AmerisourceBergen Corp. (ABC) Stake Lifted by Coastline Trust Co
Coastline Trust Co raised its position in AmerisourceBergen Corp. (NYSE:ABC) by 15.3% during the third quarter, according to its most recent filing with the SEC. The firm owned 5,420 shares of the company’s stock after purchasing an additional 720 shares during the period. Coastline Trust Co’s holdings in AmerisourceBergen were worth $500,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently modified their holdings of ABC. Private Capital Advisors Inc. acquired a new position in shares of AmerisourceBergen during the 3rd quarter valued at $367,000. Nisa Investment Advisors LLC lifted its position in shares of AmerisourceBergen by 6.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 114,671 shares of the company’s stock valued at $10,575,000 after acquiring an additional 6,670 shares during the period. Raymond James Trust N.A. lifted its position in shares of AmerisourceBergen by 62.1% during the 3rd quarter. Raymond James Trust N.A. now owns 3,851 shares of the company’s stock valued at $355,000 after acquiring an additional 1,475 shares during the period. First Hawaiian Bank acquired a new position in shares of AmerisourceBergen during the 3rd quarter valued at $603,000. Finally, Livingston Group Asset Management CO operating as Southport Capital Management acquired a new position in shares of AmerisourceBergen during the 3rd quarter valued at $130,000. Hedge funds and other institutional investors own 66.45% of the company’s stock.
A number of research analysts recently issued reports on ABC shares. ValuEngine upgraded shares of AmerisourceBergen from a “sell” rating to a “hold” rating in a research report on Wednesday, September 19th. Mizuho reiterated a “hold” rating and set a $90.00 target price on shares of AmerisourceBergen in a research report on Sunday, August 12th. Robert W. Baird reiterated a “neutral” rating and set a $94.00 target price on shares of AmerisourceBergen in a research report on Friday, July 20th. Zacks Investment Research downgraded shares of AmerisourceBergen from a “hold” rating to a “sell” rating in a research report on Wednesday, October 3rd. Finally, Morgan Stanley dropped their target price on shares of AmerisourceBergen from $97.00 to $88.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $101.80.
AmerisourceBergen (NYSE:ABC) last announced its quarterly earnings results on Thursday, August 2nd. The company reported $1.54 EPS for the quarter, beating the Zacks’ consensus estimate of $1.46 by $0.08. The business had revenue of $43.14 billion during the quarter, compared to analyst estimates of $43.05 billion. AmerisourceBergen had a net margin of 0.69% and a return on equity of 48.65%. AmerisourceBergen’s quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.43 EPS. Analysts forecast that AmerisourceBergen Corp. will post 6.48 EPS for the current year.
In other AmerisourceBergen news, Chairman Steven H. Collis sold 21,350 shares of the business’s stock in a transaction on Monday, October 1st. The shares were sold at an average price of $93.09, for a total transaction of $1,987,471.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Dale Danilewitz sold 3,120 shares of the business’s stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $81.67, for a total transaction of $254,810.40. Following the sale, the executive vice president now owns 3,120 shares of the company’s stock, valued at approximately $254,810.40. The disclosure for this sale can be found here. Insiders have sold a total of 93,396 shares of company stock valued at $8,134,232 in the last 90 days. 27.30% of the stock is currently owned by company insiders.
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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