AmerisourceBergen (ABC) Receives New Coverage from Analysts at Deutsche Bank
Deutsche Bank initiated coverage on shares of AmerisourceBergen (NYSE:ABC) in a research note issued on Monday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $97.00 price target on the stock. Deutsche Bank’s price target points to a potential upside of 10.96% from the company’s previous close.
A number of other research firms have also recently issued reports on ABC. Needham & Company LLC lifted their target price on AmerisourceBergen from $86.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, November 22nd. Jefferies Group set a $95.00 target price on AmerisourceBergen and gave the company a “hold” rating in a research report on Tuesday, August 29th. Robert W. Baird reiterated a “buy” rating and issued a $96.00 target price on shares of AmerisourceBergen in a research report on Monday, November 6th. Mizuho set a $92.00 target price on AmerisourceBergen and gave the company a “hold” rating in a research report on Tuesday, October 24th. Finally, ValuEngine upgraded AmerisourceBergen from a “hold” rating to a “buy” rating in a research report on Tuesday, October 31st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $91.95.
Shares of AmerisourceBergen (ABC) traded up $2.47 during midday trading on Monday, hitting $87.42. The company had a trading volume of 2,132,534 shares, compared to its average volume of 1,797,251. The company has a quick ratio of 0.48, a current ratio of 0.91 and a debt-to-equity ratio of 1.83. AmerisourceBergen has a 52 week low of $71.90 and a 52 week high of $97.85. The company has a market capitalization of $18,526.06, a PE ratio of 14.42, a P/E/G ratio of 1.47 and a beta of 1.00.
In other news, EVP Peyton R. Howell sold 9,423 shares of AmerisourceBergen stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $85.80, for a total transaction of $808,493.40. Following the sale, the executive vice president now directly owns 57,412 shares of the company’s stock, valued at $4,925,949.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dale Danilewitz sold 2,012 shares of AmerisourceBergen stock in a transaction dated Thursday, October 5th. The shares were sold at an average price of $85.00, for a total value of $171,020.00. The disclosure for this sale can be found here. Insiders have sold 153,807 shares of company stock worth $12,316,290 over the last three months. Insiders own 27.40% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of AmerisourceBergen by 2.0% during the second quarter. Vanguard Group Inc. now owns 15,653,245 shares of the company’s stock valued at $1,479,701,000 after purchasing an additional 304,628 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of AmerisourceBergen by 107.3% during the third quarter. JPMorgan Chase & Co. now owns 5,363,429 shares of the company’s stock valued at $434,385,000 after purchasing an additional 2,776,287 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of AmerisourceBergen by 23.1% during the second quarter. Franklin Resources Inc. now owns 3,902,289 shares of the company’s stock valued at $368,884,000 after purchasing an additional 731,466 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of AmerisourceBergen by 11.4% during the third quarter. Wells Fargo & Company MN now owns 3,726,377 shares of the company’s stock valued at $308,358,000 after purchasing an additional 381,936 shares in the last quarter. Finally, FIL Ltd lifted its stake in shares of AmerisourceBergen by 14.4% in the second quarter. FIL Ltd now owns 3,477,157 shares of the company’s stock worth $328,696,000 after acquiring an additional 437,132 shares during the period. 67.83% of the stock is currently owned by hedge funds and other institutional investors.
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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.
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