Cypress Capital Group decreased its holdings in shares of AmerisourceBergen Corp. (NYSE:ABC) by 3.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 40,988 shares of the company’s stock after selling 1,564 shares during the quarter. Cypress Capital Group’s holdings in AmerisourceBergen were worth $3,392,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the stock. Municipal Employees Retirement System of Michigan increased its holdings in shares of AmerisourceBergen by 49.5% in the second quarter. Municipal Employees Retirement System of Michigan now owns 8,060 shares of the company’s stock valued at $762,000 after purchasing an additional 2,670 shares during the period. Cigna Investments Inc. New acquired a new position in AmerisourceBergen during the second quarter worth $602,000. Schwab Charles Investment Management Inc. grew its holdings in AmerisourceBergen by 1.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 598,831 shares of the company’s stock worth $56,608,000 after acquiring an additional 6,096 shares during the period. Arizona State Retirement System grew its holdings in AmerisourceBergen by 0.7% during the second quarter. Arizona State Retirement System now owns 41,168 shares of the company’s stock worth $3,892,000 after acquiring an additional 300 shares during the period. Finally, First Trust Advisors LP grew its holdings in AmerisourceBergen by 62.8% during the second quarter. First Trust Advisors LP now owns 256,643 shares of the company’s stock worth $24,260,000 after acquiring an additional 99,003 shares during the period. Hedge funds and other institutional investors own 67.83% of the company’s stock.
A number of research analysts recently weighed in on the company. Evercore ISI began coverage on AmerisourceBergen in a report on Thursday. They set an “outperform” rating on the stock. Needham & Company LLC boosted their target price on AmerisourceBergen from $86.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, November 22nd. Zacks Investment Research upgraded AmerisourceBergen from a “hold” rating to a “buy” rating and set a $105.00 target price on the stock in a research report on Wednesday. Royal Bank of Canada started 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. Finally, Morgan Stanley downgraded AmerisourceBergen from an “overweight” rating to an “equal weight” rating in a research report on Thursday, September 14th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. AmerisourceBergen has an average rating of “Buy” and a consensus price target of $95.26.
Shares of AmerisourceBergen Corp. (NYSE:ABC) traded down $0.21 on Thursday, reaching $94.18. The company had a trading volume of 1,781,300 shares, compared to its average volume of 1,660,000. The stock has a market capitalization of $20,540.00, a P/E ratio of 58.14, a P/E/G ratio of 1.63 and a beta of 0.99. AmerisourceBergen Corp. has a 1 year low of $71.90 and a 1 year high of $97.85. 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 (NYSE:ABC) last released its earnings results on Thursday, November 2nd. The company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.01. The company had revenue of $39.12 billion for the quarter, compared to the consensus estimate of $40.10 billion. AmerisourceBergen had a return on equity of 56.29% and a net margin of 0.27%. AmerisourceBergen’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.30 EPS. sell-side analysts anticipate that AmerisourceBergen Corp. will post 6.08 earnings per share for the current year.
In other news, insider John G. Chou sold 15,937 shares of AmerisourceBergen stock in a transaction on Monday, November 6th. The stock was sold at an average price of $74.50, for a total transaction of $1,187,306.50. Following the transaction, the insider now directly owns 57,924 shares in the company, valued at approximately $4,315,338. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Tim G. Guttman sold 11,600 shares of the firm’s stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $93.40, for a total value of $1,083,440.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 198,823 shares of company stock worth $16,666,738. 27.40% of the stock is owned by insiders.
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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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