Cornercap Investment Counsel Inc. cut its stake in shares of AmerisourceBergen Corp. (NYSE:ABC) by 1.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 54,026 shares of the company’s stock after selling 892 shares during the period. Cornercap Investment Counsel Inc.’s holdings in AmerisourceBergen were worth $4,961,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of AmerisourceBergen by 5.8% during the fourth quarter. BlackRock Inc. now owns 12,384,803 shares of the company’s stock valued at $1,137,171,000 after buying an additional 679,417 shares during the period. Vulcan Value Partners LLC increased its position in shares of AmerisourceBergen by 29.4% during the fourth quarter. Vulcan Value Partners LLC now owns 7,530,523 shares of the company’s stock valued at $691,452,000 after buying an additional 1,710,816 shares during the period. JPMorgan Chase & Co. increased its position in shares of AmerisourceBergen by 107.3% during the third quarter. JPMorgan Chase & Co. now owns 5,363,429 shares of the company’s stock valued at $434,385,000 after buying an additional 2,776,287 shares during the period. Wells Fargo & Company MN increased its position in shares of AmerisourceBergen by 11.4% during the third quarter. Wells Fargo & Company MN now owns 3,726,377 shares of the company’s stock valued at $308,358,000 after buying an additional 381,936 shares during the period. Finally, Harding Loevner LP increased its position in shares of AmerisourceBergen by 89.6% during the third quarter. Harding Loevner LP now owns 3,166,794 shares of the company’s stock valued at $134,939,000 after buying an additional 1,496,761 shares during the period. Hedge funds and other institutional investors own 66.74% of the company’s stock.
In other AmerisourceBergen news, Director Richard W. Gochnauer sold 2,278 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $101.13, for a total transaction of $230,374.14. Following the transaction, the director now directly owns 13,225 shares in the company, valued at $1,337,444.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard W. Gochnauer sold 2,000 shares of the stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $88.00, for a total transaction of $176,000.00. Following the transaction, the director now owns 12,947 shares in the company, valued at $1,139,336. The disclosure for this sale can be found here. Insiders have sold 179,609 shares of company stock worth $17,031,249 over the last quarter. Company insiders own 27.30% of the company’s stock.
AmerisourceBergen (NYSE:ABC) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $1.55 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.20. AmerisourceBergen had a net margin of 0.66% and a return on equity of 53.65%. The business had revenue of $40.47 billion for the quarter, compared to analysts’ expectations of $40.42 billion. During the same period last year, the business earned $1.36 earnings per share. The business’s quarterly revenue was up 6.0% on a year-over-year basis. analysts anticipate that AmerisourceBergen Corp. will post 6.58 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, March 5th. Shareholders of record on Tuesday, February 20th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend was Friday, February 16th. AmerisourceBergen’s payout ratio is currently 32.76%.
ABC has been the topic of several analyst reports. Credit Suisse Group reiterated an “outperform” rating and set a $112.00 price target (up from $105.00) on shares of AmerisourceBergen in a research report on Wednesday, February 7th. They noted that the move was a valuation call. Needham & Company LLC upped their price target on AmerisourceBergen from $86.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, November 22nd. Mizuho set a $100.00 price target on AmerisourceBergen and gave the company a “hold” rating in a research report on Wednesday, January 24th. Cowen reiterated a “buy” rating and set a $108.00 price target on shares of AmerisourceBergen in a research report on Tuesday, February 27th. Finally, TheStreet upgraded shares of AmerisourceBergen from a “c” rating to a “b” rating in a research report on Tuesday, February 6th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. AmerisourceBergen has a consensus rating of “Buy” and a consensus price target of $103.34.
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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