Sterling Capital Management LLC Boosts Stake in AmerisourceBergen Corp. (ABC)

Sterling Capital Management LLC increased its position in AmerisourceBergen Corp. (NYSE:ABC) by 28.9% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 11,562 shares of the company’s stock after purchasing an additional 2,595 shares during the period. Sterling Capital Management LLC’s holdings in AmerisourceBergen were worth $957,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its stake in AmerisourceBergen by 107.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,363,429 shares of the company’s stock valued at $434,385,000 after acquiring an additional 2,776,287 shares during the last quarter. Janus Henderson Group PLC raised its stake in AmerisourceBergen by 660.8% during the 2nd quarter. Janus Henderson Group PLC now owns 2,574,746 shares of the company’s stock valued at $243,392,000 after acquiring an additional 2,236,319 shares during the last quarter. Harding Loevner LP raised its stake in AmerisourceBergen by 89.6% during the 3rd quarter. Harding Loevner LP now owns 3,166,794 shares of the company’s stock valued at $134,939,000 after acquiring an additional 1,496,761 shares during the last quarter. Wells Fargo & Company MN raised its stake in AmerisourceBergen by 42.9% during the 2nd quarter. Wells Fargo & Company MN now owns 3,344,441 shares of the company’s stock valued at $316,149,000 after acquiring an additional 1,003,327 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in AmerisourceBergen during the 3rd quarter valued at approximately $75,681,000. 67.83% of the stock is owned by institutional investors and hedge funds.

Several research firms have commented on ABC. Cowen set a $107.00 price objective on AmerisourceBergen and gave the company a “buy” rating in a research note on Tuesday, December 12th. Robert W. Baird set a $99.00 price objective on AmerisourceBergen and gave the company a “buy” rating in a research note on Friday, December 1st. Goldman Sachs Group upgraded AmerisourceBergen from a “neutral” rating to a “buy” rating in a research report on Friday, December 15th. Jefferies Group set a $85.00 target price on AmerisourceBergen and gave the stock a “hold” rating in a research report on Sunday, October 29th. Finally, Needham & Company LLC boosted their target price on AmerisourceBergen from $86.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, November 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $93.20.

AmerisourceBergen Corp. (ABC) opened at $93.79 on Wednesday. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.48 and a current ratio of 0.91. AmerisourceBergen Corp. has a 52-week low of $71.90 and a 52-week high of $97.85. The stock has a market capitalization of $20,318.70, a P/E ratio of 15.82, a price-to-earnings-growth ratio of 1.61 and a beta of 1.00.

AmerisourceBergen (NYSE:ABC) last released its earnings results on Thursday, November 2nd. The company reported $1.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.32 by $0.01. AmerisourceBergen had a return on equity of 56.29% and a net margin of 0.27%. The company had revenue of $39.12 billion for the quarter, compared to analysts’ expectations of $40.10 billion. During the same quarter in the previous year, the firm posted $1.30 EPS. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. sell-side analysts forecast that AmerisourceBergen Corp. will post 6.07 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, December 4th. Investors of record on Monday, November 20th were issued a $0.38 dividend. The ex-dividend date of this dividend was Friday, November 17th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.62%. This is a boost from AmerisourceBergen’s previous quarterly dividend of $0.37. AmerisourceBergen’s dividend payout ratio is currently 82.16%.

In related news, Chairman Steven H. Collis sold 21,350 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $76.94, for a total value of $1,642,669.00. Following the sale, the chairman now owns 260,226 shares in the company, valued at approximately $20,021,788.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Tim G. Guttman sold 11,600 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $82.78, for a total value of $960,248.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 179,607 shares of company stock worth $14,690,166. Insiders own 27.40% of the company’s stock.

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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.

Institutional Ownership by Quarter for AmerisourceBergen (NYSE:ABC)

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