AmerisourceBergen (ABC) Shares Up -1.4%
AmerisourceBergen Corp. (NYSE:ABC)’s share price shot up 1.4% on Wednesday . The stock traded as high as $102.00 and last traded at $96.42. 1,890,727 shares traded hands during trading, a decline of 11% from the average session volume of 2,122,009 shares. The stock had previously closed at $97.77.
Several research firms have weighed in on ABC. Needham & Company LLC raised their target price on AmerisourceBergen from $86.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, November 22nd. Mizuho set a $100.00 target price on AmerisourceBergen and gave the company a “hold” rating in a report on Wednesday, January 24th. Zacks Investment Research upgraded AmerisourceBergen from a “hold” rating to a “buy” rating and set a $103.00 target price on the stock in a report on Thursday, February 8th. Leerink Swann set a $105.00 target price on AmerisourceBergen and gave the company a “buy” rating in a report on Tuesday, January 2nd. Finally, Credit Suisse Group restated an “outperform” rating and set a $112.00 target price (up from $105.00) on shares of AmerisourceBergen in a report on Wednesday, February 7th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $101.17.
The company has a debt-to-equity ratio of 1.61, a current ratio of 0.95 and a quick ratio of 0.50. The firm has a market capitalization of $21,480.00, a P/E ratio of 21.89, a P/E/G ratio of 1.43 and a beta of 1.02.
The company also recently announced a quarterly dividend, which will be paid on Monday, March 5th. Investors of record on Tuesday, February 20th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date is Friday, February 16th. AmerisourceBergen’s dividend payout ratio (DPR) is presently 34.47%.
In related news, insider Peyton R. Howell sold 3,000 shares of AmerisourceBergen stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.60, for a total transaction of $274,800.00. Following the sale, the insider now directly owns 49,189 shares of the company’s stock, valued at $4,505,712.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Lazarus Krikorian sold 16,427 shares of AmerisourceBergen 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 sale, the senior vice president now directly owns 23,360 shares in the company, valued at $1,982,329.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 203,077 shares of company stock worth $18,288,730. 27.30% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. First Merchants Corp grew its position in AmerisourceBergen by 160.5% during the third quarter. First Merchants Corp now owns 27,342 shares of the company’s stock worth $2,262,000 after buying an additional 16,848 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its holdings in AmerisourceBergen by 23.3% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,459 shares of the company’s stock valued at $369,000 after purchasing an additional 842 shares in the last quarter. Wedge Capital Management L L P NC boosted its holdings in AmerisourceBergen by 17.3% during the third quarter. Wedge Capital Management L L P NC now owns 494,216 shares of the company’s stock valued at $40,896,000 after purchasing an additional 72,743 shares in the last quarter. Achmea Investment Management B.V. boosted its holdings in AmerisourceBergen by 7.8% during the second quarter. Achmea Investment Management B.V. now owns 29,338 shares of the company’s stock valued at $2,770,000 after purchasing an additional 2,123 shares in the last quarter. Finally, Burgundy Asset Management Ltd. boosted its holdings in AmerisourceBergen by 3.3% during the second quarter. Burgundy Asset Management Ltd. now owns 2,649,123 shares of the company’s stock valued at $250,422,000 after purchasing an additional 84,163 shares in the last quarter. 66.84% of the stock is currently owned by institutional investors and hedge funds.
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AmerisourceBergen Company Profile
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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