AmerisourceBergen (NYSE:ABC – Get Rating) was downgraded by research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Thursday.
A number of other equities analysts have also recently issued reports on ABC. Cowen lowered their price objective on shares of AmerisourceBergen from $170.00 to $169.00 and set an “outperform” rating for the company in a research report on Tuesday, October 18th. TheStreet cut shares of AmerisourceBergen from a “b-” rating to a “c” rating in a research report on Tuesday, November 29th. Cowen lowered their price objective on shares of AmerisourceBergen from $170.00 to $169.00 and set an “outperform” rating for the company in a research report on Tuesday, October 18th. Credit Suisse Group boosted their target price on shares of AmerisourceBergen from $175.00 to $182.00 and gave the stock an “outperform” rating in a report on Tuesday, November 22nd. Finally, Argus boosted their target price on shares of AmerisourceBergen from $170.00 to $190.00 and gave the stock a “buy” rating in a report on Thursday. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, AmerisourceBergen presently has an average rating of “Moderate Buy” and an average target price of $176.25.
AmerisourceBergen Price Performance
Shares of NYSE:ABC traded down $0.49 during midday trading on Thursday, hitting $164.90. The stock had a trading volume of 1,041,412 shares, compared to its average volume of 1,424,577. The company’s 50-day moving average price is $165.02 and its 200-day moving average price is $151.61. The company has a market capitalization of $33.92 billion, a P/E ratio of 20.51, a price-to-earnings-growth ratio of 1.67 and a beta of 0.55. The company has a quick ratio of 0.55, a current ratio of 0.91 and a debt-to-equity ratio of 64.99. AmerisourceBergen has a fifty-two week low of $127.94 and a fifty-two week high of $174.63.
AmerisourceBergen (NYSE:ABC – Get Rating) last issued its earnings results on Thursday, November 3rd. The company reported $2.60 EPS for the quarter, beating the consensus estimate of $2.58 by $0.02. The company had revenue of $61.17 billion during the quarter, compared to analysts’ expectations of $60.56 billion. AmerisourceBergen had a net margin of 0.71% and a return on equity of 444.46%. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the previous year, the company earned $2.39 EPS. As a group, equities research analysts predict that AmerisourceBergen will post 11.49 EPS for the current fiscal year.
Insider Buying and Selling
In related news, major shareholder Walgreens Boots Alliance, Inc. sold 13,234,153 shares of the stock in a transaction on Monday, November 7th. The shares were sold at an average price of $154.60, for a total transaction of $2,046,000,053.80. Following the transaction, the insider now directly owns 39,629,714 shares of the company’s stock, valued at $6,126,753,784.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other AmerisourceBergen news, COO Robert P. Mauch sold 21,802 shares of the company’s stock in a transaction on Friday, November 4th. The shares were sold at an average price of $160.00, for a total transaction of $3,488,320.00. Following the transaction, the chief operating officer now owns 20,197 shares in the company, valued at $3,231,520. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Walgreens Boots Alliance, Inc. sold 13,234,153 shares of the company’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $154.60, for a total transaction of $2,046,000,053.80. Following the transaction, the insider now owns 39,629,714 shares in the company, valued at approximately $6,126,753,784.40. The disclosure for this sale can be found here. Insiders have sold a total of 19,269,033 shares of company stock valued at $3,042,164,927 over the last ninety days. 28.80% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several institutional investors have recently bought and sold shares of ABC. Crewe Advisors LLC acquired a new position in AmerisourceBergen during the second quarter worth $29,000. EverSource Wealth Advisors LLC raised its holdings in AmerisourceBergen by 1,078.9% during the first quarter. EverSource Wealth Advisors LLC now owns 224 shares of the company’s stock worth $35,000 after buying an additional 205 shares during the last quarter. Hanseatic Management Services Inc. raised its holdings in AmerisourceBergen by 73.7% during the third quarter. Hanseatic Management Services Inc. now owns 264 shares of the company’s stock worth $36,000 after buying an additional 112 shares during the last quarter. MV Capital Management Inc. raised its holdings in shares of AmerisourceBergen by 420.0% in the second quarter. MV Capital Management Inc. now owns 260 shares of the company’s stock valued at $37,000 after purchasing an additional 210 shares during the last quarter. Finally, Trust Co. of Vermont purchased a new stake in shares of AmerisourceBergen in the second quarter valued at about $42,000. Institutional investors and hedge funds own 84.79% of the company’s stock.
About AmerisourceBergen
AmerisourceBergen Corporation sources and distributes pharmaceutical products. Its U.S. Healthcare Solutions segment distributes brand-name and generic pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and alternate site pharmacies, and other customers.