Credit Suisse Group Reaffirms “Outperform” Rating for AmerisourceBergen (ABC)

AmerisourceBergen (NYSE:ABC)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Credit Suisse Group in a note issued to investors on Wednesday, MarketBeat.com reports. They currently have a $112.00 target price on the stock, up from their previous target price of $105.00. Credit Suisse Group’s price target points to a potential upside of 22.34% from the company’s current price. The analysts noted that the move was a valuation call.

ABC has been the topic of several other reports. Needham & Company LLC increased their target price on shares of AmerisourceBergen from $86.00 to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, November 22nd. Mizuho set a $100.00 target price on shares of AmerisourceBergen and gave the stock a “hold” rating in a research note on Wednesday, January 24th. Robert W. Baird reiterated a “buy” rating and issued a $96.00 target price on shares of AmerisourceBergen in a research note on Monday, November 6th. Zacks Investment Research cut shares of AmerisourceBergen from a “buy” rating to a “hold” rating in a research note on Monday, January 15th. Finally, ValuEngine upgraded shares of AmerisourceBergen from a “hold” rating to a “buy” rating in a research note on Tuesday, October 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $101.17.

AmerisourceBergen (NYSE:ABC) opened at $91.55 on Wednesday. The company has a market cap of $20,110.00, a P/E ratio of 20.76, a P/E/G ratio of 1.47 and a beta of 1.02. AmerisourceBergen has a fifty-two week low of $71.90 and a fifty-two week high of $106.27. The company has a quick ratio of 0.48, a current ratio of 0.95 and a debt-to-equity ratio of 1.48.

AmerisourceBergen (NYSE:ABC) last released its quarterly earnings data on Tuesday, February 6th. The company reported $1.55 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.35 by $0.20. The company had revenue of $40.47 billion during the quarter, compared to the consensus estimate of $40.42 billion. AmerisourceBergen had a net margin of 0.66% and a return on equity of 53.65%. AmerisourceBergen’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same period last year, the firm earned $1.36 EPS. analysts predict that AmerisourceBergen will post 6.56 earnings per share for the current year.

In related news, insider Dale Danilewitz sold 1,857 shares of the stock in a transaction on Monday, November 13th. The shares were sold at an average price of $74.69, for a total transaction of $138,699.33. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Steven H. Collis sold 21,350 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $82.53, for a total transaction of $1,762,015.50. Following the transaction, the chairman now directly owns 287,925 shares in the company, valued at approximately $23,762,450.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 204,934 shares of company stock worth $18,427,430. Corporate insiders own 27.30% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its holdings in shares of AmerisourceBergen by 107.3% during the 3rd 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 during the last quarter. Wells Fargo & Company MN grew its holdings in shares of AmerisourceBergen by 11.4% during the 3rd 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 during the last quarter. Harding Loevner LP grew its holdings in shares of AmerisourceBergen by 89.6% during the 3rd quarter. Harding Loevner LP now owns 3,166,794 shares of the company’s stock valued at $134,939,000 after purchasing an additional 1,496,761 shares during the last quarter. Burgundy Asset Management Ltd. grew its holdings in shares of AmerisourceBergen by 1.9% during the 3rd quarter. Burgundy Asset Management Ltd. now owns 2,698,948 shares of the company’s stock valued at $223,338,000 after purchasing an additional 49,825 shares during the last quarter. Finally, Beutel Goodman & Co Ltd. grew its holdings in shares of AmerisourceBergen by 23.3% during the 4th quarter. Beutel Goodman & Co Ltd. now owns 2,374,727 shares of the company’s stock valued at $174,194,000 after purchasing an additional 449,330 shares during the last quarter. 67.57% of the stock is currently owned by institutional investors.

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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.

Analyst Recommendations for AmerisourceBergen (NYSE:ABC)

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