Cleveland Research Lowers AmerisourceBergen Corp. (ABC) to Neutral
AmerisourceBergen Corp. (NYSE:ABC) was downgraded by equities researchers at Cleveland Research from a “buy” rating to a “neutral” rating in a note issued to investors on Monday, The Fly reports.
Several other equities analysts have also issued reports on ABC. Zacks Investment Research raised shares of AmerisourceBergen Corp. from a “sell” rating to a “hold” rating and set a $94.00 price target for the company in a report on Monday, July 11th. Deutsche Bank AG boosted their price target on shares of AmerisourceBergen Corp. from $83.00 to $96.00 and gave the company a “hold” rating in a report on Wednesday, August 3rd. Leerink Swann reissued a “buy” rating on shares of AmerisourceBergen Corp. in a report on Wednesday, August 3rd. Morgan Stanley reissued a “hold” rating and issued a $89.00 price target on shares of AmerisourceBergen Corp. in a report on Monday, September 12th. Finally, Barclays PLC boosted their price target on shares of AmerisourceBergen Corp. from $83.00 to $89.00 and gave the company an “equal weight” rating in a report on Wednesday, August 3rd. Ten investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $96.61.
AmerisourceBergen Corp. (NYSE:ABC) traded up 0.23% during trading on Monday, reaching $79.57. The company’s stock had a trading volume of 452,742 shares. The company has a market cap of $17.09 billion, a P/E ratio of 10.73 and a beta of 0.75. AmerisourceBergen Corp. has a 52 week low of $73.31 and a 52 week high of $105.81. The company’s 50 day moving average price is $84.55 and its 200 day moving average price is $83.05.
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AmerisourceBergen Corp. (NYSE:ABC) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.10. AmerisourceBergen Corp. had a net margin of 1.14% and a return on equity of 83.93%. The company earned $36.90 billion during the quarter, compared to analyst estimates of $36.57 billion. During the same quarter in the previous year, the business earned $1.20 EPS. The firm’s revenue was up 7.8% on a year-over-year basis. On average, equities analysts anticipate that AmerisourceBergen Corp. will post $5.55 earnings per share for the current fiscal year.
In other AmerisourceBergen Corp. news, insider Gina Clark sold 2,247 shares of the stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $89.50, for a total value of $201,106.50. Following the transaction, the insider now directly owns 9,436 shares of the company’s stock, valued at approximately $844,522. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Lon R. Greenberg purchased 4,000 shares of the stock in a transaction on Tuesday, August 9th. The stock was bought at an average cost of $88.59 per share, for a total transaction of $354,360.00. Following the completion of the acquisition, the director now owns 9,500 shares in the company, valued at $841,605. The disclosure for this purchase can be found here. 6.90% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Acrospire Investment Management LLC boosted its position in AmerisourceBergen Corp. by 8.3% in the second quarter. Acrospire Investment Management LLC now owns 1,300 shares of the company’s stock valued at $103,000 after buying an additional 100 shares in the last quarter. IFP Advisors Inc boosted its position in AmerisourceBergen Corp. by 12.0% in the second quarter. IFP Advisors Inc now owns 1,374 shares of the company’s stock valued at $109,000 after buying an additional 147 shares in the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management bought a new position in AmerisourceBergen Corp. during the second quarter valued at $119,000. Kanaly Trust Co boosted its position in AmerisourceBergen Corp. by 52.7% in the second quarter. Kanaly Trust Co now owns 1,920 shares of the company’s stock valued at $152,000 after buying an additional 663 shares in the last quarter. Finally, Ifrah Financial Services Inc. boosted its position in AmerisourceBergen Corp. by 4.0% in the second quarter. Ifrah Financial Services Inc. now owns 2,526 shares of the company’s stock valued at $200,000 after buying an additional 97 shares in the last quarter. 66.19% of the stock is currently owned by hedge funds and other institutional investors.
About AmerisourceBergen Corp.
AmerisourceBergen Corporation is a pharmaceutical sourcing and distribution services company. The Company operates through two segments: Pharmaceutical Distribution and Other. The Company also provides data and other services to its manufacturing customers. The Company provides services to healthcare providers, and pharmaceutical and biotech manufacturers.
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