Leerink Swann Comments on AmerisourceBergen Corp.’s Q3 2019 Earnings (ABC)
AmerisourceBergen Corp. (NYSE:ABC) – Investment analysts at Leerink Swann decreased their Q3 2019 earnings per share estimates for shares of AmerisourceBergen in a research note issued to investors on Tuesday, November 6th. Leerink Swann analyst D. Larsen now anticipates that the company will post earnings of $1.66 per share for the quarter, down from their previous estimate of $1.67.
Other analysts have also recently issued reports about the stock. ValuEngine raised shares of AmerisourceBergen from a “sell” rating to a “hold” rating in a research note on Wednesday, August 15th. Robert W. Baird reissued a “neutral” rating and set a $94.00 price objective on shares of AmerisourceBergen in a research note on Friday, July 20th. Mizuho reissued a “neutral” rating on shares of AmerisourceBergen in a research note on Wednesday, September 19th. Royal Bank of Canada set a $90.00 price objective on shares of AmerisourceBergen and gave the company a “hold” rating in a research note on Wednesday. Finally, Zacks Investment Research cut shares of AmerisourceBergen from a “hold” rating to a “sell” rating in a research note on Wednesday, October 3rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $101.07.
AmerisourceBergen (NYSE:ABC) last released its earnings results on Tuesday, November 6th. The company reported $1.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.01. The firm had revenue of $43.30 billion during the quarter, compared to analysts’ expectations of $43.27 billion. AmerisourceBergen had a net margin of 0.99% and a return on equity of 45.54%. AmerisourceBergen’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.33 EPS.
Several large investors have recently bought and sold shares of ABC. Fort Washington Investment Advisors Inc. OH acquired a new position in shares of AmerisourceBergen during the 2nd quarter valued at $99,092,000. Equity Investment Corp acquired a new position in shares of AmerisourceBergen during the 3rd quarter valued at $69,621,000. Millennium Management LLC lifted its holdings in shares of AmerisourceBergen by 183.5% during the 2nd quarter. Millennium Management LLC now owns 1,145,365 shares of the company’s stock valued at $97,665,000 after acquiring an additional 741,391 shares in the last quarter. Mainstay Capital Management LLC ADV lifted its holdings in shares of AmerisourceBergen by 6,233.3% during the 2nd quarter. Mainstay Capital Management LLC ADV now owns 609,010 shares of the company’s stock valued at $7,469,000 after acquiring an additional 599,394 shares in the last quarter. Finally, BlackRock Inc. lifted its holdings in shares of AmerisourceBergen by 4.6% during the 2nd quarter. BlackRock Inc. now owns 12,776,453 shares of the company’s stock valued at $1,089,447,000 after acquiring an additional 557,312 shares in the last quarter. Institutional investors and hedge funds own 66.19% of the company’s stock.
In related news, EVP John G. Chou sold 6,974 shares of AmerisourceBergen stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $83.94, for a total transaction of $585,397.56. Following the transaction, the executive vice president now owns 56,126 shares in the company, valued at approximately $4,711,216.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kathy H. Gaddes sold 2,652 shares of AmerisourceBergen stock in a transaction on Monday, August 20th. The shares were sold at an average price of $87.71, for a total transaction of $232,606.92. Following the transaction, the insider now owns 3,891 shares in the company, valued at approximately $341,279.61. The disclosure for this sale can be found here. Insiders have sold a total of 92,928 shares of company stock valued at $8,332,406 over the last three months. Corporate insiders own 27.30% of the company’s stock.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Monday, November 19th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, November 16th. This is a boost from AmerisourceBergen’s previous quarterly dividend of $0.38. This represents a $1.60 annualized dividend and a dividend yield of 1.80%. AmerisourceBergen’s payout ratio is currently 23.42%.
AmerisourceBergen Company Profile
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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