Benjamin F. Edwards & Company Inc. raised its stake in shares of AmerisourceBergen Corp. (NYSE:ABC) by 50.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,997 shares of the company’s stock after purchasing an additional 3,009 shares during the period. Benjamin F. Edwards & Company Inc.’s holdings in AmerisourceBergen were worth $741,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Motco acquired a new position in AmerisourceBergen during the second quarter valued at approximately $26,000. Pathstone Family Office LLC grew its holdings in AmerisourceBergen by 67.7% during the second quarter. Pathstone Family Office LLC now owns 312 shares of the company’s stock valued at $27,000 after purchasing an additional 126 shares during the last quarter. Northwest Investment Counselors LLC acquired a new position in AmerisourceBergen during the third quarter valued at approximately $27,000. Transamerica Financial Advisors Inc. acquired a new position in AmerisourceBergen during the second quarter valued at approximately $38,000. Finally, Citizens Financial Group Inc RI grew its holdings in AmerisourceBergen by 316.5% during the second quarter. Citizens Financial Group Inc RI now owns 454 shares of the company’s stock valued at $39,000 after purchasing an additional 345 shares during the last quarter. Institutional investors own 65.96% of the company’s stock.
In other AmerisourceBergen news, EVP John G. Chou sold 13,997 shares of AmerisourceBergen stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $86.29, for a total transaction of $1,207,801.13. Following the sale, the executive vice president now owns 65,782 shares in the company, valued at $5,676,328.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Gina Clark sold 7,800 shares of AmerisourceBergen stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $84.96, for a total transaction of $662,688.00. Following the sale, the executive vice president now owns 23,595 shares in the company, valued at approximately $2,004,631.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 109,506 shares of company stock worth $9,293,253. 27.80% of the stock is currently owned by corporate insiders.
AmerisourceBergen (NYSE:ABC) last announced its quarterly earnings data on Thursday, November 7th. The company reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.03. The business had revenue of $45.64 billion for the quarter, compared to the consensus estimate of $45.15 billion. AmerisourceBergen had a net margin of 0.48% and a return on equity of 48.84%. AmerisourceBergen’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the company posted $1.45 earnings per share. As a group, research analysts forecast that AmerisourceBergen Corp. will post 7.5 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.60 annualized dividend and a dividend yield of 1.87%. AmerisourceBergen’s payout ratio is 22.57%.
ABC has been the topic of several analyst reports. ValuEngine downgraded AmerisourceBergen from a “hold” rating to a “sell” rating in a report on Friday, November 1st. Deutsche Bank initiated coverage on AmerisourceBergen in a report on Thursday, September 12th. They set a “hold” rating and a $91.00 price target on the stock. Morgan Stanley lowered their price target on AmerisourceBergen from $91.00 to $83.00 and set an “equal weight” rating on the stock in a report on Friday, September 6th. JPMorgan Chase & Co. lowered their price target on AmerisourceBergen from $95.00 to $91.00 and set a “neutral” rating on the stock in a report on Friday, November 8th. Finally, TheStreet downgraded AmerisourceBergen from a “b” rating to a “c+” rating in a report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $87.78.
AmerisourceBergen Company Profile
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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