Baird Financial Group Inc. Acquires 1,364 Shares of AmerisourceBergen Corp. (ABC)
Baird Financial Group Inc. raised its holdings in AmerisourceBergen Corp. (NYSE:ABC) by 2.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 59,889 shares of the company’s stock after acquiring an additional 1,364 shares during the quarter. Baird Financial Group Inc.’s holdings in AmerisourceBergen were worth $5,557,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. boosted its stake in AmerisourceBergen by 140.9% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,142 shares of the company’s stock valued at $105,000 after acquiring an additional 668 shares during the last quarter. Financial Gravity Wealth Inc. boosted its stake in AmerisourceBergen by 93.2% in the third quarter. Financial Gravity Wealth Inc. now owns 1,254 shares of the company’s stock valued at $108,000 after acquiring an additional 605 shares during the last quarter. Truvestments Capital LLC bought a new position in AmerisourceBergen in the third quarter valued at approximately $120,000. Centaurus Financial Inc. bought a new position in AmerisourceBergen in the second quarter valued at approximately $129,000. Finally, Livingston Group Asset Management CO operating as Southport Capital Management bought a new position in AmerisourceBergen in the third quarter valued at approximately $130,000. 64.58% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Chairman Steven H. Collis sold 21,350 shares of the firm’s stock in a transaction on Monday, December 3rd. The shares were sold at an average price of $88.92, for a total transaction of $1,898,442.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Kathy H. Gaddes sold 2,652 shares of the firm’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $89.79, for a total transaction of $238,123.08. Following the sale, the executive vice president now owns 3,891 shares in the company, valued at $349,372.89. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 142,753 shares of company stock worth $12,826,784. 27.30% of the stock is currently owned by company insiders.
AmerisourceBergen (NYSE:ABC) last posted its earnings results on Tuesday, November 6th. The company reported $1.45 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.01. AmerisourceBergen had a net margin of 0.99% and a return on equity of 45.54%. The company had revenue of $43.30 billion for the quarter, compared to analyst estimates of $43.27 billion. During the same period last year, the business posted $1.33 earnings per share. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. Research analysts predict that AmerisourceBergen Corp. will post 6.81 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, December 3rd. Investors of record on Monday, November 19th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.83%. This is a positive change from AmerisourceBergen’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Friday, November 16th. AmerisourceBergen’s dividend payout ratio (DPR) is presently 24.65%.
Several equities research analysts have weighed in on the stock. Morgan Stanley increased their target price on shares of AmerisourceBergen from $88.00 to $91.00 and gave the stock an “equal weight” rating in a report on Monday. Royal Bank of Canada cut their target price on shares of AmerisourceBergen from $90.00 to $87.00 and set a “hold” rating on the stock in a report on Friday, November 30th. Zacks Investment Research lowered shares of AmerisourceBergen from a “hold” rating to a “sell” rating in a report on Wednesday, October 3rd. ValuEngine lowered shares of AmerisourceBergen from a “hold” rating to a “sell” rating in a report on Wednesday, September 12th. Finally, Mizuho reiterated a “neutral” rating on shares of AmerisourceBergen in a report on Wednesday, September 19th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $101.36.
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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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