Zacks Investment Research upgraded shares of Pharmerica Corporation (NYSE:PMC) from a hold rating to a buy rating in a research note published on Wednesday morning. The firm currently has $33.00 target price on the stock.

According to Zacks, “PharMerica Corporation is an institutional pharmacy services provider dedicated to providing quality customer service and innovative pharmacy solutions to institutional customers and patients in long-term care settings. PharMerica is a public company formed through the combination of the institutional pharmacy business of national healthcare services company Kindred Healthcare, Inc. and pharmaceutical services company AmerisourceBergen Corporation. As a result of this combination, PharMerica ranks as an industry-leading U.S. provider of institutional pharmacy services in terms of annual revenues. “

Other equities research analysts have also recently issued reports about the company. ValuEngine cut Pharmerica Corporation from a buy rating to a hold rating in a research report on Friday, September 22nd. Credit Suisse Group cut Pharmerica Corporation from an outperform rating to a neutral rating and upped their price target for the company from $29.00 to $29.25 in a research report on Friday, August 4th. They noted that the move was a valuation call. UBS AG reiterated a neutral rating and set a $29.25 price target (up from $26.00) on shares of Pharmerica Corporation in a research report on Thursday, August 3rd. KeyCorp cut Pharmerica Corporation to an overweight rating in a research report on Tuesday, August 8th. Finally, BidaskClub cut Pharmerica Corporation from a hold rating to a sell rating in a research report on Monday, July 31st. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. Pharmerica Corporation currently has an average rating of Hold and a consensus price target of $30.50.

Shares of Pharmerica Corporation (PMC) traded up 0.17% during midday trading on Wednesday, reaching $29.30. 353,908 shares of the company’s stock were exchanged. Pharmerica Corporation has a 12 month low of $19.20 and a 12 month high of $29.40. The company has a market cap of $911.85 million, a P/E ratio of 39.70 and a beta of 0.84. The firm has a 50 day moving average price of $28.94 and a 200 day moving average price of $25.67.

Pharmerica Corporation (NYSE:PMC) last announced its quarterly earnings data on Wednesday, August 2nd. The company reported $0.47 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.47. Pharmerica Corporation had a return on equity of 10.94% and a net margin of 1.05%. The business had revenue of $592.00 million for the quarter, compared to analysts’ expectations of $592.96 million. During the same period in the previous year, the business posted $0.47 EPS. The firm’s quarterly revenue was up 13.9% compared to the same quarter last year. Equities research analysts forecast that Pharmerica Corporation will post $1.94 earnings per share for the current fiscal year.

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Institutional investors and hedge funds have recently made changes to their positions in the company. Chicago Equity Partners LLC bought a new stake in shares of Pharmerica Corporation during the second quarter valued at about $2,061,000. Victory Capital Management Inc. increased its position in shares of Pharmerica Corporation by 40.1% in the second quarter. Victory Capital Management Inc. now owns 1,294,142 shares of the company’s stock worth $33,971,000 after purchasing an additional 370,266 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Pharmerica Corporation by 6.5% in the first quarter. JPMorgan Chase & Co. now owns 270,769 shares of the company’s stock worth $6,336,000 after purchasing an additional 16,613 shares during the last quarter. Peregrine Capital Management LLC increased its position in shares of Pharmerica Corporation by 2.0% in the second quarter. Peregrine Capital Management LLC now owns 430,934 shares of the company’s stock worth $11,312,000 after purchasing an additional 8,615 shares during the last quarter. Finally, Comerica Bank increased its position in shares of Pharmerica Corporation by 17.1% in the first quarter. Comerica Bank now owns 38,381 shares of the company’s stock worth $912,000 after purchasing an additional 5,608 shares during the last quarter. Hedge funds and other institutional investors own 92.15% of the company’s stock.

About Pharmerica Corporation

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