Sumitomo Life Insurance Co. Buys New Position in AmerisourceBergen Corp. (ABC)

Sumitomo Life Insurance Co. purchased a new position in shares of AmerisourceBergen Corp. (NYSE:ABC) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 13,785 shares of the company’s stock, valued at approximately $1,271,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of AmerisourceBergen by 4.6% during the second quarter. BlackRock Inc. now owns 12,776,453 shares of the company’s stock worth $1,089,447,000 after acquiring an additional 557,312 shares during the last quarter. Vulcan Value Partners LLC grew its position in shares of AmerisourceBergen by 1.7% during the second quarter. Vulcan Value Partners LLC now owns 4,988,485 shares of the company’s stock worth $425,368,000 after acquiring an additional 82,224 shares during the last quarter. FMR LLC grew its position in shares of AmerisourceBergen by 8.2% during the second quarter. FMR LLC now owns 4,460,016 shares of the company’s stock worth $380,305,000 after acquiring an additional 338,690 shares during the last quarter. Burgundy Asset Management Ltd. grew its position in shares of AmerisourceBergen by 1.0% during the second quarter. Burgundy Asset Management Ltd. now owns 2,742,554 shares of the company’s stock worth $233,858,000 after acquiring an additional 26,297 shares during the last quarter. Finally, Beutel Goodman & Co Ltd. grew its position in shares of AmerisourceBergen by 16.7% during the second quarter. Beutel Goodman & Co Ltd. now owns 2,287,719 shares of the company’s stock worth $148,412,000 after acquiring an additional 327,552 shares during the last quarter. Institutional investors and hedge funds own 66.45% of the company’s stock.

In other AmerisourceBergen news, EVP John G. Chou sold 6,974 shares of the company’s stock in a transaction dated Monday, October 15th. The shares were sold at an average price of $88.07, for a total value of $614,200.18. Following the completion of the sale, the executive vice president now directly owns 56,125 shares of the company’s stock, valued at approximately $4,942,928.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steven H. Collis sold 21,350 shares of the company’s stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $81.25, for a total transaction of $1,734,687.50. Following the completion of the sale, the chief executive officer now directly owns 287,925 shares of the company’s stock, valued at $23,393,906.25. The disclosure for this sale can be found here. Insiders sold a total of 93,396 shares of company stock valued at $8,134,232 in the last quarter. 27.30% of the stock is currently owned by insiders.

Shares of ABC opened at $93.38 on Friday. The stock has a market capitalization of $20.29 billion, a P/E ratio of 14.74, a P/E/G ratio of 1.33 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 Corp. has a 52-week low of $71.90 and a 52-week high of $106.27.

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

Several research firms have recently commented on ABC. Zacks Investment Research lowered shares of AmerisourceBergen from a “hold” rating to a “sell” rating in a research report on Wednesday, October 3rd. Morgan Stanley lowered their price target on shares of AmerisourceBergen from $97.00 to $88.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 3rd. Robert W. Baird lowered shares of AmerisourceBergen from an “outperform” rating to a “neutral” rating in a research report on Friday, July 20th. ValuEngine lowered shares of AmerisourceBergen from a “hold” rating to a “sell” rating in a research report on Wednesday, September 12th. Finally, Mizuho restated a “neutral” rating on shares of AmerisourceBergen in a research report on Wednesday, September 19th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $101.80.

AmerisourceBergen 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.

Recommended Story: What does relative strength index mean?

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.

Leave a Reply