MADDEN SECURITIES Corp Buys New Holdings in AmerisourceBergen Co. (NYSE:ABC)

Posted by Logan Wallace on Mar 19th, 2023

MADDEN SECURITIES Corp bought a new stake in AmerisourceBergen Co. (NYSE:ABC – Get Rating) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 500 shares of the company’s stock, valued at approximately $83,000.

A number of other large investors have also modified their holdings of ABC. Hanseatic Management Services Inc. raised its stake in shares of AmerisourceBergen by 73.7% in the third quarter. Hanseatic Management Services Inc. now owns 264 shares of the company’s stock valued at $36,000 after purchasing an additional 112 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of AmerisourceBergen by 38.8% in the third quarter. EverSource Wealth Advisors LLC now owns 311 shares of the company’s stock valued at $42,000 after purchasing an additional 87 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its stake in shares of AmerisourceBergen by 63.6% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 265 shares of the company’s stock valued at $44,000 after purchasing an additional 103 shares in the last quarter. CI Investments Inc. raised its stake in shares of AmerisourceBergen by 81.6% in the third quarter. CI Investments Inc. now owns 434 shares of the company’s stock valued at $59,000 after purchasing an additional 195 shares in the last quarter. Finally, Clearstead Advisors LLC raised its stake in shares of AmerisourceBergen by 1,760.9% in the second quarter. Clearstead Advisors LLC now owns 428 shares of the company’s stock valued at $61,000 after purchasing an additional 405 shares in the last quarter. 84.79% of the stock is currently owned by institutional investors and hedge funds.

AmerisourceBergen Price Performance

Shares of ABC stock opened at $152.02 on Friday. The stock’s fifty day moving average is $158.84 and its 200-day moving average is $156.06. The stock has a market capitalization of $30.75 billion, a PE ratio of 18.45, a PEG ratio of 1.47 and a beta of 0.54. AmerisourceBergen Co. has a 52 week low of $135.14 and a 52 week high of $174.63. The company has a debt-to-equity ratio of 63.30, a quick ratio of 0.53 and a current ratio of 0.91.

AmerisourceBergen (NYSE:ABC – Get Rating) last posted its quarterly earnings results on Wednesday, February 1st. The company reported $2.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.09. The business had revenue of $62.85 billion for the quarter, compared to analysts’ expectations of $62.77 billion. AmerisourceBergen had a return on equity of 597.57% and a net margin of 0.72%. The firm’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the business earned $2.58 earnings per share. Equities research analysts expect that AmerisourceBergen Co. will post 11.61 EPS for the current fiscal year.

AmerisourceBergen Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, February 27th. Investors of record on Friday, February 10th were issued a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 1.28%. The ex-dividend date of this dividend was Thursday, February 9th. AmerisourceBergen’s dividend payout ratio is 23.54%.

Insider Activity at AmerisourceBergen

In related news, CEO Steven H. Collis sold 10,499 shares of the firm’s stock in a transaction dated Tuesday, March 14th. The stock was sold at an average price of $150.00, for a total value of $1,574,850.00. Following the transaction, the chief executive officer now owns 257,967 shares in the company, valued at $38,695,050. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other AmerisourceBergen news, CEO Steven H. Collis sold 10,499 shares of the firm’s stock in a transaction dated Tuesday, March 14th. The stock was sold at an average price of $150.00, for a total transaction of $1,574,850.00. Following the transaction, the chief executive officer now owns 257,967 shares in the company, valued at $38,695,050. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Lazarus Krikorian sold 2,218 shares of the firm’s stock in a transaction dated Wednesday, December 21st. The stock was sold at an average price of $169.24, for a total value of $375,374.32. Following the transaction, the chief accounting officer now owns 20,007 shares in the company, valued at approximately $3,385,984.68. The disclosure for this sale can be found here. Insiders have sold a total of 30,851 shares of company stock worth $4,865,455 over the last 90 days. Insiders own 20.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ABC. UBS Group increased their price objective on AmerisourceBergen from $184.00 to $190.00 and gave the stock a “buy” rating in a research note on Tuesday, January 31st. Credit Suisse Group increased their price objective on AmerisourceBergen from $175.00 to $182.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 22nd. Robert W. Baird increased their price objective on AmerisourceBergen from $199.00 to $201.00 and gave the stock an “outperform” rating in a research note on Thursday, February 2nd. Mizuho increased their price objective on AmerisourceBergen from $162.00 to $170.00 and gave the stock a “neutral” rating in a research note on Thursday, February 2nd. Finally, Evercore ISI reiterated an “outperform” rating and set a $185.00 price objective on shares of AmerisourceBergen in a research note on Tuesday, January 31st. Two equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, AmerisourceBergen currently has an average rating of “Moderate Buy” and an average target price of $180.08.

About AmerisourceBergen

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AmerisourceBergen Corp. engages in the provision of pharmaceutical products and business solutions that improve access to care. It operates through the Pharmaceutical Distribution Services and Other segments. The Pharmaceutical Distribution Services segment distributes an offering of brand-name, specialty brand-name and generic pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to healthcare providers, including acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, and long-term care and alternate site pharmacies.