AmerisourceBergen Corp. (ABC) Receives Buy Rating from Leerink Swann
AmerisourceBergen Corp. (NYSE:ABC)‘s stock had its “buy” rating reiterated by stock analysts at Leerink Swann in a report released on Friday. They currently have a $100.00 price objective on the stock. Leerink Swann’s price objective indicates a potential upside of 24.78% from the company’s current price.
The analysts wrote, “We note that even with the impact of the fire, comp trends improved across divisions; absent the fire, core Gap, while still at a disappointing -5% comp, would have seen an 8 and 9 point improvement on a 2 and 3 stack vs. August, respectively.””
Other analysts also recently issued reports about the stock. Credit Suisse Group AG restated a “buy” rating and issued a $98.00 target price on shares of AmerisourceBergen Corp. in a report on Friday, August 26th. Citigroup Inc. boosted their target price on shares of AmerisourceBergen Corp. from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Barclays PLC boosted their target price on shares of AmerisourceBergen Corp. from $83.00 to $89.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 3rd. Morgan Stanley restated a “hold” rating and issued a $89.00 target price on shares of AmerisourceBergen Corp. in a report on Monday, September 12th. Finally, Zacks Investment Research downgraded shares of AmerisourceBergen Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, August 9th. Nine investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $97.50.
AmerisourceBergen Corp. (NYSE:ABC) traded down 0.76% during mid-day trading on Friday, hitting $79.53. 271,002 shares of the stock were exchanged. The firm has a market capitalization of $17.08 billion, a price-to-earnings ratio of 10.73 and a beta of 0.74. AmerisourceBergen Corp. has a 52 week low of $73.31 and a 52 week high of $105.81. The company’s 50-day moving average price is $84.82 and its 200 day moving average price is $83.10.
AmerisourceBergen Corp. (NYSE:ABC) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.27 by $0.10. The business had revenue of $36.90 billion for the quarter, compared to analysts’ expectations of $36.57 billion. AmerisourceBergen Corp. had a net margin of 1.14% and a return on equity of 83.93%. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.20 EPS. Equities research analysts expect that AmerisourceBergen Corp. will post $5.55 EPS for the current year.
In related news, Director Lon R. Greenberg purchased 4,000 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The stock was acquired at an average price of $88.59 per share, with a total value of $354,360.00. Following the completion of the transaction, the director now owns 9,500 shares of the company’s stock, valued at $841,605. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider John G. Chou sold 63,750 shares of the firm’s stock in a transaction that occurred on Wednesday, August 31st. The stock was sold at an average price of $85.70, for a total transaction of $5,463,375.00. Following the sale, the insider now directly owns 104,043 shares of the company’s stock, valued at approximately $8,916,485.10. The disclosure for this sale can be found here. Insiders own 6.90% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Acrospire Investment Management LLC boosted its position in shares of AmerisourceBergen Corp. by 8.3% in the second quarter. Acrospire Investment Management LLC now owns 1,300 shares of the company’s stock valued at $103,000 after buying an additional 100 shares during the period. IFP Advisors Inc boosted its position in shares of AmerisourceBergen Corp. by 12.0% in the second quarter. IFP Advisors Inc now owns 1,374 shares of the company’s stock valued at $109,000 after buying an additional 147 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management purchased a new position in shares of AmerisourceBergen Corp. during the second quarter valued at about $119,000. Kanaly Trust Co boosted its position in shares of AmerisourceBergen Corp. by 52.7% in the second quarter. Kanaly Trust Co now owns 1,920 shares of the company’s stock valued at $152,000 after buying an additional 663 shares during the period. Finally, Ifrah Financial Services Inc. boosted its position in shares of AmerisourceBergen Corp. by 4.0% in the second quarter. Ifrah Financial Services Inc. now owns 2,526 shares of the company’s stock valued at $200,000 after buying an additional 97 shares during the period. 66.19% of the stock is owned by institutional investors and hedge funds.
About AmerisourceBergen Corp.
AmerisourceBergen Corporation is a pharmaceutical sourcing and distribution services company. The Company operates through two segments: Pharmaceutical Distribution and Other. The Company also provides data and other services to its manufacturing customers. The Company provides services to healthcare providers, and pharmaceutical and biotech manufacturers.
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