AmerisourceBergen (NYSE:ABC) Price Target Raised to $118.00 at Credit Suisse Group
AmerisourceBergen (NYSE:ABC) had its price target raised by Credit Suisse Group from $111.00 to $118.00 in a research note released on Monday morning, The Fly reports. They currently have an outperform rating on the stock.
Several other research firms also recently weighed in on ABC. Deutsche Bank upped their price objective on shares of AmerisourceBergen from $93.00 to $98.00 and gave the stock a hold rating in a report on Monday, May 11th. Bank of America upped their price objective on shares of AmerisourceBergen from $85.00 to $88.00 and gave the stock an underperform rating in a report on Tuesday, July 21st. ValuEngine raised shares of AmerisourceBergen from a strong sell rating to a sell rating in a report on Monday, August 3rd. Morgan Stanley upped their price objective on shares of AmerisourceBergen from $112.00 to $121.00 and gave the stock an overweight rating in a report on Thursday, August 6th. Finally, UBS Group dropped their price target on shares of AmerisourceBergen from $108.00 to $99.00 and set a buy rating on the stock in a research report on Friday, May 15th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $105.80.
Shares of ABC opened at $103.55 on Monday. AmerisourceBergen has a 1 year low of $72.06 and a 1 year high of $106.45. The company has a market cap of $20.96 billion, a price-to-earnings ratio of 13.66, a price-to-earnings-growth ratio of 1.75 and a beta of 0.60. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.59 and a current ratio of 0.98. The firm has a fifty day moving average of $101.13 and a 200-day moving average of $92.76.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be issued a dividend of $0.42 per share. The ex-dividend date is Friday, August 14th. This represents a $1.68 annualized dividend and a yield of 1.62%. AmerisourceBergen’s payout ratio is presently 23.70%.
In other AmerisourceBergen news, CEO Steven H. Collis sold 19,904 shares of the business’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $100.59, for a total transaction of $2,002,143.36. Following the sale, the chief executive officer now owns 162,026 shares in the company, valued at approximately $16,298,195.34. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Robert P. Mauch sold 5,262 shares of the business’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $90.00, for a total value of $473,580.00. Following the sale, the executive vice president now owns 28,091 shares in the company, valued at approximately $2,528,190. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 79,102 shares of company stock worth $7,850,280. Corporate insiders own 28.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of ABC. WASHINGTON TRUST Co purchased a new position in AmerisourceBergen during the 1st quarter valued at about $25,000. Ellevest Inc. grew its stake in AmerisourceBergen by 216.1% during the 2nd quarter. Ellevest Inc. now owns 294 shares of the company’s stock valued at $30,000 after acquiring an additional 201 shares in the last quarter. Harbor Investment Advisory LLC grew its stake in AmerisourceBergen by 910.0% during the 1st quarter. Harbor Investment Advisory LLC now owns 303 shares of the company’s stock valued at $27,000 after acquiring an additional 273 shares in the last quarter. OmniStar Financial Group Inc. purchased a new position in AmerisourceBergen during the 1st quarter valued at about $29,000. Finally, Truvestments Capital LLC purchased a new position in AmerisourceBergen during the 1st quarter valued at about $31,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.
AmerisourceBergen Company Profile
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, outsourced compounded sterile preparations, 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 other alternate site pharmacies, and other customers.
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