Morgan Stanley Lowers AmerisourceBergen Corporation (Holding Co) (ABC) to Equal Weight

Morgan Stanley cut shares of AmerisourceBergen Corporation (Holding Co) (NYSE:ABC) from an overweight rating to an equal weight rating in a report released on Thursday morning, MarketBeat.com reports.

Several other research analysts have also commented on the stock. Mizuho raised their price target on shares of AmerisourceBergen Corporation (Holding Co) from $83.00 to $93.00 and gave the company a neutral rating in a report on Tuesday, May 30th. BidaskClub upgraded shares of AmerisourceBergen Corporation (Holding Co) from a hold rating to a buy rating in a report on Saturday, June 17th. ValuEngine lowered shares of AmerisourceBergen Corporation (Holding Co) from a buy rating to a hold rating in a report on Friday, September 1st. Jefferies Group LLC restated a hold rating and issued a $95.00 price target on shares of AmerisourceBergen Corporation (Holding Co) in a report on Wednesday, June 21st. Finally, Vetr upgraded shares of AmerisourceBergen Corporation (Holding Co) from a buy rating to a strong-buy rating and set a $97.44 price target on the stock in a report on Wednesday, May 17th. One analyst has rated the stock with a sell rating, eight have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $92.34.

AmerisourceBergen Corporation (NYSE:ABC) opened at 81.60 on Thursday. AmerisourceBergen Corporation has a one year low of $68.38 and a one year high of $97.85. The company has a 50 day moving average of $81.75 and a 200-day moving average of $87.67. The firm has a market cap of $17.88 billion, a PE ratio of 21.26 and a beta of 0.95.

AmerisourceBergen Corporation (Holding Co) (NYSE:ABC) last posted its quarterly earnings results on Thursday, August 3rd. The company reported $1.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.37 by $0.06. AmerisourceBergen Corporation (Holding Co) had a net margin of 0.56% and a return on equity of 56.07%. The firm had revenue of $38.71 billion for the quarter, compared to analyst estimates of $39.13 billion. During the same quarter last year, the firm posted $1.37 earnings per share. AmerisourceBergen Corporation (Holding Co)’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, equities research analysts predict that AmerisourceBergen Corporation will post $5.88 earnings per share for the current year.

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The business also recently declared a quarterly dividend, which was paid on Tuesday, September 5th. Stockholders of record on Monday, August 21st were given a dividend of $0.365 per share. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date of this dividend was Thursday, August 17th. AmerisourceBergen Corporation (Holding Co)’s payout ratio is currently 38.02%.

In other news, insider Peyton R. Howell sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $80.00, for a total transaction of $1,600,000.00. Following the completion of the sale, the insider now owns 57,135 shares of the company’s stock, valued at $4,570,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Steven H. Collis sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $94.76, for a total transaction of $1,421,400.00. Following the sale, the chairman now directly owns 253,876 shares of the company’s stock, valued at approximately $24,057,289.76. The disclosure for this sale can be found here. Insiders have sold 51,273 shares of company stock valued at $4,323,237 in the last three months. Corporate insiders own 27.40% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in ABC. BlackRock Inc. grew its position in shares of AmerisourceBergen Corporation (Holding Co) by 1,139.3% during the first quarter. BlackRock Inc. now owns 12,673,530 shares of the company’s stock worth $1,121,608,000 after buying an additional 11,650,881 shares in the last quarter. FIL Ltd acquired a new stake in shares of AmerisourceBergen Corporation (Holding Co) during the first quarter worth approximately $269,043,000. Janus Henderson Group PLC grew its position in shares of AmerisourceBergen Corporation (Holding Co) by 660.8% during the second quarter. Janus Henderson Group PLC now owns 2,574,746 shares of the company’s stock worth $243,392,000 after buying an additional 2,236,319 shares in the last quarter. Bank of America Corp DE grew its position in shares of AmerisourceBergen Corporation (Holding Co) by 97.7% during the first quarter. Bank of America Corp DE now owns 2,482,557 shares of the company’s stock worth $219,707,000 after buying an additional 1,227,051 shares in the last quarter. Finally, Wells Fargo & Company MN grew its position in shares of AmerisourceBergen Corporation (Holding Co) by 42.9% during the second quarter. Wells Fargo & Company MN now owns 3,344,441 shares of the company’s stock worth $316,149,000 after buying an additional 1,003,327 shares in the last quarter. 67.67% of the stock is owned by institutional investors and hedge funds.

AmerisourceBergen Corporation (Holding Co) 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.

Analyst Recommendations for AmerisourceBergen Corporation (Holding Co) (NYSE:ABC)

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