Mainstay Capital Management LLC ADV Buys 599,394 Shares of AmerisourceBergen Corp. (ABC)
Mainstay Capital Management LLC ADV grew its stake in shares of AmerisourceBergen Corp. (NYSE:ABC) by 6,233.3% in the second quarter, according to its most recent filing with the SEC. The fund owned 609,010 shares of the company’s stock after acquiring an additional 599,394 shares during the period. Mainstay Capital Management LLC ADV owned about 0.28% of AmerisourceBergen worth $7,469,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Parsons Capital Management Inc. RI lifted its holdings in shares of AmerisourceBergen by 5.7% in the second quarter. Parsons Capital Management Inc. RI now owns 11,609 shares of the company’s stock valued at $990,000 after purchasing an additional 621 shares in the last quarter. Donald L. Hagan LLC lifted its holdings in shares of AmerisourceBergen by 3.9% in the second quarter. Donald L. Hagan LLC now owns 16,681 shares of the company’s stock valued at $1,422,000 after purchasing an additional 622 shares in the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of AmerisourceBergen by 34.9% in the first quarter. Quadrant Capital Group LLC now owns 2,460 shares of the company’s stock valued at $206,000 after purchasing an additional 637 shares in the last quarter. Municipal Employees Retirement System of Michigan lifted its holdings in shares of AmerisourceBergen by 9.6% in the second quarter. Municipal Employees Retirement System of Michigan now owns 7,520 shares of the company’s stock valued at $641,000 after purchasing an additional 660 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. lifted its holdings in shares of AmerisourceBergen by 2.3% in the first quarter. Candriam Luxembourg S.C.A. now owns 28,852 shares of the company’s stock valued at $2,487,000 after purchasing an additional 661 shares in the last quarter. Institutional investors own 66.64% of the company’s stock.
AmerisourceBergen stock opened at $87.37 on Wednesday. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.51 and a current ratio of 0.94. The firm has a market cap of $18.57 billion, a price-to-earnings ratio of 14.86, a price-to-earnings-growth ratio of 1.34 and a beta of 1.04. AmerisourceBergen Corp. has a one year low of $71.90 and a one year high of $106.27.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 4th. Shareholders of record on Monday, August 20th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 1.74%. The ex-dividend date was Friday, August 17th. AmerisourceBergen’s payout ratio is 25.85%.
ABC has been the subject of a number of research analyst reports. ValuEngine upgraded AmerisourceBergen from a “sell” rating to a “hold” rating in a report on Wednesday, August 15th. Mizuho restated a “hold” rating and issued a $90.00 target price on shares of AmerisourceBergen in a report on Sunday, August 12th. Robert W. Baird restated a “neutral” rating and issued a $94.00 target price on shares of AmerisourceBergen in a report on Friday, July 20th. Finally, Morgan Stanley reduced their target price on AmerisourceBergen from $97.00 to $88.00 and set an “equal weight” rating for the company in a report on Tuesday, July 3rd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $101.80.
In other AmerisourceBergen news, CEO Steven H. Collis sold 21,350 shares of the stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $88.33, for a total transaction of $1,885,845.50. Following the transaction, the chief executive officer now directly owns 287,925 shares of the company’s stock, valued at $25,432,415.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Dale Danilewitz sold 3,120 shares of the stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $81.67, for a total transaction of $254,810.40. Following the transaction, the executive vice president now directly owns 3,120 shares in the company, valued at $254,810.40. The disclosure for this sale can be found here. Insiders have sold 100,909 shares of company stock worth $8,548,726 over the last three months. Company insiders own 27.30% of the company’s stock.
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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