Steward Partners Investment Advisory LLC bought a new stake in shares of AmerisourceBergen Corp. (NYSE:ABC) during the third quarter, Holdings Channel reports. The institutional investor bought 5,481 shares of the company’s stock, valued at approximately $506,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Meag Munich Ergo Kapitalanlagegesellschaft MBH purchased a new position in shares of AmerisourceBergen during the 3rd quarter valued at $1,332,000. Lenox Wealth Management Inc. lifted its stake in shares of AmerisourceBergen by 3,035.9% during the 3rd quarter. Lenox Wealth Management Inc. now owns 8,216 shares of the company’s stock valued at $758,000 after buying an additional 7,954 shares in the last quarter. Truvestments Capital LLC purchased a new position in shares of AmerisourceBergen during the 3rd quarter valued at $120,000. IFM Investors Pty Ltd lifted its stake in shares of AmerisourceBergen by 13.9% during the 3rd quarter. IFM Investors Pty Ltd now owns 8,924 shares of the company’s stock valued at $823,000 after buying an additional 1,091 shares in the last quarter. Finally, Oak Asset Management LLC lifted its stake in shares of AmerisourceBergen by 9.4% during the 3rd quarter. Oak Asset Management LLC now owns 9,848 shares of the company’s stock valued at $908,000 after buying an additional 850 shares in the last quarter. Institutional investors own 66.22% of the company’s stock.
In other news, insider Kathy H. Gaddes sold 2,652 shares of the business’s stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $87.71, for a total value of $232,606.92. Following the sale, the insider now directly owns 3,891 shares in the company, valued at approximately $341,279.61. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John G. Chou sold 6,974 shares of the business’s stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $83.94, for a total transaction of $585,397.56. Following the completion of the sale, the executive vice president now owns 56,126 shares in the company, valued at $4,711,216.44. The disclosure for this sale can be found here. In the last quarter, insiders sold 71,578 shares of company stock worth $6,391,264. Corporate insiders own 27.30% of the company’s stock.
AmerisourceBergen (NYSE:ABC) last announced its quarterly earnings results on Thursday, August 2nd. The company reported $1.54 EPS for the quarter, topping the consensus estimate of $1.46 by $0.08. The business had revenue of $43.14 billion for the quarter, compared to analysts’ expectations of $43.05 billion. AmerisourceBergen had a net margin of 0.69% and a return on equity of 48.65%. The business’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.43 EPS. As a group, equities analysts expect that AmerisourceBergen Corp. will post 6.48 earnings per share for the current fiscal year.
A number of research analysts recently weighed in on the stock. Zacks Investment Research cut shares of AmerisourceBergen from a “hold” rating to a “sell” rating in a research note on Wednesday, October 3rd. Morgan Stanley lowered their target price on shares of AmerisourceBergen from $97.00 to $88.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 3rd. Robert W. Baird cut shares of AmerisourceBergen from an “outperform” rating to a “neutral” rating in a research note on Friday, July 20th. ValuEngine cut shares of AmerisourceBergen from a “hold” rating to a “sell” rating in a research note on Wednesday, September 12th. Finally, Mizuho reiterated a “neutral” rating on shares of AmerisourceBergen in a research note on Wednesday, September 19th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $101.80.
AmerisourceBergen Corporation sources and distributes pharmaceutical products in the United States and internationally. Its Pharmaceutical Distribution segment distributes brand-name and generic pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, outsourced compounded sterile preparations, and related services to various healthcare providers, including acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and other alternate site pharmacies, and other customers.
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