Pinnacle Associates Ltd. increased its stake in AmerisourceBergen Corporation (Holding Co) (NYSE:ABC) by 39.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,995 shares of the company’s stock after acquiring an additional 850 shares during the quarter. Pinnacle Associates Ltd.’s holdings in AmerisourceBergen were worth $248,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Parallel Advisors LLC boosted its stake in AmerisourceBergen by 3.2% during the 2nd quarter. Parallel Advisors LLC now owns 1,109 shares of the company’s stock worth $104,000 after purchasing an additional 34 shares during the last quarter. Sun Life Financial INC boosted its stake in AmerisourceBergen by 15,000.0% during the 2nd quarter. Sun Life Financial INC now owns 1,208 shares of the company’s stock worth $114,000 after purchasing an additional 1,200 shares during the last quarter. D.A. Davidson & CO. boosted its stake in AmerisourceBergen by 29.0% during the 2nd quarter. D.A. Davidson & CO. now owns 1,668 shares of the company’s stock worth $157,000 after purchasing an additional 375 shares during the last quarter. Intl Fcstone Inc. acquired a new stake in AmerisourceBergen during the 2nd quarter worth $201,000. Finally, Coastline Trust Co acquired a new stake in AmerisourceBergen during the 2nd quarter worth $203,000. 67.83% of the stock is owned by institutional investors.
In other AmerisourceBergen news, CFO Tim G. Guttman sold 11,600 shares of the company’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $85.73, for a total value of $994,468.00. Following the transaction, the chief financial officer now owns 56,436 shares of the company’s stock, valued at $4,838,258.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Peyton R. Howell sold 9,423 shares of the company’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $85.80, for a total transaction of $808,493.40. Following the completion of the transaction, the executive vice president now directly owns 57,412 shares in the company, valued at approximately $4,925,949.60. The disclosure for this sale can be found here. Insiders sold 165,407 shares of company stock worth $13,310,758 in the last ninety days. 27.40% of the stock is currently owned by corporate insiders.
AmerisourceBergen (NYSE:ABC) last announced its quarterly earnings results on Thursday, November 2nd. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.01. AmerisourceBergen had a net margin of 0.27% and a return on equity of 56.29%. The firm had revenue of $39.12 billion for the quarter, compared to analysts’ expectations of $40.10 billion. During the same quarter in the previous year, the company posted $1.30 EPS. The company’s revenue was up 4.2% compared to the same quarter last year. analysts expect that AmerisourceBergen Corporation will post 6.06 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, December 4th. Shareholders of record on Monday, November 20th were given a $0.38 dividend. The ex-dividend date of this dividend was Friday, November 17th. This represents a $1.52 dividend on an annualized basis and a yield of 1.77%. This is a boost from AmerisourceBergen’s previous quarterly dividend of $0.37. AmerisourceBergen’s dividend payout ratio is presently 82.16%.
Several equities research analysts have issued reports on ABC shares. ValuEngine raised shares of AmerisourceBergen from a “hold” rating to a “buy” rating in a research note on Tuesday, October 31st. Needham & Company LLC set a $93.00 target price on shares of AmerisourceBergen and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Robert W. Baird reaffirmed a “buy” rating and set a $96.00 target price on shares of AmerisourceBergen in a research note on Monday, November 6th. Deutsche Bank started coverage on shares of AmerisourceBergen in a research note on Monday. They set a “buy” rating and a $97.00 target price on the stock. Finally, Morgan Stanley cut shares of AmerisourceBergen from an “overweight” rating to an “equal weight” rating in a research report on Thursday, September 14th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, seven 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 $91.95.
AmerisourceBergen 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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