Bank of America Reiterates “Buy” Rating for Omnicare (OCR)
Omnicare (NYSE:OCR)‘s stock had its “buy” rating restated by stock analysts at Bank of America in a report issued on Friday. They currently have a $73.00 price objective on the stock, up from their previous price objective of $69.00. Bank of America’s target price would suggest a potential upside of 10.44% from the company’s current price.
The analysts wrote, “We hosted meetings with institutional investors in Montreal and Toronto this week. Much of the focus was on the business model, with an investor base less familiar with the U.S. health care services world. Management’s message was that after years of reinvesting to centralize its business and rectify past deficiencies, OCR is poised for sustainable, increasingly profitable organic growth, with a continuing commitment to returning cash to shareholders. We are boosting our 2015 EPS estimate to $4.08 from $4.05 on greater conviction in a host of growth and cash flow drivers. Our P.O. moves to $73 from $69 on the higher view.”
Omnicare (NYSE:OCR) opened at 66.10 on Friday. Omnicare has a 52 week low of $46.47 and a 52 week high of $67.01. The stock’s 50-day moving average is $63.27 and its 200-day moving average is $60.82. The company’s market cap is $6.546 billion.
Omnicare (NYSE:OCR) last released its earnings data on Wednesday, April 23rd. The company reported $0.91 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.90 by $0.01. The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.55 billion. During the same quarter in the prior year, the company posted $0.90 earnings per share. The company’s quarterly revenue was up 7.8% on a year-over-year basis. Analysts expect that Omnicare will post $3.69 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, June 26th. Investors of record on Thursday, June 12th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Tuesday, June 10th.
Omnicare, Inc (NYSE:OCR) is a healthcare services company.
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