Huntington National Bank decreased its stake in AmerisourceBergen Corp. (NYSE:ABC) by 22.1% during the first quarter, Holdings Channel reports. The institutional investor owned 20,250 shares of the company’s stock after selling 5,760 shares during the period. Huntington National Bank’s holdings in AmerisourceBergen Corp. were worth $1,792,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the company. Morgan Stanley boosted its stake in AmerisourceBergen Corp. by 15.8% in the third quarter. Morgan Stanley now owns 7,091,809 shares of the company’s stock valued at $572,876,000 after buying an additional 968,250 shares in the last quarter. Vulcan Value Partners LLC boosted its stake in AmerisourceBergen Corp. by 251.4% in the fourth quarter. Vulcan Value Partners LLC now owns 5,440,860 shares of the company’s stock valued at $425,421,000 after buying an additional 3,892,674 shares in the last quarter. Burgundy Asset Management Ltd. boosted its stake in AmerisourceBergen Corp. by 1.9% in the fourth quarter. Burgundy Asset Management Ltd. now owns 2,709,505 shares of the company’s stock valued at $211,856,000 after buying an additional 51,556 shares in the last quarter. Northern Trust Corp boosted its stake in AmerisourceBergen Corp. by 1.8% in the third quarter. Northern Trust Corp now owns 2,640,037 shares of the company’s stock valued at $213,262,000 after buying an additional 47,858 shares in the last quarter. Finally, Norges Bank acquired a new stake in AmerisourceBergen Corp. during the fourth quarter valued at about $147,775,000. Hedge funds and other institutional investors own 69.11% of the company’s stock.
AmerisourceBergen Corp. (NYSE:ABC) traded down 1.31% during midday trading on Friday, hitting $81.29. The stock had a trading volume of 630,311 shares. The company has a market cap of $17.66 billion, a PE ratio of 13.58 and a beta of 0.82. AmerisourceBergen Corp. has a 12-month low of $68.38 and a 12-month high of $94.50. The firm has a 50-day moving average of $87.57 and a 200-day moving average of $83.22.
AmerisourceBergen Corp. (NYSE:ABC) last released its quarterly earnings results on Tuesday, January 31st. The company reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.13. AmerisourceBergen Corp. had a return on equity of 62.44% and a net margin of 0.91%. The company had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $39 billion. During the same period in the prior year, the firm earned $1.27 earnings per share. The firm’s revenue was up 4.0% compared to the same quarter last year. Equities research analysts forecast that AmerisourceBergen Corp. will post $5.85 EPS for the current year.
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ABC has been the subject of several research analyst reports. TheStreet upgraded AmerisourceBergen Corp. from a “hold” rating to a “buy” rating in a report on Thursday, December 29th. Vetr upgraded AmerisourceBergen Corp. from a “buy” rating to a “strong-buy” rating and set a $97.44 price target for the company in a report on Tuesday. Bank of America Corp upgraded AmerisourceBergen Corp. from a “neutral” rating to a “buy” rating and set a $94.00 price target for the company in a report on Thursday, January 12th. Zacks Investment Research cut AmerisourceBergen Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, February 21st. Finally, Morgan Stanley upgraded AmerisourceBergen Corp. from an “equal weight” rating to an “overweight” rating in a report on Tuesday, January 31st. Eight equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. AmerisourceBergen Corp. currently has a consensus rating of “Buy” and an average price target of $94.35.
In other AmerisourceBergen Corp. news, Chairman Steven H. Collis sold 15,000 shares of the company’s stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $88.35, for a total transaction of $1,325,250.00. Following the transaction, the chairman now directly owns 253,876 shares in the company, valued at $22,429,944.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lazarus Krikorian sold 9,958 shares of the company’s stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $91.83, for a total value of $914,443.14. Following the transaction, the insider now owns 15,743 shares in the company, valued at $1,445,679.69. The disclosure for this sale can be found here. Insiders have sold 51,958 shares of company stock worth $4,615,303 over the last 90 days. 27.40% of the stock is owned by insiders.
About AmerisourceBergen Corp.
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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