AmerisourceBergen Corporation (Holding Co) (ABC) Upgraded at Cowen and Company

Cowen and Company upgraded shares of AmerisourceBergen Corporation (Holding Co) (NYSE:ABC) from a market perform rating to an outperform rating in a research report report published on Tuesday, Marketbeat.com reports.

Several other research firms have also issued reports on ABC. Bank of America Corporation lowered shares of AmerisourceBergen Corporation (Holding Co) from a buy rating to a neutral rating and reduced their price target for the stock from $95.76 to $94.00 in a research report on Friday, June 30th. Jefferies Group LLC reissued a hold rating and issued a $95.00 price objective on shares of AmerisourceBergen Corporation (Holding Co) in a research note on Wednesday, June 21st. Zacks Investment Research downgraded shares of AmerisourceBergen Corporation (Holding Co) from a hold rating to a sell rating in a research note on Monday, July 10th. Credit Suisse Group reissued a buy rating and issued a $95.00 price objective on shares of AmerisourceBergen Corporation (Holding Co) in a research note on Thursday, July 13th. Finally, BidaskClub downgraded shares of AmerisourceBergen Corporation (Holding Co) from a buy rating to a hold rating in a research note on Monday, July 24th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $91.95.

AmerisourceBergen Corporation (NYSE ABC) opened at 80.80 on Tuesday. The stock has a 50 day moving average of $81.01 and a 200-day moving average of $86.64. The company has a market cap of $17.70 billion, a PE ratio of 21.05 and a beta of 0.96. AmerisourceBergen Corporation has a 1-year low of $68.38 and a 1-year high of $97.85.

AmerisourceBergen Corporation (Holding Co) (NYSE:ABC) last posted its quarterly earnings results on Thursday, August 3rd. The company reported $1.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.06. The business had revenue of $38.71 billion for the quarter, compared to analyst estimates of $39.13 billion. AmerisourceBergen Corporation (Holding Co) had a net margin of 0.56% and a return on equity of 56.07%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the business posted $1.37 EPS. On average, equities research analysts predict that AmerisourceBergen Corporation will post $5.88 earnings per share for the current year.

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In other news, insider Gina Clark sold 1,273 shares of the firm’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $80.94, for a total transaction of $103,036.62. Following the completion of the transaction, the insider now owns 10,830 shares of the company’s stock, valued at $876,580.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Dale Danilewitz sold 2,012 shares of the firm’s stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $85.00, for a total transaction of $171,020.00. The disclosure for this sale can be found here. Insiders have sold 64,728 shares of company stock valued at $5,215,143 in the last ninety days. Insiders own 27.40% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC raised its stake in shares of AmerisourceBergen Corporation (Holding Co) by 3.2% during the second quarter. Parallel Advisors LLC now owns 1,109 shares of the company’s stock valued at $104,000 after acquiring an additional 34 shares during the last quarter. Point72 Asia Hong Kong Ltd bought a new position in shares of AmerisourceBergen Corporation (Holding Co) during the first quarter valued at $105,000. American Beacon Advisors Inc. bought a new position in shares of AmerisourceBergen Corporation (Holding Co) during the first quarter valued at $108,000. SRS Capital Advisors Inc. raised its stake in shares of AmerisourceBergen Corporation (Holding Co) by 0.3% during the first quarter. SRS Capital Advisors Inc. now owns 1,235 shares of the company’s stock valued at $109,000 after acquiring an additional 4 shares during the last quarter. Finally, Sun Life Financial INC raised its stake in shares of AmerisourceBergen Corporation (Holding Co) by 15,000.0% during the second quarter. Sun Life Financial INC now owns 1,208 shares of the company’s stock valued at $114,000 after acquiring an additional 1,200 shares during the last quarter. 67.64% of the stock is owned by hedge funds and other institutional investors.

AmerisourceBergen Corporation (Holding Co) Company Profile

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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