Occidental Asset Management LLC Increases Stock Position in AmerisourceBergen Corp. (NYSE:ABC)

Occidental Asset Management LLC raised its position in shares of AmerisourceBergen Corp. (NYSE:ABC) by 35.5% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 7,969 shares of the company’s stock after purchasing an additional 2,086 shares during the quarter. Occidental Asset Management LLC’s holdings in AmerisourceBergen were worth $679,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in ABC. Boston Partners boosted its position in AmerisourceBergen by 222.4% during the 1st quarter. Boston Partners now owns 2,343,027 shares of the company’s stock valued at $186,317,000 after buying an additional 1,616,201 shares during the period. Marshall Wace North America L.P. boosted its position in AmerisourceBergen by 318.9% during the 1st quarter. Marshall Wace North America L.P. now owns 907,474 shares of the company’s stock valued at $72,163,000 after buying an additional 690,823 shares during the period. Ceredex Value Advisors LLC boosted its position in AmerisourceBergen by 23.9% during the 1st quarter. Ceredex Value Advisors LLC now owns 2,135,142 shares of the company’s stock valued at $169,787,000 after buying an additional 411,607 shares during the period. Northern Trust Corp boosted its position in AmerisourceBergen by 14.4% during the 1st quarter. Northern Trust Corp now owns 2,433,611 shares of the company’s stock valued at $193,521,000 after buying an additional 306,161 shares during the period. Finally, Janus Henderson Group PLC boosted its position in AmerisourceBergen by 29.0% during the 1st quarter. Janus Henderson Group PLC now owns 935,861 shares of the company’s stock valued at $74,420,000 after buying an additional 210,510 shares during the period. 66.03% of the stock is owned by institutional investors and hedge funds.

In other news, Director Richard W. Gochnauer sold 5,500 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $80.69, for a total value of $443,795.00. Following the completion of the sale, the director now directly owns 12,364 shares of the company’s stock, valued at approximately $997,651.16. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Steven H. Collis sold 19,905 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $89.58, for a total transaction of $1,783,089.90. Following the completion of the sale, the chief executive officer now directly owns 154,484 shares of the company’s stock, valued at $13,838,676.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 191,379 shares of company stock valued at $16,502,190. Corporate insiders own 27.80% of the company’s stock.

Shares of NYSE:ABC traded down $0.32 on Thursday, hitting $86.02. The company had a trading volume of 62,692 shares, compared to its average volume of 1,416,052. The stock’s 50-day moving average is $87.35. AmerisourceBergen Corp. has a 1 year low of $69.36 and a 1 year high of $94.85. The company has a quick ratio of 0.56, a current ratio of 0.95 and a debt-to-equity ratio of 1.40. The company has a market cap of $18.37 billion, a price-to-earnings ratio of 13.25, a price-to-earnings-growth ratio of 1.57 and a beta of 0.97.

AmerisourceBergen (NYSE:ABC) last posted its earnings results on Thursday, August 1st. The company reported $1.76 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.62 by $0.14. AmerisourceBergen had a net margin of 0.54% and a return on equity of 47.88%. The firm had revenue of $45.24 billion during the quarter, compared to analysts’ expectations of $45.15 billion. During the same period last year, the company posted $1.54 EPS. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. As a group, research analysts forecast that AmerisourceBergen Corp. will post 7.05 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Monday, August 19th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.60 annualized dividend and a dividend yield of 1.86%. AmerisourceBergen’s dividend payout ratio is 24.65%.

Several brokerages have weighed in on ABC. Argus dropped their price target on shares of AmerisourceBergen from $115.00 to $100.00 and set a “buy” rating for the company in a research report on Monday, June 3rd. ValuEngine cut shares of AmerisourceBergen from a “hold” rating to a “sell” rating in a research report on Tuesday, August 6th. TheStreet raised shares of AmerisourceBergen from a “c+” rating to a “b” rating in a research report on Thursday, August 1st. Finally, Zacks Investment Research raised shares of AmerisourceBergen from a “hold” rating to a “buy” rating and set a $89.00 price target for the company in a research report on Wednesday, June 12th. Two analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $88.00.

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.

Featured Article: Compound Interest

Want to see what other hedge funds are holding ABC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AmerisourceBergen Corp. (NYSE:ABC).

Institutional Ownership by Quarter for AmerisourceBergen (NYSE:ABC)

Receive News & Ratings for AmerisourceBergen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AmerisourceBergen and related companies with MarketBeat.com's FREE daily email newsletter.