Pharmerica Corporation (NYSE:PMC) Downgraded by Zacks Investment Research

Pharmerica Corporation (NYSE:PMC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday, June 23rd.

According to Zacks, “PharMerica Corporation is an institutional pharmacy services provider dedicated to providing quality customer service and innovative pharmacy solutions to institutional customers and patients in long-term care settings. PharMerica is a public company formed through the combination of the institutional pharmacy business of national healthcare services company Kindred Healthcare, Inc. and pharmaceutical services company AmerisourceBergen Corporation. As a result of this combination, PharMerica ranks as an industry-leading U.S. provider of institutional pharmacy services in terms of annual revenues. “

Separately, ValuEngine cut shares of Pharmerica Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd.

Pharmerica Corporation (NYSE:PMC) opened at 26.00 on Friday. Pharmerica Corporation has a 12 month low of $19.20 and a 12 month high of $28.72. The firm’s 50-day moving average is $25.43 and its 200 day moving average is $24.69. The firm has a market capitalization of $808.44 million, a P/E ratio of 38.81 and a beta of 0.93.

Pharmerica Corporation (NYSE:PMC) last posted its earnings results on Wednesday, May 10th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.02. Pharmerica Corporation had a net margin of 0.98% and a return on equity of 11.03%. The business had revenue of $566.80 million for the quarter, compared to analysts’ expectations of $536.85 million. During the same period in the prior year, the company posted $0.45 EPS. The business’s revenue for the quarter was up 8.1% compared to the same quarter last year. On average, analysts expect that Pharmerica Corporation will post $1.92 EPS for the current fiscal year.

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Hedge funds have recently bought and sold shares of the company. Russell Investments Group Ltd. purchased a new stake in Pharmerica Corporation during the fourth quarter valued at about $845,000. Comerica Bank boosted its stake in Pharmerica Corporation by 5.6% in the fourth quarter. Comerica Bank now owns 32,773 shares of the company’s stock valued at $859,000 after buying an additional 1,728 shares in the last quarter. State Street Corp boosted its stake in Pharmerica Corporation by 8.1% in the fourth quarter. State Street Corp now owns 756,145 shares of the company’s stock valued at $19,020,000 after buying an additional 56,414 shares in the last quarter. Oxford Asset Management purchased a new stake in Pharmerica Corporation during the fourth quarter valued at about $410,000. Finally, A.R.T. Advisors LLC bought a new stake in Pharmerica Corporation during the fourth quarter valued at $447,000. Institutional investors and hedge funds own 92.60% of the company’s stock.

About Pharmerica Corporation

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