Cornerstone Capital Management Holdings LLC. Reduces Position in AmerisourceBergen (ABC)

Cornerstone Capital Management Holdings LLC. lowered its holdings in AmerisourceBergen (NYSE:ABC) by 47.8% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 45,517 shares of the company’s stock after selling 41,626 shares during the period. Cornerstone Capital Management Holdings LLC.’s holdings in AmerisourceBergen were worth $4,179,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in ABC. JPMorgan Chase & Co. grew its holdings in shares of AmerisourceBergen by 107.3% in the third quarter. JPMorgan Chase & Co. now owns 5,363,429 shares of the company’s stock valued at $434,385,000 after purchasing an additional 2,776,287 shares in the last quarter. Vulcan Value Partners LLC grew its holdings in shares of AmerisourceBergen by 29.4% in the fourth quarter. Vulcan Value Partners LLC now owns 7,530,523 shares of the company’s stock valued at $691,452,000 after purchasing an additional 1,710,816 shares in the last quarter. Harding Loevner LP grew its holdings in shares of AmerisourceBergen by 89.6% in the third quarter. Harding Loevner LP now owns 3,166,794 shares of the company’s stock valued at $134,939,000 after purchasing an additional 1,496,761 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of AmerisourceBergen in the third quarter valued at approximately $75,681,000. Finally, BlackRock Inc. grew its holdings in shares of AmerisourceBergen by 5.8% in the fourth quarter. BlackRock Inc. now owns 12,384,803 shares of the company’s stock valued at $1,137,171,000 after purchasing an additional 679,417 shares in the last quarter. Hedge funds and other institutional investors own 67.30% of the company’s stock.

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A number of research analysts recently weighed in on ABC shares. Robert W. Baird set a $99.00 price objective on shares of AmerisourceBergen and gave the company a “buy” rating in a report on Friday, December 1st. Deutsche Bank began coverage on shares of AmerisourceBergen in a report on Monday, December 4th. They set a “buy” rating and a $97.00 price target for the company. Cowen set a $107.00 price target on shares of AmerisourceBergen and gave the stock a “buy” rating in a report on Tuesday, December 12th. Goldman Sachs upgraded shares of AmerisourceBergen from a “neutral” rating to a “buy” rating in a report on Friday, December 15th. Finally, Leerink Swann set a $105.00 price target on shares of AmerisourceBergen and gave the stock a “buy” rating in a report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. AmerisourceBergen currently has an average rating of “Buy” and an average target price of $103.34.

Shares of ABC stock opened at $84.03 on Friday. The firm has a market cap of $18,671.87, a P/E ratio of 13.98, a PEG ratio of 1.27 and a beta of 1.03. The company has a current ratio of 0.95, a quick ratio of 0.50 and a debt-to-equity ratio of 1.61. AmerisourceBergen has a 12-month low of $71.90 and a 12-month high of $106.27.

AmerisourceBergen (NYSE:ABC) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $1.55 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.20. The business had revenue of $40.47 billion during the quarter, compared to the consensus estimate of $40.42 billion. AmerisourceBergen had a net margin of 0.66% and a return on equity of 53.65%. The company’s revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.36 EPS. research analysts expect that AmerisourceBergen will post 6.58 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 5th. Stockholders of record on Tuesday, February 20th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, February 16th. This represents a $1.52 annualized dividend and a dividend yield of 1.81%. AmerisourceBergen’s dividend payout ratio is presently 32.76%.

In other news, Director Richard W. Gochnauer sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $96.54, for a total transaction of $193,080.00. Following the completion of the sale, the director now owns 12,947 shares in the company, valued at approximately $1,249,903.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert P. Mauch sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $97.94, for a total transaction of $97,940.00. The disclosure for this sale can be found here. Insiders have sold a total of 156,809 shares of company stock valued at $14,988,589 in the last 90 days. Insiders own 27.30% of the company’s stock.

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AmerisourceBergen 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.

Institutional Ownership by Quarter for AmerisourceBergen (NYSE:ABC)

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