AmerisourceBergen Corporation (Holding Co) (ABC) Downgraded by Bank of America Corporation

AmerisourceBergen Corporation (Holding Co) (NYSE:ABC) was downgraded by equities researchers at Bank of America Corporation from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Friday, June 30th, Marketbeat.com reports. They presently have a $94.00 price target on the stock, down from their prior price target of $95.76. Bank of America Corporation’s price target points to a potential upside of 0.03% from the stock’s current price.

Several other brokerages have also recently weighed in on ABC. Vetr raised AmerisourceBergen Corporation (Holding Co) from a “buy” rating to a “strong-buy” rating and set a $97.44 price objective for the company in a report on Tuesday, April 18th. Jefferies Group LLC restated a “hold” rating and set a $95.00 target price on shares of AmerisourceBergen Corporation (Holding Co) in a research report on Wednesday, June 21st. BidaskClub upgraded AmerisourceBergen Corporation (Holding Co) from a “hold” rating to a “buy” rating in a research report on Saturday, June 17th. Mizuho boosted their target price on AmerisourceBergen Corporation (Holding Co) from $83.00 to $93.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 30th. Finally, Needham & Company LLC started coverage on AmerisourceBergen Corporation (Holding Co) in a research report on Tuesday, April 4th. They set a “buy” rating and a $99.00 target price for the company. One analyst has rated the stock with a sell rating, nine have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $94.50.

Shares of AmerisourceBergen Corporation (NYSE ABC) traded up 1.28% during midday trading on Friday, hitting $93.97. 869,223 shares of the stock were exchanged. AmerisourceBergen Corporation has a 12-month low of $68.38 and a 12-month high of $97.85. The firm has a 50 day moving average of $93.68 and a 200 day moving average of $89.25. The firm has a market cap of $20.52 billion, a P/E ratio of 18.21 and a beta of 0.91.

AmerisourceBergen Corporation (Holding Co) (NYSE:ABC) last announced its quarterly earnings data on Thursday, May 4th. The company reported $1.77 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.68 by $0.09. The firm had revenue of $37.15 billion during the quarter, compared to analysts’ expectations of $38.07 billion. AmerisourceBergen Corporation (Holding Co) had a return on equity of 60.21% and a net margin of 0.77%. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.68 EPS. Equities analysts forecast that AmerisourceBergen Corporation will post $5.86 EPS for the current fiscal year.

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In other news, Chairman Steven H. Collis sold 15,000 shares of the stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $94.76, for a total transaction of $1,421,400.00. Following the sale, the chairman now directly owns 253,876 shares of the company’s stock, valued at approximately $24,057,289.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last three months, insiders have sold 45,000 shares of company stock worth $4,027,050. 27.40% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the company. SRS Capital Advisors Inc. raised its stake in AmerisourceBergen Corporation (Holding Co) by 0.3% in the first quarter. SRS Capital Advisors Inc. now owns 1,235 shares of the company’s stock valued at $109,000 after buying an additional 4 shares during the period. Bollard Group LLC raised its stake in AmerisourceBergen Corporation (Holding Co) by 0.4% in the first quarter. Bollard Group LLC now owns 2,912 shares of the company’s stock valued at $258,000 after buying an additional 11 shares during the period. Jaffetilchin Investment Partners LLC raised its stake in AmerisourceBergen Corporation (Holding Co) by 0.4% in the first quarter. Jaffetilchin Investment Partners LLC now owns 5,106 shares of the company’s stock valued at $452,000 after buying an additional 19 shares during the period. Reinhart Partners Inc. raised its stake in AmerisourceBergen Corporation (Holding Co) by 0.6% in the first quarter. Reinhart Partners Inc. now owns 4,040 shares of the company’s stock valued at $358,000 after buying an additional 25 shares during the period. Finally, Park National Corp OH raised its stake in AmerisourceBergen Corporation (Holding Co) by 0.7% in the first quarter. Park National Corp OH now owns 4,029 shares of the company’s stock valued at $357,000 after buying an additional 29 shares during the period. 69.22% of the stock is currently owned by institutional investors.

About AmerisourceBergen Corporation (Holding Co)

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.

Analyst Recommendations for AmerisourceBergen Corporation (Holding Co) (NYSE:ABC)

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