AmerisourceBergen Corp. (ABC) Stake Decreased by First Mercantile Trust Co.
First Mercantile Trust Co. lowered its stake in AmerisourceBergen Corp. (NYSE:ABC) by 54.7% during the second quarter, Holdings Channel reports. The institutional investor owned 8,774 shares of the company’s stock after selling 10,612 shares during the period. First Mercantile Trust Co.’s holdings in AmerisourceBergen Corp. were worth $696,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of ABC. Harding Loevner LP bought a new stake in shares of AmerisourceBergen Corp. during the second quarter valued at $98,720,000. Burgundy Asset Management Ltd. increased its stake in AmerisourceBergen Corp. by 46.0% in the first quarter. Burgundy Asset Management Ltd. now owns 2,217,275 shares of the company’s stock valued at $191,905,000 after buying an additional 698,428 shares during the period. Kleinwort Benson Investors Dublin Ltd acquired a new stake in AmerisourceBergen Corp. during the second quarter valued at approximately $43,517,000. Emerald Acquisition Ltd. acquired a new stake in AmerisourceBergen Corp. during the second quarter valued at approximately $36,165,000. Finally, Bank of Montreal Can acquired a new stake in AmerisourceBergen Corp. during the second quarter valued at approximately $32,339,000. Institutional investors and hedge funds own 66.19% of the company’s stock.
Shares of AmerisourceBergen Corp. (NYSE:ABC) opened at 82.08 on Wednesday. AmerisourceBergen Corp. has a 52-week low of $73.31 and a 52-week high of $105.81. The stock has a market capitalization of $17.63 billion, a price-to-earnings ratio of 11.07 and a beta of 0.75. The company has a 50 day moving average of $87.29 and a 200 day moving average of $83.52.
AmerisourceBergen Corp. (NYSE:ABC) last posted its earnings results on Tuesday, August 2nd. The company reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.10. The company had revenue of $36.90 billion for the quarter, compared to analysts’ expectations of $36.57 billion. AmerisourceBergen Corp. had a return on equity of 83.93% and a net margin of 1.14%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period last year, the business posted $1.20 earnings per share. Analysts predict that AmerisourceBergen Corp. will post $5.55 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 6th. Shareholders of record on Monday, August 22nd were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date of this dividend was Thursday, August 18th. AmerisourceBergen Corp.’s payout ratio is 18.73%.
Several analysts recently commented on the stock. Morgan Stanley reiterated a “hold” rating and issued a $89.00 price target on shares of AmerisourceBergen Corp. in a research report on Monday, September 12th. Credit Suisse Group AG reiterated a “buy” rating and issued a $98.00 price target on shares of AmerisourceBergen Corp. in a research report on Friday, August 26th. Leerink Swann upped their price target on shares of AmerisourceBergen Corp. to $100.00 and gave the company an “outperform” rating in a research report on Friday, August 26th. Mizuho upped their price target on shares of AmerisourceBergen Corp. from $80.00 to $90.00 and gave the company a “neutral” rating in a research report on Thursday, August 11th. Finally, Zacks Investment Research downgraded shares of AmerisourceBergen Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, August 9th. Eleven analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $97.50.
In other news, insider Kathy H. Gaddes sold 681 shares of the firm’s stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $88.15, for a total transaction of $60,030.15. Following the transaction, the insider now directly owns 1,022 shares of the company’s stock, valued at $90,089.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John G. Chou sold 63,750 shares of the firm’s stock in a transaction on Wednesday, August 31st. The shares were sold at an average price of $85.70, for a total value of $5,463,375.00. Following the transaction, the insider now directly owns 104,043 shares in the company, valued at $8,916,485.10. The disclosure for this sale can be found here. 6.90% of the stock is owned by company insiders.
About AmerisourceBergen Corp.
AmerisourceBergen Corporation is a pharmaceutical sourcing and distribution services company. The Company operates through two segments: Pharmaceutical Distribution and Other. The Company also provides data and other services to its manufacturing customers. The Company provides services to healthcare providers, and pharmaceutical and biotech manufacturers.
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