AmerisourceBergen (ABC) PT Set at $107.00 by Cowen

AmerisourceBergen (NYSE:ABC) has been assigned a $107.00 price target by equities researchers at Cowen in a research note issued on Tuesday. The brokerage currently has a “buy” rating on the stock. Cowen’s price target suggests a potential upside of 14.84% from the company’s previous close.

Several other research analysts have also commented on ABC. Jefferies Group set a $95.00 price objective on shares of AmerisourceBergen and gave the stock a “hold” rating in a research note on Tuesday, August 29th. ValuEngine lowered shares of AmerisourceBergen from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Needham & Company LLC reiterated a “buy” rating and set a $91.00 target price on shares of AmerisourceBergen in a research report on Sunday, September 10th. Morgan Stanley downgraded AmerisourceBergen from an “overweight” rating to an “equal weight” rating in a research report on Thursday, September 14th. Finally, Royal Bank of Canada initiated coverage on AmerisourceBergen in a research report on Tuesday, September 19th. They set a “sector perform” rating and a $87.00 target price for the company. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $93.20.

AmerisourceBergen (ABC) opened at $93.17 on Tuesday. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.48 and a current ratio of 0.91. The company has a market cap of $20,318.70, a price-to-earnings ratio of 15.82, a price-to-earnings-growth ratio of 1.61 and a beta of 1.00. AmerisourceBergen has a one year low of $71.90 and a one year high of $97.85.

AmerisourceBergen (NYSE:ABC) last posted its quarterly earnings data on Thursday, November 2nd. The company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.32 by $0.01. The company had revenue of $39.12 billion during the quarter, compared to analyst estimates of $40.10 billion. AmerisourceBergen had a net margin of 0.27% and a return on equity of 56.29%. AmerisourceBergen’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.30 earnings per share. equities analysts anticipate that AmerisourceBergen will post 6.07 EPS for the current fiscal year.

In related news, insider Peyton R. Howell sold 17,800 shares of AmerisourceBergen stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $89.70, for a total value of $1,596,660.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Dale Danilewitz sold 1,857 shares of AmerisourceBergen stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $74.69, for a total value of $138,699.33. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 191,207 shares of company stock valued at $15,612,018. Corporate insiders own 27.40% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. First Merchants Corp raised its holdings in shares of AmerisourceBergen by 160.5% in the third quarter. First Merchants Corp now owns 27,342 shares of the company’s stock valued at $2,262,000 after acquiring an additional 16,848 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. raised its holdings in shares of AmerisourceBergen by 23.3% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,459 shares of the company’s stock valued at $369,000 after acquiring an additional 842 shares in the last quarter. Wedge Capital Management L L P NC raised its holdings in shares of AmerisourceBergen by 17.3% in the third quarter. Wedge Capital Management L L P NC now owns 494,216 shares of the company’s stock valued at $40,896,000 after acquiring an additional 72,743 shares in the last quarter. Achmea Investment Management B.V. raised its holdings in shares of AmerisourceBergen by 7.8% in the second quarter. Achmea Investment Management B.V. now owns 29,338 shares of the company’s stock valued at $2,770,000 after acquiring an additional 2,123 shares in the last quarter. Finally, Burgundy Asset Management Ltd. raised its holdings in shares of AmerisourceBergen by 3.3% in the second quarter. Burgundy Asset Management Ltd. now owns 2,649,123 shares of the company’s stock valued at $250,422,000 after acquiring an additional 84,163 shares in the last quarter. Hedge funds and other institutional investors own 67.94% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: “AmerisourceBergen (ABC) PT Set at $107.00 by Cowen” was first posted by American Banking and Market News and is the property of of American Banking and Market News. If you are reading this report on another domain, it was illegally stolen and reposted in violation of U.S. and international trademark & copyright laws. The original version of this report can be read at https://www.americanbankingnews.com/2017/12/17/amerisourcebergen-abc-pt-set-at-107-00-by-cowen.html.

About AmerisourceBergen

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.