Cornerstone Capital Management Holdings LLC. Sells 26,687 Shares of AmerisourceBergen Corp. (ABC)
Cornerstone Capital Management Holdings LLC. trimmed its position in AmerisourceBergen Corp. (NYSE:ABC) by 23.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 87,143 shares of the company’s stock after selling 26,687 shares during the quarter. Cornerstone Capital Management Holdings LLC.’s holdings in AmerisourceBergen were worth $7,210,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. grew its position in AmerisourceBergen by 107.3% in the third quarter. JPMorgan Chase & Co. now owns 5,363,429 shares of the company’s stock valued at $434,385,000 after acquiring an additional 2,776,287 shares during the period. Janus Henderson Group PLC grew its position in AmerisourceBergen by 660.8% in the second quarter. Janus Henderson Group PLC now owns 2,574,746 shares of the company’s stock valued at $243,392,000 after acquiring an additional 2,236,319 shares during the period. Harding Loevner LP grew its position in AmerisourceBergen by 89.6% in the third quarter. Harding Loevner LP now owns 3,166,794 shares of the company’s stock valued at $134,939,000 after acquiring an additional 1,496,761 shares during the period. Wells Fargo & Company MN grew its position in AmerisourceBergen by 42.9% in the second quarter. Wells Fargo & Company MN now owns 3,344,441 shares of the company’s stock valued at $316,149,000 after acquiring an additional 1,003,327 shares during the period. Finally, Franklin Resources Inc. grew its position in AmerisourceBergen by 23.1% in the second quarter. Franklin Resources Inc. now owns 3,902,289 shares of the company’s stock valued at $368,884,000 after acquiring an additional 731,466 shares during the period. Institutional investors and hedge funds own 67.94% of the company’s stock.
Shares of AmerisourceBergen Corp. (NYSE:ABC) opened at $88.48 on Thursday. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.48 and a current ratio of 0.91. The company has a market capitalization of $19,151.96, a price-to-earnings ratio of 14.91, a PEG ratio of 1.52 and a beta of 1.00. AmerisourceBergen Corp. has a 1-year low of $71.90 and a 1-year high of $97.85.
AmerisourceBergen (NYSE:ABC) last announced its earnings results on Thursday, November 2nd. The company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.32 by $0.01. The company had revenue of $39.12 billion for the quarter, compared to analysts’ expectations of $40.10 billion. AmerisourceBergen had a return on equity of 56.29% and a net margin of 0.27%. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.30 earnings per share. research analysts expect that AmerisourceBergen Corp. will post 6.07 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, December 4th. Stockholders of record on Monday, November 20th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 1.72%. The ex-dividend date was Friday, November 17th. This is a boost from AmerisourceBergen’s previous quarterly dividend of $0.37. AmerisourceBergen’s dividend payout ratio is presently 82.16%.
In other news, insider Peyton R. Howell sold 3,243 shares of the company’s stock in a transaction on Monday, September 25th. The stock was sold at an average price of $80.23, for a total transaction of $260,185.89. Following the transaction, the insider now owns 37,135 shares of the company’s stock, valued at $2,979,341.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Tim G. Guttman sold 11,600 shares of the company’s stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $79.47, for a total value of $921,852.00. The disclosure for this sale can be found here. Insiders have sold 170,407 shares of company stock worth $13,745,358 in the last 90 days. Company insiders own 27.40% of the company’s stock.
A number of analysts have weighed in on the company. Cowen set a $107.00 price target on AmerisourceBergen and gave the company a “buy” rating in a research report on Tuesday. Robert W. Baird set a $99.00 price target on AmerisourceBergen and gave the company a “buy” rating in a research report on Friday, December 1st. Deutsche Bank assumed coverage on AmerisourceBergen in a research report on Monday, December 4th. They issued a “buy” rating and a $97.00 price target on the stock. Morgan Stanley cut AmerisourceBergen from an “overweight” rating to an “equal weight” rating in a research report on Thursday, September 14th. Finally, Zacks Investment Research cut AmerisourceBergen from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. AmerisourceBergen currently has an average rating of “Buy” and a consensus price target of $93.20.
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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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