AmerisourceBergen (NYSE:ABC) Stock Price Up 5.2% After Strong Earnings

AmerisourceBergen Corp. (NYSE:ABC) shares rose 5.2% during trading on Thursday following a stronger than expected earnings report. The company traded as high as $94.75 and last traded at $91.70, approximately 3,198,125 shares were traded during trading. An increase of 124% from the average daily volume of 1,426,969 shares. The stock had previously closed at $87.15.

The company reported $1.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.14. AmerisourceBergen had a return on equity of 46.24% and a net margin of 0.53%. The company had revenue of $45.24 billion for the quarter, compared to analysts’ expectations of $45.15 billion. During the same quarter in the prior year, the business posted $1.54 EPS. The business’s revenue was up 4.9% compared to the same quarter last year.

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

In other AmerisourceBergen news, Director Henry Wadsworth Mcgee III sold 10,585 shares of the company’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $91.97, for a total value of $973,502.45. Following the transaction, the director now directly owns 24,510 shares of the company’s stock, valued at approximately $2,254,184.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Steven H. Collis sold 107,826 shares of the company’s stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $86.18, for a total value of $9,292,444.68. Following the completion of the transaction, the chairman now directly owns 242,405 shares in the company, valued at $20,890,462.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 163,179 shares of company stock worth $13,907,781. Insiders own 27.80% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. HL Financial Services LLC grew its holdings in AmerisourceBergen by 6.3% in the 1st quarter. HL Financial Services LLC now owns 5,561 shares of the company’s stock valued at $442,000 after buying an additional 328 shares in the last quarter. Ceredex Value Advisors LLC grew its holdings in shares of AmerisourceBergen by 23.9% during the 1st quarter. Ceredex Value Advisors LLC now owns 2,135,142 shares of the company’s stock worth $169,787,000 after purchasing an additional 411,607 shares in the last quarter. Nordea Investment Management AB grew its holdings in shares of AmerisourceBergen by 60.2% during the 1st quarter. Nordea Investment Management AB now owns 75,977 shares of the company’s stock worth $6,041,000 after purchasing an additional 28,552 shares in the last quarter. Truvestments Capital LLC acquired a new stake in shares of AmerisourceBergen during the 1st quarter worth $96,000. Finally, New York State Common Retirement Fund grew its holdings in shares of AmerisourceBergen by 1.6% during the 1st quarter. New York State Common Retirement Fund now owns 364,977 shares of the company’s stock worth $29,023,000 after purchasing an additional 5,700 shares in the last quarter. 66.49% of the stock is currently owned by hedge funds and other institutional investors.

The company has a market capitalization of $18.65 billion, a P/E ratio of 13.94, a price-to-earnings-growth ratio of 1.68 and a beta of 0.95. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.95 and a quick ratio of 0.56. The firm has a fifty day simple moving average of $86.67.

AmerisourceBergen Company Profile (NYSE:ABC)

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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