Comerica Bank lessened its holdings in shares of AmerisourceBergen Corp. (NYSE:ABC) by 17.0% in the third quarter, Holdings Channel reports. The institutional investor owned 38,065 shares of the company’s stock after selling 7,807 shares during the quarter. Comerica Bank’s holdings in AmerisourceBergen were worth $3,437,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the stock. Hallmark Capital Management Inc. grew its position in shares of AmerisourceBergen by 0.3% during the 3rd quarter. Hallmark Capital Management Inc. now owns 176,274 shares of the company’s stock valued at $16,256,000 after buying an additional 600 shares during the last quarter. Financial Gravity Wealth Inc. grew its position in shares of AmerisourceBergen by 93.2% during the 3rd quarter. Financial Gravity Wealth Inc. now owns 1,254 shares of the company’s stock valued at $108,000 after buying an additional 605 shares during the last quarter. Elmwood Wealth Management Inc. grew its position in AmerisourceBergen by 8.9% in the 3rd quarter. Elmwood Wealth Management Inc. now owns 7,533 shares of the company’s stock worth $695,000 after purchasing an additional 618 shares during the last quarter. Parsons Capital Management Inc. RI grew its position in AmerisourceBergen by 5.7% in the 2nd quarter. Parsons Capital Management Inc. RI now owns 11,609 shares of the company’s stock worth $990,000 after purchasing an additional 621 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan grew its position in AmerisourceBergen by 9.6% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 7,520 shares of the company’s stock worth $641,000 after purchasing an additional 660 shares during the last quarter. 64.73% of the stock is owned by institutional investors and hedge funds.

NYSE ABC opened at $88.87 on Wednesday. The company has a quick ratio of 0.50, a current ratio of 0.93 and a debt-to-equity ratio of 1.36. The stock has a market capitalization of $19.20 billion, a price-to-earnings ratio of 13.69, a PEG ratio of 1.32 and a beta of 0.97. AmerisourceBergen Corp. has a 52 week low of $77.28 and a 52 week high of $106.27.

AmerisourceBergen (NYSE:ABC) last posted its quarterly earnings data on Tuesday, November 6th. The company reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.01. The business 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%. The business’s revenue was up 10.7% on a year-over-year basis. During the same period last year, the firm posted $1.33 earnings per share. As a group, equities analysts expect that AmerisourceBergen Corp. will post 6.81 earnings per share for the current year.

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 issued a $0.40 dividend. 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 dividend payout ratio (DPR) is 24.65%.

Several research analysts have commented on the stock. Zacks Investment Research upgraded shares of AmerisourceBergen from a “sell” rating to a “hold” rating in a research report on Friday, November 16th. Royal Bank of Canada set a $90.00 target price on shares of AmerisourceBergen and gave the stock a “hold” rating in a research report on Wednesday, November 7th. Mizuho restated a “hold” rating and issued a $90.00 target price on shares of AmerisourceBergen in a research report on Sunday, August 12th. ValuEngine cut shares of AmerisourceBergen from a “hold” rating to a “sell” rating in a research report on Wednesday, September 12th. Finally, Robert W. Baird restated a “hold” rating and issued a $89.00 target price on shares of AmerisourceBergen in a research report on Friday, August 3rd. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. AmerisourceBergen currently has an average rating of “Buy” and a consensus price target of $101.07.

In other news, EVP Kathy H. Gaddes sold 2,652 shares of the stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $89.79, for a total value of $238,123.08. Following the completion of the transaction, the executive vice president now directly owns 3,891 shares in the company, valued at $349,372.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John G. Chou sold 6,974 shares of the stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $86.19, for a total transaction of $601,089.06. Following the completion of the transaction, the insider now owns 56,125 shares of the company’s stock, valued at $4,837,413.75. The disclosure for this sale can be found here. Insiders sold 90,276 shares of company stock valued at $8,131,670 over the last quarter. Insiders own 27.30% of the company’s stock.

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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.

Further Reading: Inflation

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Institutional Ownership by Quarter for AmerisourceBergen (NYSE:ABC)

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