AmerisourceBergen (NYSE:ABC) Given “Buy” Rating at Argus

Argus reissued their buy rating on shares of AmerisourceBergen (NYSE:ABC) in a research note released on Monday morning, 24/7 WallStreet reports. They currently have a $110.00 target price on the stock.

ABC has been the topic of a number of other research reports. TheStreet cut shares of AmerisourceBergen from a b rating to a c+ rating in a research report on Thursday, November 7th. Morgan Stanley decreased their target price on shares of AmerisourceBergen from $91.00 to $83.00 and set an equal weight rating on the stock in a research report on Friday, September 6th. Royal Bank of Canada reaffirmed a sector performer rating on shares of AmerisourceBergen in a research report on Tuesday, November 12th. ValuEngine cut shares of AmerisourceBergen from a hold rating to a sell rating in a research report on Friday, November 1st. Finally, JPMorgan Chase & Co. decreased their target price on shares of AmerisourceBergen from $95.00 to $91.00 and set a neutral rating on the stock in a research report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $88.89.

Shares of ABC stock traded up $0.04 on Monday, hitting $87.81. 640,865 shares of the stock traded hands, compared to its average volume of 1,368,053. The firm’s 50-day moving average price is $85.08 and its two-hundred day moving average price is $84.32. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.58 and a current ratio of 0.95. The stock has a market capitalization of $18.35 billion, a PE ratio of 12.39, a PEG ratio of 1.46 and a beta of 0.98. AmerisourceBergen has a twelve month low of $69.36 and a twelve month high of $94.75.

AmerisourceBergen (NYSE:ABC) last announced its quarterly earnings results on Thursday, November 7th. The company reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.03. AmerisourceBergen had a net margin of 0.48% and a return on equity of 48.84%. The firm had revenue of $45.64 billion for the quarter, compared to analysts’ expectations of $45.15 billion. During the same quarter in the previous year, the company posted $1.45 EPS. The company’s revenue was up 5.4% compared to the same quarter last year. On average, equities research analysts anticipate that AmerisourceBergen will post 7.54 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, November 15th. This represents a $1.60 annualized dividend and a dividend yield of 1.82%. AmerisourceBergen’s dividend payout ratio is presently 22.57%.

In other news, EVP Gina Clark sold 7,800 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $84.96, for a total transaction of $662,688.00. Following the sale, the executive vice president now owns 23,595 shares of the company’s stock, valued at $2,004,631.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John G. Chou sold 13,997 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $86.29, for a total transaction of $1,207,801.13. Following the sale, the executive vice president now directly owns 65,782 shares in the company, valued at approximately $5,676,328.78. The disclosure for this sale can be found here. Insiders have sold 109,506 shares of company stock worth $9,293,253 in the last three months. Corporate insiders own 27.80% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. BB&T Securities LLC increased its stake in shares of AmerisourceBergen by 5.6% during the second quarter. BB&T Securities LLC now owns 399,505 shares of the company’s stock worth $34,061,000 after buying an additional 21,043 shares during the period. Cambridge Financial Group Inc. increased its stake in shares of AmerisourceBergen by 3.0% during the second quarter. Cambridge Financial Group Inc. now owns 71,412 shares of the company’s stock worth $6,089,000 after buying an additional 2,085 shares during the period. ARP Americas LP increased its stake in shares of AmerisourceBergen by 123.2% during the second quarter. ARP Americas LP now owns 13,405 shares of the company’s stock worth $1,143,000 after buying an additional 7,400 shares during the period. AustralianSuper Pty Ltd increased its stake in shares of AmerisourceBergen by 33.9% during the second quarter. AustralianSuper Pty Ltd now owns 250,926 shares of the company’s stock worth $21,394,000 after buying an additional 63,478 shares during the period. Finally, Occidental Asset Management LLC increased its stake in shares of AmerisourceBergen by 35.5% during the second quarter. Occidental Asset Management LLC now owns 7,969 shares of the company’s stock worth $679,000 after buying an additional 2,086 shares during the period. 65.96% of the stock is currently owned by institutional investors and hedge funds.

About AmerisourceBergen

AmerisourceBergen Corporation sources and distributes pharmaceutical products in the United States and internationally. Its Pharmaceutical Distribution segment distributes brand-name and generic pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, outsourced compounded sterile preparations, and related services to various healthcare providers, including acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and other alternate site pharmacies, and other customers.

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Analyst Recommendations for AmerisourceBergen (NYSE:ABC)

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