Credit Suisse Group Boosts AmerisourceBergen (NYSE:ABC) Price Target to $182.00

AmerisourceBergen (NYSE:ABCGet Rating) had its price objective lifted by Credit Suisse Group from $175.00 to $182.00 in a research note issued to investors on Tuesday, The Fly reports. They currently have an outperform rating on the stock.

A number of other brokerages have also weighed in on ABC. Cowen lowered their price objective on shares of AmerisourceBergen from $170.00 to $169.00 and set an outperform rating for the company in a report on Tuesday, October 18th. Cowen lowered their price objective on shares of AmerisourceBergen from $170.00 to $169.00 and set an outperform rating for the company in a report on Tuesday, October 18th. Robert W. Baird boosted their price objective on shares of AmerisourceBergen from $188.00 to $195.00 in a report on Friday, November 4th. Morgan Stanley boosted their price objective on shares of AmerisourceBergen from $175.00 to $176.00 and gave the stock an equal weight rating in a report on Monday, August 22nd. Finally, Bank Of America (Bofa) upgraded shares of AmerisourceBergen to a buy rating in a report on Tuesday, October 11th. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, AmerisourceBergen has an average rating of Moderate Buy and a consensus target price of $174.25.

AmerisourceBergen Trading Up 0.5 %

Shares of AmerisourceBergen stock opened at $165.53 on Tuesday. AmerisourceBergen has a 1 year low of $113.68 and a 1 year high of $167.29. The firm has a market cap of $34.05 billion, a PE ratio of 20.59, a PEG ratio of 1.75 and a beta of 0.55. The company has a debt-to-equity ratio of 64.99, a current ratio of 0.91 and a quick ratio of 0.55. The company has a 50 day simple moving average of $148.07 and a two-hundred day simple moving average of $147.13.

AmerisourceBergen (NYSE:ABCGet Rating) last announced its earnings results on Thursday, November 3rd. The company reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.58 by $0.02. AmerisourceBergen had a net margin of 0.71% and a return on equity of 444.46%. The business had revenue of $61.17 billion during the quarter, compared to analyst estimates of $60.56 billion. During the same period in the previous year, the business posted $2.39 earnings per share. AmerisourceBergen’s revenue for the quarter was up 3.8% on a year-over-year basis. Analysts expect that AmerisourceBergen will post 11.49 earnings per share for the current fiscal year.

AmerisourceBergen Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 28th. Shareholders of record on Monday, November 14th will be given a dividend of $0.485 per share. This is an increase from AmerisourceBergen’s previous quarterly dividend of $0.46. This represents a $1.94 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date is Thursday, November 10th. AmerisourceBergen’s payout ratio is presently 24.13%.

Insider Buying and Selling at AmerisourceBergen

In other AmerisourceBergen news, CEO Steven H. Collis sold 11,480 shares of the business’s stock in a transaction on Tuesday, October 11th. The shares were sold at an average price of $141.72, for a total transaction of $1,626,945.60. Following the transaction, the chief executive officer now directly owns 205,178 shares of the company’s stock, valued at approximately $29,077,826.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other AmerisourceBergen news, CEO Steven H. Collis sold 11,480 shares of the business’s stock in a transaction on Tuesday, October 11th. The shares were sold at an average price of $141.72, for a total transaction of $1,626,945.60. Following the transaction, the chief executive officer now directly owns 205,178 shares of the company’s stock, valued at approximately $29,077,826.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Walgreens Boots Alliance, Inc. sold 13,234,153 shares of the business’s stock in a transaction on Monday, November 7th. The shares were sold at an average price of $154.60, for a total transaction of $2,046,000,053.80. Following the transaction, the insider now directly owns 39,629,714 shares in the company, valued at $6,126,753,784.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,278,915 shares of company stock valued at $2,052,750,071. 28.40% of the stock is currently owned by company insiders.

Institutional Trading of AmerisourceBergen

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of AmerisourceBergen by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 19,220,144 shares of the company’s stock worth $2,601,062,000 after buying an additional 292,173 shares during the period. BlackRock Inc. grew its position in shares of AmerisourceBergen by 26.2% in the 1st quarter. BlackRock Inc. now owns 16,455,417 shares of the company’s stock worth $2,545,819,000 after buying an additional 3,419,393 shares during the period. JPMorgan Chase & Co. grew its position in shares of AmerisourceBergen by 1.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,521,705 shares of the company’s stock worth $1,064,171,000 after buying an additional 115,994 shares during the period. State Street Corp grew its position in shares of AmerisourceBergen by 2.4% in the 3rd quarter. State Street Corp now owns 6,990,466 shares of the company’s stock worth $946,020,000 after buying an additional 165,682 shares during the period. Finally, FMR LLC grew its position in shares of AmerisourceBergen by 10.2% in the 2nd quarter. FMR LLC now owns 5,664,668 shares of the company’s stock worth $801,436,000 after buying an additional 523,003 shares during the period. 64.17% of the stock is owned by hedge funds and other institutional investors.

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.

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