Deutsche Bank Initiates Coverage on AmerisourceBergen (NYSE:ABC)

Deutsche Bank started coverage on shares of AmerisourceBergen (NYSE:ABC) in a report published on Thursday morning, BenzingaRatingsTable reports. The firm issued a hold rating and a $91.00 price target on the stock.

Other research analysts have also recently issued research reports about the stock. Argus reduced their price target on shares of AmerisourceBergen from $115.00 to $100.00 and set a buy rating for the company in a report on Monday, June 3rd. TheStreet upgraded shares of AmerisourceBergen from a c+ rating to a b rating in a report on Thursday, August 1st. ValuEngine cut shares of AmerisourceBergen from a hold rating to a sell rating in a report on Tuesday, August 6th. Zacks Investment Research upgraded shares of AmerisourceBergen from a hold rating to a buy rating and set a $89.00 price target for the company in a report on Wednesday, June 12th. Finally, Morgan Stanley reduced their price target on shares of AmerisourceBergen from $91.00 to $83.00 and set an equal weight rating for the company in a report on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $87.38.

AmerisourceBergen stock opened at $83.42 on Thursday. The stock has a market capitalization of $17.79 billion, a PE ratio of 12.85, a price-to-earnings-growth ratio of 1.52 and a beta of 1.00. AmerisourceBergen has a twelve month low of $69.36 and a twelve month high of $94.85. The company has a quick ratio of 0.56, a current ratio of 0.95 and a debt-to-equity ratio of 1.40. The company has a 50 day moving average of $86.15 and a 200-day moving average of $81.99.

AmerisourceBergen (NYSE:ABC) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.76 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.62 by $0.14. The company had revenue of $45.24 billion during the quarter, compared to analysts’ expectations of $45.15 billion. AmerisourceBergen had a net margin of 0.54% and a return on equity of 47.88%. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.54 earnings per share. Equities analysts anticipate that AmerisourceBergen will post 7.05 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 19th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend was Friday, August 16th. AmerisourceBergen’s payout ratio is 24.65%.

In related news, EVP John G. Chou sold 13,997 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $86.29, for a total transaction of $1,207,801.13. Following the completion of the transaction, the executive vice president now owns 65,782 shares in the company, valued at $5,676,328.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Steven H. Collis sold 107,826 shares of the stock in a transaction on Wednesday, June 19th. The stock was sold at an average price of $86.18, for a total transaction of $9,292,444.68. Following the transaction, the chairman now owns 242,405 shares of the company’s stock, valued at approximately $20,890,462.90. The disclosure for this sale can be found here. Insiders have sold 186,215 shares of company stock valued at $16,240,235 in the last 90 days. 27.80% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. BB&T Securities LLC boosted its holdings in AmerisourceBergen by 5.6% during the second quarter. BB&T Securities LLC now owns 399,505 shares of the company’s stock worth $34,061,000 after purchasing an additional 21,043 shares during the last quarter. Cambridge Financial Group Inc. raised its position in AmerisourceBergen by 3.0% during the second quarter. Cambridge Financial Group Inc. now owns 71,412 shares of the company’s stock worth $6,089,000 after acquiring an additional 2,085 shares in the last quarter. Ceredex Value Advisors LLC raised its position in AmerisourceBergen by 23.9% during the first quarter. Ceredex Value Advisors LLC now owns 2,135,142 shares of the company’s stock worth $169,787,000 after acquiring an additional 411,607 shares in the last quarter. Nordea Investment Management AB raised its position in AmerisourceBergen by 60.2% during the first quarter. Nordea Investment Management AB now owns 75,977 shares of the company’s stock worth $6,041,000 after acquiring an additional 28,552 shares in the last quarter. Finally, ARP Americas LP raised its position in AmerisourceBergen by 123.2% during the second quarter. ARP Americas LP now owns 13,405 shares of the company’s stock worth $1,143,000 after acquiring an additional 7,400 shares in the last quarter. Institutional investors and hedge funds own 65.95% of the company’s stock.

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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