AmerisourceBergen Corporation (Holding Co) (NYSE:ABC) had its target price trimmed by Needham & Company LLC from $93.00 to $86.00 in a research note published on Monday, November 6th, MarketBeat reports. The firm currently has a buy rating on the stock.
A number of other equities analysts have also issued reports on the company. Morgan Stanley lowered AmerisourceBergen from an overweight rating to an equal weight rating in a report on Thursday, September 14th. Mizuho set a $92.00 price objective on AmerisourceBergen and gave the stock a hold rating in a report on Tuesday, October 24th. Zacks Investment Research lowered AmerisourceBergen from a hold rating to a sell rating in a research note on Tuesday, October 3rd. ValuEngine lowered AmerisourceBergen from a buy rating to a hold rating in a research note on Friday, September 1st. Finally, Cowen Inc raised AmerisourceBergen from a market perform rating to an outperform rating in a research note on Tuesday, October 10th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. AmerisourceBergen has a consensus rating of Hold and a consensus price target of $91.14.
Shares of AmerisourceBergen (ABC) traded down $0.17 during midday trading on Monday, reaching $81.23. The company’s stock had a trading volume of 701,755 shares, compared to its average volume of 2,476,697. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.91 and a quick ratio of 0.48. The firm has a market capitalization of $17,835.63, a PE ratio of 13.82, a P/E/G ratio of 1.41 and a beta of 0.95. AmerisourceBergen has a 12-month low of $71.90 and a 12-month high of $97.85.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 4th. Stockholders of record on Monday, November 20th will be issued a $0.38 dividend. The ex-dividend date is Friday, November 17th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.87%. This is a positive change from AmerisourceBergen’s previous quarterly dividend of $0.37. AmerisourceBergen’s dividend payout ratio is presently 82.16%.
In related news, CFO Tim G. Guttman sold 11,600 shares of the stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $79.47, for a total transaction of $921,852.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dale Danilewitz sold 4,459 shares of the stock in a transaction on Monday, November 20th. The stock was sold at an average price of $78.30, for a total value of $349,139.70. The disclosure for this sale can be found here. Insiders sold 103,670 shares of company stock valued at $8,067,058 in the last 90 days. Corporate insiders own 27.40% of the company’s stock.
Several large investors have recently made changes to their positions in ABC. Thrivent Financial For Lutherans raised its holdings in AmerisourceBergen by 4.8% during the first quarter. Thrivent Financial For Lutherans now owns 6,070 shares of the company’s stock valued at $537,000 after buying an additional 280 shares in the last quarter. Teachers Retirement System of The State of Kentucky bought a new position in AmerisourceBergen during the first quarter valued at about $1,620,000. Xact Kapitalforvaltning AB grew its position in shares of AmerisourceBergen by 1.2% in the second quarter. Xact Kapitalforvaltning AB now owns 33,169 shares of the company’s stock valued at $3,135,000 after purchasing an additional 400 shares during the last quarter. Boltwood Capital Management grew its position in shares of AmerisourceBergen by 2.7% in the second quarter. Boltwood Capital Management now owns 7,690 shares of the company’s stock valued at $726,000 after purchasing an additional 200 shares during the last quarter. Finally, Beacon Financial Group grew its position in shares of AmerisourceBergen by 4.7% in the second quarter. Beacon Financial Group now owns 19,661 shares of the company’s stock valued at $1,883,000 after purchasing an additional 888 shares during the last quarter. Institutional investors and hedge funds own 68.50% of the company’s stock.
AmerisourceBergen Corporation is a pharmaceutical sourcing and distribution services company. The Company’s segments include Pharmaceutical Distribution and Other. The Company provides services to healthcare providers, and pharmaceutical and biotech manufacturers. As of June 30, 2016, the Pharmaceutical Distribution segment consists of two operating segments, including the operations of AmerisourceBergen Drug Corporation (ABDC) and AmerisourceBergen Specialty Group (ABSG), which distributes specialty drugs to their customers.
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