Traders Buy Shares of AmerisourceBergen Corp. (ABC) on Weakness
Traders purchased shares of AmerisourceBergen Corp. (NYSE:ABC) on weakness during trading on Friday. $45.16 million flowed into the stock on the tick-up and $26.23 million flowed out of the stock on the tick-down, for a money net flow of $18.93 million into the stock. Of all equities tracked, AmerisourceBergen Corp. had the 21st highest net in-flow for the day. AmerisourceBergen Corp. traded down ($0.12) for the day and closed at $88.85
A number of brokerages have recently commented on ABC. Zacks Investment Research upgraded AmerisourceBergen Corp. from a “sell” rating to a “hold” rating in a research note on Monday, May 2nd. Royal Bank Of Canada increased their price target on AmerisourceBergen Corp. from $85.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, May 6th. Raymond James Financial Inc. cut AmerisourceBergen Corp. from an “outperform” rating to a “market perform” rating in a research note on Wednesday, June 1st. Argus reiterated a “buy” rating on shares of AmerisourceBergen Corp. in a research note on Saturday, June 4th. Finally, FBR & Co dropped their price target on AmerisourceBergen Corp. from $100.00 to $84.00 and set a “market perform” rating for the company in a research note on Friday, May 6th. Eleven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $98.43.
The company’s 50 day moving average is $86.17 and its 200 day moving average is $83.63. The stock has a market capitalization of $19.08 billion and a P/E ratio of 11.99.
AmerisourceBergen Corp. (NYSE:ABC) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.10. The business earned $36.90 billion during the quarter, compared to analysts’ expectations of $36.57 billion. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.20 earnings per share. Analysts anticipate that AmerisourceBergen Corp. will post $5.56 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 6th. Shareholders of record on Monday, August 22nd will be paid a $0.34 dividend. The ex-dividend date of this dividend is Thursday, August 18th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.53%.
In other news, Director Lon R. Greenberg purchased 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 9th. The stock was purchased at an average cost of $88.59 per share, with a total value of $354,360.00. Following the purchase, the director now owns 9,500 shares in the company, valued at $841,605. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gina Clark sold 2,247 shares of AmerisourceBergen Corp. stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $89.50, for a total transaction of $201,106.50. Following the transaction, the insider now directly owns 9,436 shares of the company’s stock, valued at $844,522. The disclosure for this sale can be found here.
Several institutional investors have recently added to or reduced their stakes in the company. KBC Group NV boosted its position in AmerisourceBergen Corp. by 7.7% in the fourth quarter. KBC Group NV now owns 204,457 shares of the company’s stock worth $21,204,000 after buying an additional 14,618 shares in the last quarter. Airain ltd raised its stake in shares of AmerisourceBergen Corp. by 522.2% in the fourth quarter. Airain ltd now owns 115,971 shares of the company’s stock worth $12,027,000 after buying an additional 97,333 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of AmerisourceBergen Corp. by 1,229.6% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 44,875 shares of the company’s stock worth $4,654,000 after buying an additional 41,500 shares during the last quarter. Matarin Capital Management LLC bought a new stake in shares of AmerisourceBergen Corp. during the fourth quarter worth $3,336,000. Finally, I.G. Investment Management LTD. raised its stake in shares of AmerisourceBergen Corp. by 26.2% in the fourth quarter. I.G. Investment Management LTD. now owns 30,328 shares of the company’s stock worth $3,145,000 after buying an additional 6,296 shares during the last quarter.
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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