Jefferies Group Analysts Lift Earnings Estimates for AmerisourceBergen Corp. (ABC)
AmerisourceBergen Corp. (NYSE:ABC) – Analysts at Jefferies Group upped their Q2 2018 earnings estimates for shares of AmerisourceBergen in a report issued on Wednesday. Jefferies Group analyst B. Tanquilut now expects that the company will post earnings per share of $1.82 for the quarter, up from their previous forecast of $1.66. Jefferies Group has a “Hold” rating and a $95.00 price objective on the stock. Jefferies Group also issued estimates for AmerisourceBergen’s FY2018 earnings at $6.55 EPS and FY2019 earnings at $7.41 EPS.
A number of other research analysts also recently weighed in on ABC. TheStreet upgraded shares of AmerisourceBergen from a “c” rating to a “b” rating in a report on Tuesday, February 6th. Royal Bank of Canada restated a “hold” rating and set a $102.00 price target on shares of AmerisourceBergen in a report on Wednesday, February 7th. Credit Suisse Group restated an “outperform” rating and set a $112.00 price target (up previously from $105.00) on shares of AmerisourceBergen in a report on Wednesday, February 7th. They noted that the move was a valuation call. Needham & Company LLC cut their price target on shares of AmerisourceBergen from $117.00 to $113.00 and set a “buy” rating on the stock in a report on Thursday, February 8th. Finally, Zacks Investment Research downgraded shares of AmerisourceBergen from a “buy” rating to a “hold” rating in a report on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $101.17.
AmerisourceBergen (NYSE:ABC) last released its quarterly earnings results on Tuesday, February 6th. The company reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.20. The business had revenue of $40.47 billion for 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%. AmerisourceBergen’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.36 EPS.
Large investors have recently bought and sold shares of the stock. Delpha Capital Management LLC acquired a new stake in AmerisourceBergen in the 4th quarter worth $137,000. Vantage Investment Advisors LLC acquired a new stake in AmerisourceBergen in the 4th quarter worth $156,000. Intl Fcstone Inc. acquired a new stake in AmerisourceBergen in the 2nd quarter worth $201,000. TRUE Private Wealth Advisors acquired a new stake in AmerisourceBergen in the 4th quarter worth $203,000. Finally, Zeke Capital Advisors LLC acquired a new stake in AmerisourceBergen in the 3rd quarter worth $210,000. Institutional investors and hedge funds own 66.84% of the company’s stock.
In related news, Chairman Steven H. Collis sold 21,350 shares of the firm’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $98.58, for a total value of $2,104,683.00. Following the transaction, the chairman now directly owns 287,925 shares in the company, valued at approximately $28,383,646.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Peyton R. Howell sold 3,000 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.60, for a total transaction of $274,800.00. Following the completion of the transaction, the insider now owns 49,189 shares in the company, valued at $4,505,712.40. The disclosure for this sale can be found here. Insiders sold a total of 203,077 shares of company stock worth $18,288,730 over the last quarter. 27.30% of the stock is currently owned by company insiders.
The company also recently announced a quarterly dividend, which will be paid on Monday, March 5th. Investors of record on Tuesday, February 20th will be paid a $0.38 dividend. The ex-dividend date is Friday, February 16th. This represents a $1.52 dividend on an annualized basis and a yield of 1.55%. AmerisourceBergen’s payout ratio is presently 34.47%.
AmerisourceBergen Company Profile
AmerisourceBergen Corporation is a pharmaceutical sourcing and distribution services company. The Company’s segments include Pharmaceutical Distribution and Other. The Company provides services to healthcare providers, and pharmaceutical and biotech manufacturers. As of June 30, 2016, the Pharmaceutical Distribution segment consists of two operating segments, including the operations of AmerisourceBergen Drug Corporation (ABDC) and AmerisourceBergen Specialty Group (ABSG), which distributes specialty drugs to their customers.
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