Insider Selling: AmerisourceBergen Corp. (ABC) Chairman Sells 15,000 Shares of Stock
AmerisourceBergen Corp. (NYSE:ABC) Chairman Steven H. Collis sold 15,000 shares of the firm’s stock in a transaction on Monday, October 17th. The shares were sold at an average price of $79.59, for a total transaction of $1,193,850.00. Following the completion of the transaction, the chairman now directly owns 231,252 shares in the company, valued at approximately $18,405,346.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.
AmerisourceBergen Corp. (NYSE:ABC) traded up 1.69% on Tuesday, hitting $81.09. 1,914,247 shares of the stock traded hands. AmerisourceBergen Corp. has a 12-month low of $73.31 and a 12-month high of $105.81. The stock has a 50-day moving average of $83.22 and a 200-day moving average of $82.73. The firm has a market cap of $17.41 billion, a price-to-earnings ratio of 10.94 and a beta of 0.75.
AmerisourceBergen Corp. (NYSE:ABC) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $1.37 earnings per share for the quarter, topping the Zacks’ 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 business earned $36.90 billion during the quarter, compared to analysts’ expectations of $36.57 billion. During the same period in the previous year, the company earned $1.20 earnings per share. AmerisourceBergen Corp.’s revenue for the quarter was up 7.8% on a year-over-year basis. Analysts forecast that AmerisourceBergen Corp. will post $5.55 earnings per share for the current year.
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Hedge funds have recently modified their holdings of the company. Acrospire Investment Management LLC boosted its stake in shares of AmerisourceBergen Corp. by 8.3% in the second quarter. Acrospire Investment Management LLC now owns 1,300 shares of the company’s stock worth $103,000 after buying an additional 100 shares during the last quarter. IFP Advisors Inc boosted its stake in shares of AmerisourceBergen Corp. by 12.0% in the second quarter. IFP Advisors Inc now owns 1,374 shares of the company’s stock worth $109,000 after buying an additional 147 shares during the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management purchased a new stake in shares of AmerisourceBergen Corp. during the second quarter worth $119,000. Kanaly Trust Co boosted its stake in shares of AmerisourceBergen Corp. by 52.7% in the second quarter. Kanaly Trust Co now owns 1,920 shares of the company’s stock worth $152,000 after buying an additional 663 shares during the last quarter. Finally, Ifrah Financial Services Inc. boosted its stake in shares of AmerisourceBergen Corp. by 4.0% in the second quarter. Ifrah Financial Services Inc. now owns 2,526 shares of the company’s stock worth $200,000 after buying an additional 97 shares during the last quarter. Institutional investors and hedge funds own 66.15% of the company’s stock.
A number of equities analysts have recently commented on the stock. Cleveland Research downgraded shares of AmerisourceBergen Corp. from a “buy” rating to a “neutral” rating in a research note on Monday, October 10th. Leerink Swann reissued a “buy” rating and issued a $100.00 target price on shares of AmerisourceBergen Corp. in a research note on Friday, October 7th. Avondale Partners raised shares of AmerisourceBergen Corp. from a “market perform” rating to an “outperform” rating in a research note on Tuesday, October 4th. Morgan Stanley reaffirmed a “hold” rating and set a $89.00 price target on shares of AmerisourceBergen Corp. in a report on Monday, September 12th. Finally, Credit Suisse Group AG reaffirmed a “buy” rating and set a $98.00 price target on shares of AmerisourceBergen Corp. in a report on Friday, August 26th. Ten research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. AmerisourceBergen Corp. presently has a consensus rating of “Hold” and an average price target of $96.61.
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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