AmerisourceBergen (NYSE:ABC) Downgraded by StockNews.com to “Buy”

AmerisourceBergen (NYSE:ABCGet Rating) was downgraded by StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Several other analysts have also issued reports on ABC. Argus raised their price target on shares of AmerisourceBergen from $140.00 to $160.00 in a research report on Monday, March 14th. Morgan Stanley lowered shares of AmerisourceBergen from an “overweight” rating to an “equal weight” rating and lifted their target price for the company from $142.00 to $178.00 in a research report on Tuesday, April 12th. Robert W. Baird lifted their target price on shares of AmerisourceBergen from $175.00 to $179.00 in a research report on Thursday, February 3rd. Scotiabank lowered shares of AmerisourceBergen from an “outperform” rating to a “sector perform” rating in a research report on Thursday, January 6th. Finally, Barclays lifted their target price on shares of AmerisourceBergen from $135.00 to $152.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 11th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $158.00.

Shares of ABC opened at $161.21 on Friday. The company has a market capitalization of $33.71 billion, a PE ratio of 20.91, a price-to-earnings-growth ratio of 1.83 and a beta of 0.46. AmerisourceBergen has a one year low of $111.34 and a one year high of $166.90. The company has a debt-to-equity ratio of 10.67, a current ratio of 0.95 and a quick ratio of 0.55. The company’s fifty day moving average price is $149.49 and its 200 day moving average price is $134.46.

AmerisourceBergen (NYSE:ABCGet Rating) last posted its quarterly earnings results on Wednesday, February 2nd. The company reported $2.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.59 by ($0.01). The company had revenue of $59.63 billion during the quarter, compared to analyst estimates of $59.62 billion. AmerisourceBergen had a return on equity of 543.21% and a net margin of 0.73%. The business’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.18 earnings per share. Analysts anticipate that AmerisourceBergen will post 10.77 earnings per share for the current year.

In related news, EVP Robert P. Mauch sold 44,492 shares of the business’s stock in a transaction that occurred on Tuesday, February 1st. The shares were sold at an average price of $137.04, for a total transaction of $6,097,183.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Gina Clark sold 43,704 shares of the business’s stock in a transaction that occurred on Monday, March 28th. The stock was sold at an average price of $153.71, for a total transaction of $6,717,741.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 167,926 shares of company stock valued at $24,334,246. Insiders own 28.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of ABC. Morgan Stanley grew its holdings in AmerisourceBergen by 18.8% during the second quarter. Morgan Stanley now owns 855,778 shares of the company’s stock valued at $97,980,000 after purchasing an additional 135,612 shares during the period. Fisher Asset Management LLC grew its holdings in AmerisourceBergen by 2.2% during the third quarter. Fisher Asset Management LLC now owns 5,004 shares of the company’s stock valued at $598,000 after purchasing an additional 110 shares during the period. Westpac Banking Corp grew its holdings in AmerisourceBergen by 3.9% during the third quarter. Westpac Banking Corp now owns 26,195 shares of the company’s stock valued at $3,129,000 after purchasing an additional 991 shares during the period. State of New Jersey Common Pension Fund D acquired a new position in AmerisourceBergen during the third quarter valued at approximately $10,729,000. Finally, International Assets Investment Management LLC acquired a new position in shares of AmerisourceBergen in the third quarter valued at approximately $81,000. Hedge funds and other institutional investors own 64.47% 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.

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Analyst Recommendations for AmerisourceBergen (NYSE:ABC)

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