First Manhattan Co. Reduces Stake in AmerisourceBergen Corp. (ABC)

First Manhattan Co. trimmed its stake in shares of AmerisourceBergen Corp. (NYSE:ABC) by 5.6% during the third quarter, HoldingsChannel.com reports. The firm owned 194,443 shares of the company’s stock after selling 11,485 shares during the period. First Manhattan Co.’s holdings in AmerisourceBergen were worth $17,931,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. First Mercantile Trust Co. acquired a new stake in shares of AmerisourceBergen during the 2nd quarter worth approximately $107,000. Livingston Group Asset Management CO operating as Southport Capital Management acquired a new stake in shares of AmerisourceBergen during the 3rd quarter worth approximately $130,000. Centaurus Financial Inc. acquired a new stake in shares of AmerisourceBergen during the 2nd quarter worth approximately $129,000. Capital Analysts LLC raised its position in shares of AmerisourceBergen by 261.1% during the 2nd quarter. Capital Analysts LLC now owns 1,531 shares of the company’s stock worth $131,000 after purchasing an additional 1,107 shares during the period. Finally, Piedmont Investment Advisors LLC acquired a new stake in shares of AmerisourceBergen during the 2nd quarter worth approximately $157,000. Institutional investors and hedge funds own 66.67% of the company’s stock.

Shares of ABC stock opened at $92.57 on Wednesday. AmerisourceBergen Corp. has a 12-month low of $71.90 and a 12-month high of $106.27. The company has a market capitalization of $19.95 billion, a P/E ratio of 15.74, a price-to-earnings-growth ratio of 1.44 and a beta of 1.02. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.94 and a quick ratio of 0.51.

AmerisourceBergen (NYSE:ABC) last issued its quarterly earnings data on Thursday, August 2nd. The company reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.08. AmerisourceBergen had a return on equity of 48.65% and a net margin of 0.69%. The business had revenue of $43.14 billion during the quarter, compared to analyst estimates of $43.05 billion. During the same period in the prior year, the company posted $1.43 EPS. The business’s revenue for the quarter was up 11.4% compared to the same quarter last year. Equities research analysts forecast that AmerisourceBergen Corp. will post 6.48 EPS for the current fiscal year.

ABC has been the topic of a number of research reports. ValuEngine upgraded AmerisourceBergen from a “sell” rating to a “hold” rating in a research report on Wednesday, September 19th. Mizuho reiterated a “hold” rating and set a $90.00 price target on shares of AmerisourceBergen in a research report on Sunday, August 12th. Robert W. Baird reiterated a “neutral” rating and set a $94.00 price target on shares of AmerisourceBergen in a research report on Friday, July 20th. Zacks Investment Research cut AmerisourceBergen from a “hold” rating to a “sell” rating in a research report on Wednesday, October 3rd. Finally, Morgan Stanley dropped their price target on AmerisourceBergen from $97.00 to $88.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 3rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. AmerisourceBergen currently has a consensus rating of “Hold” and an average price target of $101.80.

In related news, CEO Steven H. Collis sold 21,350 shares of the stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $81.25, for a total value of $1,734,687.50. Following the completion of the transaction, the chief executive officer now directly owns 287,925 shares of the company’s stock, valued at approximately $23,393,906.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John G. Chou sold 6,974 shares of the stock in a transaction that occurred on Monday, October 15th. The stock was sold at an average price of $88.07, for a total value of $614,200.18. Following the completion of the transaction, the executive vice president now directly owns 56,125 shares of the company’s stock, valued at $4,942,928.75. The disclosure for this sale can be found here. Insiders sold a total of 96,048 shares of company stock valued at $8,359,652 over the last three months. Corporate insiders own 27.30% of the company’s stock.

About AmerisourceBergen

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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Institutional Ownership by Quarter for AmerisourceBergen (NYSE:ABC)

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