Traders Buy Shares of AmerisourceBergen (ABC) on Weakness on Insider Selling
Investors bought shares of AmerisourceBergen Corporation (Holding Co) (NYSE:ABC) on weakness during trading on Thursday after an insider sold shares in the company. $51.44 million flowed into the stock on the tick-up and $22.04 million flowed out of the stock on the tick-down, for a money net flow of $29.40 million into the stock. Of all stocks tracked, AmerisourceBergen had the 15th highest net in-flow for the day. AmerisourceBergen traded down ($0.06) for the day and closed at $85.93Specifically, insider Peyton R. Howell sold 3,000 shares of the business’s stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $86.20, for a total transaction of $258,600.00. Following the completion of the transaction, the insider now owns 49,189 shares of the company’s stock, valued at $4,240,091.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Lazarus Krikorian sold 16,427 shares of the business’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $84.86, for a total value of $1,393,995.22. Following the transaction, the senior vice president now directly owns 23,360 shares of the company’s stock, valued at approximately $1,982,329.60. The disclosure for this sale can be found here. Insiders have sold a total of 168,407 shares of company stock valued at $13,569,358 in the last ninety days. Insiders own 27.40% of the company’s stock.
Several research analysts have recently commented on ABC shares. Morgan Stanley lowered AmerisourceBergen from an “overweight” rating to an “equal weight” rating in a report on Thursday, September 14th. Mizuho set a $92.00 price objective on AmerisourceBergen and gave the stock a “hold” rating in a report on Tuesday, October 24th. Zacks Investment Research lowered AmerisourceBergen from a “hold” rating to a “sell” rating in a report on Tuesday, October 3rd. ValuEngine lowered AmerisourceBergen from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, Cowen raised AmerisourceBergen from a “market perform” rating to an “outperform” rating in a report on Tuesday, October 10th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $91.95.
The company has a market capitalization of $18,731.06, a PE ratio of 14.58, a price-to-earnings-growth ratio of 1.49 and a beta of 1.00. The company has a quick ratio of 0.48, a current ratio of 0.91 and a debt-to-equity ratio of 1.83.
The company also recently announced a quarterly dividend, which was paid on Monday, December 4th. Investors of record on Monday, November 20th were given a $0.38 dividend. This is an increase from AmerisourceBergen’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, November 17th. This represents a $1.52 dividend on an annualized basis and a yield of 1.77%. AmerisourceBergen’s payout ratio is presently 82.16%.
A number of large investors have recently added to or reduced their stakes in ABC. Parallel Advisors LLC lifted its position in AmerisourceBergen by 3.2% in the second quarter. Parallel Advisors LLC now owns 1,109 shares of the company’s stock valued at $104,000 after purchasing an additional 34 shares during the last quarter. Savant Capital LLC lifted its position in AmerisourceBergen by 0.8% in the second quarter. Savant Capital LLC now owns 4,846 shares of the company’s stock valued at $458,000 after purchasing an additional 40 shares during the last quarter. Stephens Inc. AR lifted its position in AmerisourceBergen by 1.5% in the second quarter. Stephens Inc. AR now owns 5,141 shares of the company’s stock valued at $486,000 after purchasing an additional 77 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in AmerisourceBergen by 0.7% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 12,329 shares of the company’s stock valued at $1,165,000 after purchasing an additional 80 shares during the last quarter. Finally, Buckingham Asset Management LLC lifted its position in AmerisourceBergen by 4.3% in the second quarter. Buckingham Asset Management LLC now owns 2,447 shares of the company’s stock valued at $231,000 after purchasing an additional 100 shares during the last quarter. Institutional investors own 67.83% of the company’s stock.
AmerisourceBergen Corporation is a pharmaceutical sourcing and distribution services company. The Company’s segments include Pharmaceutical Distribution and Other. The Company provides services to healthcare providers, and pharmaceutical and biotech manufacturers. As of June 30, 2016, the Pharmaceutical Distribution segment consists of two operating segments, including the operations of AmerisourceBergen Drug Corporation (ABDC) and AmerisourceBergen Specialty Group (ABSG), which distributes specialty drugs to their customers.
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