Maryland State Retirement & Pension System Increases Stake in AmerisourceBergen Co. (NYSE:ABC)

Maryland State Retirement & Pension System lifted its stake in shares of AmerisourceBergen Co. (NYSE:ABCGet Rating) by 3.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,485 shares of the company’s stock after acquiring an additional 333 shares during the period. Maryland State Retirement & Pension System’s holdings in AmerisourceBergen were worth $1,777,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Massmutual Trust Co. FSB ADV lifted its holdings in shares of AmerisourceBergen by 133.3% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 210 shares of the company’s stock worth $32,000 after acquiring an additional 120 shares during the period. Gemmer Asset Management LLC purchased a new position in shares of AmerisourceBergen during the 4th quarter worth about $33,000. Cassady Schiller Wealth Management LLC purchased a new position in shares of AmerisourceBergen during the 4th quarter worth about $33,000. Johnson Financial Group Inc. purchased a new position in shares of AmerisourceBergen during the 4th quarter worth about $38,000. Finally, Quent Capital LLC purchased a new position in shares of AmerisourceBergen during the 4th quarter worth about $38,000. Institutional investors and hedge funds own 64.17% of the company’s stock.

Several research firms recently commented on ABC. Barclays upgraded shares of AmerisourceBergen from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $175.00 to $182.00 in a report on Thursday, May 26th. UBS Group raised their price target on shares of AmerisourceBergen from $144.00 to $174.00 and gave the company a “buy” rating in a report on Monday, June 13th. Argus raised their price target on shares of AmerisourceBergen from $140.00 to $160.00 in a report on Monday, March 14th. Morgan Stanley cut their price target on shares of AmerisourceBergen from $178.00 to $175.00 and set an “equal weight” rating on the stock in a report on Friday, May 27th. Finally, Mizuho raised their price target on shares of AmerisourceBergen from $139.00 to $162.00 in a report on Thursday, May 5th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, AmerisourceBergen currently has an average rating of “Moderate Buy” and a consensus price target of $169.82.

ABC opened at $145.02 on Thursday. The firm has a market capitalization of $30.38 billion, a P/E ratio of 17.69, a P/E/G ratio of 1.60 and a beta of 0.45. The firm’s 50 day moving average is $152.63 and its 200-day moving average is $144.47. AmerisourceBergen Co. has a 52-week low of $111.34 and a 52-week high of $167.19. The company has a quick ratio of 0.56, a current ratio of 0.92 and a debt-to-equity ratio of 5.13.

AmerisourceBergen (NYSE:ABCGet Rating) last released its quarterly earnings results on Wednesday, May 4th. The company reported $3.22 earnings per share for the quarter, topping analysts’ consensus estimates of $2.99 by $0.23. AmerisourceBergen had a net margin of 0.75% and a return on equity of 349.46%. The business had revenue of $57.72 billion during the quarter, compared to the consensus estimate of $57.26 billion. During the same quarter last year, the company earned $2.53 earnings per share. The business’s quarterly revenue was up 17.4% compared to the same quarter last year. Equities analysts expect that AmerisourceBergen Co. will post 10.95 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 31st. Stockholders of record on Monday, May 16th were given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date was Friday, May 13th. AmerisourceBergen’s payout ratio is currently 22.44%.

In other AmerisourceBergen news, EVP Gina Clark sold 43,704 shares of AmerisourceBergen stock in a transaction on Monday, March 28th. The shares were sold at an average price of $153.71, for a total value of $6,717,741.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Walgreens Boots Alliance, Inc. sold 6,000,000 shares of AmerisourceBergen stock in a transaction on Wednesday, May 11th. The stock was sold at an average price of $150.00, for a total transaction of $900,000,000.00. Following the completion of the transaction, the insider now directly owns 52,854,867 shares of the company’s stock, valued at approximately $7,928,230,050. The disclosure for this sale can be found here. Insiders have sold 6,071,559 shares of company stock valued at $910,983,170 in the last three months. Corporate insiders own 28.80% of the company’s stock.

AmerisourceBergen Company Profile (Get Rating)

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.

Further Reading

Institutional Ownership by Quarter for AmerisourceBergen (NYSE:ABC)

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