. lifted their price target on shares of AmerisourceBergen Corp. from $100.00 to $105.00 and gave the stock a “buy” rating in a research note 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 research report on Wednesday, August 3rd. Morgan Stanley restated a “hold” rating and set a $89.00 price objective on shares of AmerisourceBergen Corp. in a research report on Monday, September 12th. Finally, Zacks Investment Research downgraded shares of AmerisourceBergen Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, August 9th. Nine research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. AmerisourceBergen Corp. currently has a consensus rating of “Hold” and a consensus price target of $97.50.
Shares of AmerisourceBergen Corp. (NYSE:ABC) traded down 0.76% during midday trading on Friday, hitting $79.53. The stock had a trading volume of 271,002 shares. AmerisourceBergen Corp. has a one year low of $73.31 and a one year high of $105.81. The firm’s 50-day moving average is $84.82 and its 200 day moving average is $83.10. The company has a market capitalization of $17.08 billion, a PE ratio of 10.73 and a beta of 0.74.
AmerisourceBergen Corp. (NYSE:ABC) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.10. AmerisourceBergen Corp. had a net margin of 1.14% and a return on equity of 83.93%. The company earned $36.90 billion during the quarter, compared to the consensus estimate of $36.57 billion. During the same quarter in the previous year, the firm earned $1.20 earnings per share. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. Equities analysts expect that AmerisourceBergen Corp. will post $5.55 earnings per share for the current fiscal year.
In other news, Director Lon R. Greenberg purchased 4,000 shares of the business’s stock in a transaction dated Tuesday, August 9th. The shares were acquired at an average price of $88.59 per share, with a total value of $354,360.00. Following the completion of the purchase, the director now directly owns 9,500 shares of the company’s stock, valued at approximately $841,605. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Gina Clark sold 2,247 shares of the company’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $89.50, for a total value of $201,106.50. Following the transaction, the insider now directly owns 9,436 shares in the company, valued at approximately $844,522. The disclosure for this sale can be found here. 6.90% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of the stock. Triangle Securities Wealth Management raised its position in shares of AmerisourceBergen Corp. by 9.5% in the third quarter. Triangle Securities Wealth Management now owns 7,340 shares of the company’s stock valued at $593,000 after buying an additional 635 shares during the period. Eqis Capital Management Inc. increased its stake in AmerisourceBergen Corp. by 16.3% in the third quarter. Eqis Capital Management Inc. now owns 9,125 shares of the company’s stock worth $737,000 after buying an additional 1,277 shares in the last quarter. West Oak Capital LLC increased its stake in AmerisourceBergen Corp. by 0.6% in the third quarter. West Oak Capital LLC now owns 20,195 shares of the company’s stock worth $1,631,000 after buying an additional 115 shares in the last quarter. Park National Corp OH increased its stake in AmerisourceBergen Corp. by 2.4% in the third quarter. Park National Corp OH now owns 4,157 shares of the company’s stock worth $336,000 after buying an additional 99 shares in the last quarter. Finally, Beacon Financial Group increased its stake in AmerisourceBergen Corp. by 225.7% in the third quarter. Beacon Financial Group now owns 16,897 shares of the company’s stock worth $1,373,000 after buying an additional 11,709 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors and hedge funds.
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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