Regent Investment Management LLC Reduces Stock Position in AmerisourceBergen Co. (NYSE:ABC)

Regent Investment Management LLC reduced its holdings in AmerisourceBergen Co. (NYSE:ABCGet Rating) by 1.6% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 6,180 shares of the company’s stock after selling 100 shares during the period. Regent Investment Management LLC’s holdings in AmerisourceBergen were worth $874,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ABC. Herold Advisors Inc. bought a new stake in shares of AmerisourceBergen in the 1st quarter worth about $31,000. Massmutual Trust Co. FSB ADV increased its position in AmerisourceBergen by 133.3% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 210 shares of the company’s stock valued at $32,000 after purchasing an additional 120 shares during the period. EverSource Wealth Advisors LLC increased its position in AmerisourceBergen by 1,078.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 224 shares of the company’s stock valued at $35,000 after purchasing an additional 205 shares during the period. Advocacy Wealth Management Services LLC increased its position in AmerisourceBergen by 58.4% during the 1st quarter. Advocacy Wealth Management Services LLC now owns 255 shares of the company’s stock valued at $40,000 after purchasing an additional 94 shares during the period. Finally, FinTrust Capital Advisors LLC grew its position in shares of AmerisourceBergen by 168.0% in the 1st quarter. FinTrust Capital Advisors LLC now owns 268 shares of the company’s stock worth $41,000 after buying an additional 168 shares during the last quarter. 64.17% of the stock is owned by hedge funds and other institutional investors.

AmerisourceBergen Stock Performance

Shares of ABC traded down $4.46 during mid-day trading on Friday, reaching $135.55. 11,754 shares of the company’s stock were exchanged, compared to its average volume of 974,532. The business’s fifty day simple moving average is $145.03 and its 200-day simple moving average is $149.10. AmerisourceBergen Co. has a 52-week low of $113.68 and a 52-week high of $167.19. The company has a debt-to-equity ratio of 8.96, a current ratio of 0.92 and a quick ratio of 0.55. The stock has a market capitalization of $28.09 billion, a PE ratio of 15.67, a price-to-earnings-growth ratio of 1.54 and a beta of 0.46.

AmerisourceBergen (NYSE:ABCGet Rating) last released its earnings results on Wednesday, August 3rd. The company reported $2.62 EPS for the quarter, beating analysts’ consensus estimates of $2.56 by $0.06. AmerisourceBergen had a return on equity of 350.60% and a net margin of 0.78%. The company had revenue of $60.06 billion during the quarter, compared to the consensus estimate of $59.03 billion. During the same quarter last year, the company earned $2.16 earnings per share. AmerisourceBergen’s quarterly revenue was up 12.5% compared to the same quarter last year. On average, equities research analysts expect that AmerisourceBergen Co. will post 11 earnings per share for the current year.

AmerisourceBergen Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 29th. Investors of record on Monday, August 15th were given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend was Friday, August 12th. AmerisourceBergen’s dividend payout ratio is presently 21.10%.

Insider Buying and Selling

In other AmerisourceBergen news, CEO Steven H. Collis sold 11,480 shares of AmerisourceBergen stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $144.25, for a total value of $1,655,990.00. Following the completion of the sale, the chief executive officer now owns 205,178 shares in the company, valued at approximately $29,596,926.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders sold 34,440 shares of company stock worth $4,924,920. 28.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

ABC has been the topic of several research analyst reports. Cowen dropped their target price on shares of AmerisourceBergen from $171.00 to $170.00 in a research report on Thursday, June 9th. Cowen dropped their target price on shares of AmerisourceBergen from $171.00 to $170.00 and set an “outperform” rating on the stock in a research report on Thursday, June 9th. Argus boosted their target price on shares of AmerisourceBergen from $160.00 to $170.00 and gave the stock a “buy” rating in a research report on Wednesday, July 20th. StockNews.com upgraded shares of AmerisourceBergen from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 9th. Finally, Morgan Stanley lifted their price objective on shares of AmerisourceBergen from $175.00 to $176.00 and gave the company an “equal weight” rating in a research note on Monday, August 22nd. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $173.55.

AmerisourceBergen Company Profile

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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, 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 alternate site pharmacies, and other customers.

See Also

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Institutional Ownership by Quarter for AmerisourceBergen (NYSE:ABC)

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