Cowen Analysts Give AmerisourceBergen (ABC) a $107.00 Price Target
AmerisourceBergen (NYSE:ABC) has been assigned a $107.00 price objective by analysts at Cowen in a research report issued to clients and investors on Tuesday. The brokerage presently has a “buy” rating on the stock. Cowen’s price objective would indicate a potential upside of 21.84% from the stock’s previous close.
ABC has been the topic of several other research reports. Jefferies Group set a $85.00 target price on AmerisourceBergen and gave the company a “hold” rating in a research report on Sunday, October 29th. Zacks Investment Research lowered AmerisourceBergen from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Robert W. Baird set a $99.00 target price on AmerisourceBergen and gave the company a “buy” rating in a research report on Friday, December 1st. Morgan Stanley lowered AmerisourceBergen from an “overweight” rating to an “equal weight” rating in a research report on Thursday, September 14th. Finally, Royal Bank of Canada assumed coverage on AmerisourceBergen in a research report on Tuesday, September 19th. They set a “sector perform” rating and a $87.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $93.20.
Shares of AmerisourceBergen (NYSE:ABC) opened at $87.82 on Tuesday. The firm has a market capitalization of $18,922.97, a PE ratio of 14.73, a PEG ratio of 1.50 and a beta of 1.00. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.91 and a quick ratio of 0.48. AmerisourceBergen has a one year low of $71.90 and a one year high of $97.85.
AmerisourceBergen (NYSE:ABC) last announced its earnings results on Thursday, November 2nd. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.32 by $0.01. AmerisourceBergen had a return on equity of 56.29% and a net margin of 0.27%. The company had revenue of $39.12 billion for the quarter, compared to analyst estimates of $40.10 billion. During the same quarter in the prior year, the company earned $1.30 EPS. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year. sell-side analysts expect that AmerisourceBergen will post 6.07 EPS for the current year.
In related news, insider Peyton R. Howell sold 3,000 shares of the stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $86.20, for a total transaction of $258,600.00. Following the completion of the sale, the insider now directly owns 49,189 shares of the company’s stock, valued at $4,240,091.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Steven H. Collis sold 21,350 shares of the stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $76.94, for a total value of $1,642,669.00. Following the sale, the chairman now directly owns 260,226 shares of the company’s stock, valued at $20,021,788.44. The disclosure for this sale can be found here. Insiders sold 168,407 shares of company stock worth $13,569,358 in the last 90 days. Corporate insiders own 27.40% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of ABC. Vanguard Group Inc. increased its position in AmerisourceBergen by 2.0% in the second quarter. Vanguard Group Inc. now owns 15,653,245 shares of the company’s stock worth $1,479,701,000 after buying an additional 304,628 shares during the last quarter. JPMorgan Chase & Co. increased its position in AmerisourceBergen by 107.3% in the third quarter. JPMorgan Chase & Co. now owns 5,363,429 shares of the company’s stock worth $434,385,000 after buying an additional 2,776,287 shares during the last quarter. Franklin Resources Inc. increased its position in AmerisourceBergen by 23.1% in the second quarter. Franklin Resources Inc. now owns 3,902,289 shares of the company’s stock worth $368,884,000 after buying an additional 731,466 shares during the last quarter. Wells Fargo & Company MN increased its position in AmerisourceBergen by 11.4% in the third quarter. Wells Fargo & Company MN now owns 3,726,377 shares of the company’s stock worth $308,358,000 after buying an additional 381,936 shares during the last quarter. Finally, FIL Ltd increased its position in AmerisourceBergen by 14.4% in the second quarter. FIL Ltd now owns 3,477,157 shares of the company’s stock worth $328,696,000 after buying an additional 437,132 shares during the last quarter. 67.94% of the stock is owned by institutional investors.
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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