Comerica Bank trimmed its holdings in shares of AmerisourceBergen Corp. (NYSE:ABC) by 5.6% during the third quarter, Holdings Channel.com reports. The firm owned 35,001 shares of the company’s stock after selling 2,076 shares during the quarter. Comerica Bank’s holdings in AmerisourceBergen were worth $3,009,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also modified their holdings of the company. California Public Employees Retirement System grew its holdings in AmerisourceBergen by 30.0% during the third quarter. California Public Employees Retirement System now owns 385,905 shares of the company’s stock worth $31,772,000 after acquiring an additional 89,148 shares during the period. Usca Ria LLC grew its holdings in AmerisourceBergen by 0.5% during the third quarter. Usca Ria LLC now owns 33,580 shares of the company’s stock worth $2,765,000 after acquiring an additional 171 shares during the period. Commonwealth Equity Services LLC grew its holdings in AmerisourceBergen by 7.0% during the third quarter. Commonwealth Equity Services LLC now owns 42,843 shares of the company’s stock worth $3,527,000 after acquiring an additional 2,821 shares during the period. State of Tennessee Treasury Department grew its holdings in AmerisourceBergen by 3.7% during the third quarter. State of Tennessee Treasury Department now owns 53,748 shares of the company’s stock worth $4,425,000 after acquiring an additional 1,902 shares during the period. Finally, Sawgrass Asset Management LLC grew its holdings in AmerisourceBergen by 2.8% during the third quarter. Sawgrass Asset Management LLC now owns 9,701 shares of the company’s stock worth $799,000 after acquiring an additional 266 shares during the period. 65.96% of the stock is currently owned by institutional investors.
NYSE:ABC opened at $84.04 on Tuesday. The company has a quick ratio of 0.58, a current ratio of 0.95 and a debt-to-equity ratio of 1.35. AmerisourceBergen Corp. has a 1-year low of $69.36 and a 1-year high of $94.75. The firm has a market capitalization of $18.09 billion, a price-to-earnings ratio of 12.16, a price-to-earnings-growth ratio of 1.45 and a beta of 0.98. The stock has a fifty day simple moving average of $84.52 and a 200 day simple moving average of $83.88.
AmerisourceBergen (NYSE:ABC) last released its quarterly earnings results on Thursday, November 7th. The company reported $1.61 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.58 by $0.03. AmerisourceBergen had a return on equity of 48.84% and a net margin of 0.48%. The business had revenue of $45.64 billion during the quarter, compared to analyst estimates of $45.15 billion. During the same quarter last year, the company posted $1.45 EPS. AmerisourceBergen’s revenue for the quarter was up 5.4% on a year-over-year basis. Equities analysts predict that AmerisourceBergen Corp. will post 7.5 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.90%. AmerisourceBergen’s dividend payout ratio (DPR) is 22.57%.
In related news, CEO Steven H. Collis sold 19,905 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $86.89, for a total value of $1,729,545.45. Following the completion of the transaction, the chief executive officer now owns 154,484 shares in the company, valued at approximately $13,423,114.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John G. Chou sold 13,997 shares of the stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $86.07, for a total value of $1,204,721.79. Insiders sold a total of 109,506 shares of company stock valued at $9,293,253 in the last quarter. 27.80% of the stock is currently owned by corporate insiders.
A number of research firms recently issued reports on ABC. ValuEngine lowered AmerisourceBergen from a “hold” rating to a “sell” rating in a report on Friday, November 1st. Morgan Stanley lowered their target price on AmerisourceBergen from $91.00 to $83.00 and set an “equal weight” rating on the stock in a report on Friday, September 6th. TheStreet lowered AmerisourceBergen from a “b” rating to a “c+” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. lowered their target price on AmerisourceBergen from $95.00 to $91.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Deutsche Bank began coverage on AmerisourceBergen in a report on Thursday, September 12th. They set a “hold” rating and a $91.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $87.78.
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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