AmerisourceBergen Corp. (NYSE:ABC) Stake Increased by Convergence Investment Partners LLC

Convergence Investment Partners LLC increased its stake in AmerisourceBergen Corp. (NYSE:ABC) by 26.4% in the second quarter, Holdings Channel reports. The institutional investor owned 31,599 shares of the company’s stock after acquiring an additional 6,596 shares during the quarter. Convergence Investment Partners LLC’s holdings in AmerisourceBergen were worth $2,694,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of ABC. Boston Partners increased its stake in shares of AmerisourceBergen by 222.4% in the first quarter. Boston Partners now owns 2,343,027 shares of the company’s stock worth $186,317,000 after buying an additional 1,616,201 shares during the last quarter. Norges Bank bought a new stake in shares of AmerisourceBergen in the fourth quarter worth $103,863,000. Marshall Wace North America L.P. increased its stake in shares of AmerisourceBergen by 318.9% in the first quarter. Marshall Wace North America L.P. now owns 907,474 shares of the company’s stock worth $72,163,000 after buying an additional 690,823 shares during the last quarter. Ceredex Value Advisors LLC increased its stake in shares of AmerisourceBergen by 23.9% in the first quarter. Ceredex Value Advisors LLC now owns 2,135,142 shares of the company’s stock worth $169,787,000 after buying an additional 411,607 shares during the last quarter. Finally, Deutsche Bank AG increased its stake in AmerisourceBergen by 69.2% during the fourth quarter. Deutsche Bank AG now owns 788,997 shares of the company’s stock valued at $58,697,000 after purchasing an additional 322,821 shares during the last quarter. Institutional investors and hedge funds own 66.49% of the company’s stock.

In other news, Director Henry Wadsworth Mcgee III sold 10,585 shares of the business’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $91.97, for a total transaction of $973,502.45. Following the completion of the transaction, the director now owns 24,510 shares of the company’s stock, valued at $2,254,184.70. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Dale Danilewitz sold 5,702 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $77.61, for a total transaction of $442,532.22. Following the transaction, the insider now directly owns 7,330 shares of the company’s stock, valued at approximately $568,881.30. The disclosure for this sale can be found here. In the last three months, insiders have sold 163,179 shares of company stock valued at $13,907,781. Corporate insiders own 27.80% of the company’s stock.

Several research firms have weighed in on ABC. Bank of America lowered shares of AmerisourceBergen from a “buy” rating to an “underperform” rating and lowered their target price for the company from $95.00 to $76.00 in a research note on Wednesday, April 10th. ValuEngine upgraded shares of AmerisourceBergen from a “sell” rating to a “hold” rating in a research note on Wednesday, May 22nd. Guggenheim began coverage on shares of AmerisourceBergen in a research note on Thursday, April 11th. They set a “buy” rating for the company. Zacks Investment Research upgraded shares of AmerisourceBergen from a “hold” rating to a “buy” rating and set a $89.00 target price for the company in a research note on Wednesday, June 12th. Finally, Argus lowered their target price on shares of AmerisourceBergen from $115.00 to $100.00 and set a “buy” rating for the company in a research note on Monday, June 3rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $88.33.

ABC stock traded down $0.37 during trading on Friday, hitting $91.33. 21,004 shares of the company’s stock traded hands, compared to its average volume of 1,055,648. The company has a quick ratio of 0.56, a current ratio of 0.95 and a debt-to-equity ratio of 1.43. AmerisourceBergen Corp. has a 52 week low of $69.36 and a 52 week high of $94.85. The firm’s fifty day moving average price is $86.61. The stock has a market cap of $18.65 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 1.68 and a beta of 0.95.

AmerisourceBergen (NYSE:ABC) last announced its quarterly earnings results on Thursday, August 1st. The company reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.14. AmerisourceBergen had a net margin of 0.53% and a return on equity of 46.24%. The company had revenue of $45.24 billion during the quarter, compared to the consensus estimate of $45.15 billion. During the same quarter in the previous year, the company posted $1.54 earnings per share. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, equities analysts forecast that AmerisourceBergen Corp. will post 6.86 earnings per share for the current fiscal year.

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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Institutional Ownership by Quarter for AmerisourceBergen (NYSE:ABC)

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