Mizuho Upgrades AmerisourceBergen Corp. (ABC) to “Buy”
AmerisourceBergen Corp. (NYSE:ABC) was upgraded by equities research analysts at Mizuho from a “neutral” rating to a “buy” rating in a report released on Wednesday. The firm presently has a $83.00 price objective on the stock. Mizuho’s price objective would indicate a potential upside of 4.28% from the stock’s current price.
A number of other research analysts also recently issued reports on ABC. Deutsche Bank AG upped their price target on AmerisourceBergen Corp. from $83.00 to $96.00 and gave the company a “hold” rating in a report on Wednesday, August 3rd. Leerink Swann reiterated a “buy” rating on shares of AmerisourceBergen Corp. in a research report on Wednesday, August 3rd. Morgan Stanley reiterated a “hold” rating and set a $89.00 price objective on shares of AmerisourceBergen Corp. in a research report on Monday, September 12th. Barclays PLC upped their price objective on AmerisourceBergen Corp. from $83.00 to $89.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 3rd. Finally, Citigroup Inc. upped their price objective on AmerisourceBergen Corp. from $100.00 to $105.00 and gave the company a “buy” rating in a research report on Wednesday, August 3rd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company’s stock. AmerisourceBergen Corp. has an average rating of “Hold” and a consensus price target of $94.11.
Shares of AmerisourceBergen Corp. (NYSE:ABC) opened at 79.59 on Wednesday. The stock’s 50 day moving average price is $78.44 and its 200-day moving average price is $81.30. The company has a market cap of $17.52 billion, a P/E ratio of 12.59 and a beta of 0.80. AmerisourceBergen Corp. has a 12 month low of $68.38 and a 12 month high of $105.81.
AmerisourceBergen Corp. (NYSE:ABC) last announced its quarterly earnings results on Wednesday, November 2nd. The company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.23 by $0.07. The firm had revenue of $37.60 billion for the quarter, compared to the consensus estimate of $37.97 billion. AmerisourceBergen Corp. had a return on equity of 68.70% and a net margin of 0.97%. The company’s quarterly revenue was up 5.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.21 earnings per share. Equities research analysts expect that AmerisourceBergen Corp. will post $5.75 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 5th. Investors of record on Monday, November 21st will be given a dividend of $0.365 per share. This represents a $1.46 annualized dividend and a dividend yield of 1.83%. This is a boost from AmerisourceBergen Corp.’s previous quarterly dividend of $0.34. AmerisourceBergen Corp.’s dividend payout ratio (DPR) is currently 21.45%.
In related news, Director Henry Wadsworth Mcgee III sold 3,351 shares of the 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 sale, the director now owns 10,901 shares in the company, valued at $894,972.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Steven H. Collis sold 15,000 shares of the stock in a transaction dated Tuesday, November 1st. The stock was sold at an average price of $69.85, for a total value of $1,047,750.00. Following the sale, the chairman now owns 231,252 shares of the company’s stock, valued at approximately $16,152,952.20. The disclosure for this sale can be found here. Corporate insiders own 6.90% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in ABC. KCG Holdings Inc. acquired a new stake in AmerisourceBergen Corp. during the third quarter valued at about $3,362,000. Nomura Asset Management Co. Ltd. raised its position in shares of AmerisourceBergen Corp. by 10.3% in the third quarter. Nomura Asset Management Co. Ltd. now owns 481,623 shares of the company’s stock worth $38,906,000 after buying an additional 45,031 shares during the last quarter. BOKF NA raised its position in shares of AmerisourceBergen Corp. by 136.6% in the third quarter. BOKF NA now owns 84,561 shares of the company’s stock worth $6,831,000 after buying an additional 48,817 shares during the last quarter. Stephens Inc. AR raised its position in shares of AmerisourceBergen Corp. by 3.0% in the third quarter. Stephens Inc. AR now owns 4,716 shares of the company’s stock worth $381,000 after buying an additional 137 shares during the last quarter. Finally, Morgan Stanley raised its position in shares of AmerisourceBergen Corp. by 15.8% in the third quarter. Morgan Stanley now owns 7,091,809 shares of the company’s stock worth $572,876,000 after buying an additional 968,250 shares during the last quarter. Hedge funds and other institutional investors own 66.81% of the company’s stock.
About AmerisourceBergen Corp.
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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