Quadrant Capital Group LLC Cuts Stake in AmerisourceBergen Corp. (ABC)
Quadrant Capital Group LLC lowered its stake in shares of AmerisourceBergen Corp. (NYSE:ABC) by 26.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,810 shares of the company’s stock after selling 650 shares during the period. Quadrant Capital Group LLC’s holdings in AmerisourceBergen were worth $149,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. FDx Advisors Inc. grew its stake in AmerisourceBergen by 248.9% during the 2nd quarter. FDx Advisors Inc. now owns 62,851 shares of the company’s stock valued at $5,359,000 after acquiring an additional 44,838 shares in the last quarter. Evanston Investments Inc. dba Evanston Advisors grew its stake in AmerisourceBergen by 4.3% during the 2nd quarter. Evanston Investments Inc. dba Evanston Advisors now owns 95,286 shares of the company’s stock valued at $8,125,000 after acquiring an additional 3,952 shares in the last quarter. Pinnacle Associates Ltd. grew its stake in AmerisourceBergen by 48.0% during the 2nd quarter. Pinnacle Associates Ltd. now owns 3,960 shares of the company’s stock valued at $338,000 after acquiring an additional 1,285 shares in the last quarter. Segall Bryant & Hamill LLC purchased a new stake in AmerisourceBergen during the 2nd quarter valued at about $13,612,000. Finally, Schwab Charles Investment Management Inc. grew its stake in AmerisourceBergen by 3.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 641,073 shares of the company’s stock valued at $54,665,000 after acquiring an additional 19,160 shares in the last quarter. 66.68% of the stock is owned by institutional investors and hedge funds.
AmerisourceBergen stock opened at $87.72 on Monday. AmerisourceBergen Corp. has a 1-year low of $71.90 and a 1-year high of $106.27. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.94 and a quick ratio of 0.51. The company has a market capitalization of $17.74 billion, a PE ratio of 14.92, a PEG ratio of 1.28 and a beta of 1.00.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 4th. Stockholders of record on Monday, August 20th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Friday, August 17th. This represents a $1.52 annualized dividend and a dividend yield of 1.73%. AmerisourceBergen’s dividend payout ratio is currently 25.85%.
In other news, CFO Tim G. Guttman sold 11,600 shares of the company’s stock in a transaction that occurred on Friday, June 1st. The shares were sold at an average price of $80.83, for a total value of $937,628.00. Following the transaction, the chief financial officer now directly owns 51,189 shares in the company, valued at approximately $4,137,606.87. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Steven H. Collis sold 21,350 shares of the company’s stock in a transaction that occurred on Friday, June 1st. The stock was sold at an average price of $83.08, for a total transaction of $1,773,758.00. Following the completion of the transaction, the chief executive officer now owns 287,925 shares in the company, valued at $23,920,809. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 109,656 shares of company stock worth $9,132,116. Company insiders own 27.30% of the company’s stock.
Several brokerages recently issued reports on ABC. Robert W. Baird reaffirmed a “neutral” rating and set a $94.00 price objective on shares of AmerisourceBergen in a research note on Friday, July 20th. ValuEngine raised shares of AmerisourceBergen from a “sell” rating to a “hold” rating in a research note on Wednesday, August 15th. Mizuho reaffirmed a “hold” rating and set a $90.00 price objective on shares of AmerisourceBergen in a research note on Sunday, August 12th. Finally, Morgan Stanley dropped their price objective on shares of AmerisourceBergen from $97.00 to $88.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $101.80.
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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