Renaissance Technologies LLC Takes Position in AmerisourceBergen Co. (NYSE:ABC)

Posted by Defense World Staff on Mar 6th, 2023

Renaissance Technologies LLC purchased a new stake in shares of AmerisourceBergen Co. (NYSE:ABC – Get Rating) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 84,600 shares of the company’s stock, valued at approximately $11,449,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Verition Fund Management LLC raised its holdings in shares of AmerisourceBergen by 143.9% during the 3rd quarter. Verition Fund Management LLC now owns 70,651 shares of the company’s stock valued at $9,561,000 after purchasing an additional 41,682 shares in the last quarter. Lazard Asset Management LLC raised its holdings in shares of AmerisourceBergen by 0.8% during the 3rd quarter. Lazard Asset Management LLC now owns 225,048 shares of the company’s stock valued at $30,455,000 after purchasing an additional 1,855 shares in the last quarter. Boothbay Fund Management LLC raised its holdings in AmerisourceBergen by 1,269.4% in the 3rd quarter. Boothbay Fund Management LLC now owns 58,828 shares of the company’s stock worth $7,961,000 after acquiring an additional 54,532 shares during the period. Pacific Capital Wealth Advisors Inc. bought a new position in AmerisourceBergen in the 3rd quarter worth $209,000. Finally, MML Investors Services LLC raised its holdings in AmerisourceBergen by 2.6% in the 3rd quarter. MML Investors Services LLC now owns 134,342 shares of the company’s stock worth $18,180,000 after acquiring an additional 3,361 shares during the period. Institutional investors own 84.79% of the company’s stock.

Insider Buying and Selling at AmerisourceBergen

In other AmerisourceBergen news, EVP Gina Clark sold 1,924 shares of the business’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $156.22, for a total value of $300,567.28. Following the transaction, the executive vice president now directly owns 26,733 shares in the company, valued at $4,176,229.26. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other AmerisourceBergen news, CAO Lazarus Krikorian sold 2,218 shares of the business’s stock in a transaction dated Wednesday, December 21st. The shares were sold at an average price of $169.24, for a total value of $375,374.32. Following the transaction, the chief accounting officer now directly owns 20,007 shares in the company, valued at $3,385,984.68. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Gina Clark sold 1,924 shares of the business’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $156.22, for a total transaction of $300,567.28. Following the completion of the transaction, the executive vice president now owns 26,733 shares in the company, valued at $4,176,229.26. The disclosure for this sale can be found here. Insiders have sold a total of 6,031,212 shares of company stock worth $995,591,784 over the last ninety days. Corporate insiders own 20.10% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on ABC. TheStreet upgraded shares of AmerisourceBergen from a “c” rating to a “b-” rating in a report on Wednesday, February 1st. Credit Suisse Group lifted their target price on shares of AmerisourceBergen from $175.00 to $182.00 and gave the stock an “outperform” rating in a report on Tuesday, November 22nd. UBS Group lifted their target price on shares of AmerisourceBergen from $184.00 to $190.00 and gave the stock a “buy” rating in a report on Tuesday, January 31st. Mizuho lifted their target price on shares of AmerisourceBergen from $162.00 to $170.00 and gave the stock a “neutral” rating in a report on Thursday, February 2nd. Finally, Robert W. Baird boosted their price objective on shares of AmerisourceBergen from $199.00 to $201.00 and gave the stock an “outperform” rating in a report on Thursday, February 2nd. Two analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $180.08.

AmerisourceBergen Price Performance

Shares of AmerisourceBergen stock opened at $156.15 on Monday. The company has a debt-to-equity ratio of 63.30, a quick ratio of 0.53 and a current ratio of 0.91. The firm’s 50-day simple moving average is $161.79 and its 200-day simple moving average is $155.92. AmerisourceBergen Co. has a twelve month low of $135.14 and a twelve month high of $174.63. The firm has a market cap of $31.58 billion, a P/E ratio of 18.95, a price-to-earnings-growth ratio of 1.54 and a beta of 0.54.

AmerisourceBergen (NYSE:ABC – Get Rating) last issued its earnings results on Wednesday, February 1st. The company reported $2.71 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.09. AmerisourceBergen had a net margin of 0.72% and a return on equity of 597.57%. The business had revenue of $62.85 billion for the quarter, compared to analyst estimates of $62.77 billion. During the same period in the previous year, the business earned $2.58 EPS. The firm’s revenue was up 5.4% on a year-over-year basis. As a group, research analysts expect that AmerisourceBergen Co. will post 11.61 EPS for the current fiscal year.

AmerisourceBergen Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, February 27th. Shareholders of record on Friday, February 10th were given a $0.485 dividend. The ex-dividend date was Thursday, February 9th. This represents a $1.94 dividend on an annualized basis and a yield of 1.24%. AmerisourceBergen’s dividend payout ratio (DPR) is presently 23.54%.

AmerisourceBergen Profile

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AmerisourceBergen Corp. engages in the provision of pharmaceutical products and business solutions that improve access to care. It operates through the Pharmaceutical Distribution Services and Other segments. The Pharmaceutical Distribution Services segment distributes an offering of brand-name, specialty brand-name and generic pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to healthcare providers, including acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, and long-term care and alternate site pharmacies.