TheStreet Downgrades AmerisourceBergen (NYSE:ABC) to C+

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TheStreet downgraded shares of AmerisourceBergen (NYSE:ABC) from a b rating to a c+ rating in a report issued on Thursday morning, TheStreetRatingsTable reports.

Several other equities research analysts also recently commented on ABC. Deutsche Bank began coverage on shares of AmerisourceBergen in a research note on Thursday, September 12th. They issued a hold rating and a $91.00 target price on the stock. Morgan Stanley reduced their target price on shares of AmerisourceBergen from $91.00 to $83.00 and set an equal weight rating on the stock in a research note on Friday, September 6th. Finally, ValuEngine downgraded shares of AmerisourceBergen from a hold rating to a sell rating in a research note on Friday, November 1st. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. AmerisourceBergen has a consensus rating of Hold and an average target price of $87.78.

ABC traded up $1.99 during trading on Thursday, reaching $86.07. 976,127 shares of the company’s stock were exchanged, compared to its average volume of 1,377,801. AmerisourceBergen has a fifty-two week low of $69.36 and a fifty-two week high of $94.75. The company has a quick ratio of 0.56, a current ratio of 0.95 and a debt-to-equity ratio of 1.40. The business has a 50 day moving average price of $84.48 and a 200 day moving average price of $83.73. The company has a market capitalization of $18.10 billion, a P/E ratio of 13.26, a PEG ratio of 1.44 and a beta of 0.98.

AmerisourceBergen (NYSE:ABC) last posted its quarterly earnings results on Thursday, November 7th. The company reported $1.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.58 by $0.03. AmerisourceBergen had a net margin of 0.54% and a return on equity of 47.88%. The firm had revenue of $45.64 billion for the quarter, compared to the consensus estimate of $45.15 billion. During the same quarter in the previous year, the company earned $1.45 earnings per share. The business’s revenue was up 5.4% compared to the same quarter last year. As a group, research analysts forecast that AmerisourceBergen will post 7.05 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.60 annualized dividend and a dividend yield of 1.86%. AmerisourceBergen’s dividend payout ratio is presently 24.65%.

In related news, CEO Steven H. Collis sold 19,905 shares of AmerisourceBergen stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $86.89, for a total value of $1,729,545.45. Following the completion of the transaction, the chief executive officer now directly owns 154,484 shares of the company’s stock, valued at $13,423,114.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John G. Chou sold 13,997 shares of AmerisourceBergen stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $86.29, for a total value of $1,207,801.13. Following the completion of the transaction, the executive vice president now directly owns 65,782 shares of the company’s stock, valued at $5,676,328.78. The disclosure for this sale can be found here. Insiders sold a total of 95,509 shares of company stock worth $8,088,531 in the last 90 days. 27.80% of the stock is owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in ABC. Vanguard Group Inc. raised its holdings in shares of AmerisourceBergen by 16.8% in the second quarter. Vanguard Group Inc. now owns 18,910,594 shares of the company’s stock valued at $1,612,318,000 after buying an additional 2,719,868 shares during the last quarter. Amundi Pioneer Asset Management Inc. raised its holdings in shares of AmerisourceBergen by 493.2% in the second quarter. Amundi Pioneer Asset Management Inc. now owns 757,887 shares of the company’s stock valued at $64,617,000 after buying an additional 630,123 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its holdings in shares of AmerisourceBergen by 1,584.3% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 490,101 shares of the company’s stock valued at $41,786,000 after buying an additional 461,002 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in shares of AmerisourceBergen by 111.5% in the second quarter. Nuveen Asset Management LLC now owns 738,360 shares of the company’s stock valued at $62,953,000 after buying an additional 389,252 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of AmerisourceBergen by 9.7% in the second quarter. Victory Capital Management Inc. now owns 2,769,023 shares of the company’s stock valued at $236,087,000 after buying an additional 245,394 shares during the last quarter. 65.99% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for AmerisourceBergen (NYSE:ABC)

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