Fifth Third Bancorp Has $3.37 Million Stock Holdings in AmerisourceBergen Co. (NYSE:ABC)

Posted by Defense World Staff on Apr 7th, 2023

Fifth Third Bancorp cut its position in shares of AmerisourceBergen Co. (NYSE:ABC – Get Rating) by 17.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,361 shares of the company’s stock after selling 4,334 shares during the period. Fifth Third Bancorp’s holdings in AmerisourceBergen were worth $3,374,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. RFP Financial Group LLC acquired a new position in shares of AmerisourceBergen during the 4th quarter worth about $25,000. Boyd Watterson Asset Management LLC OH acquired a new position in AmerisourceBergen in the 4th quarter valued at about $29,000. Hanseatic Management Services Inc. grew its stake in AmerisourceBergen by 73.7% in the 3rd quarter. Hanseatic Management Services Inc. now owns 264 shares of the company’s stock valued at $36,000 after buying an additional 112 shares during the last quarter. Iron Horse Wealth Management LLC acquired a new position in AmerisourceBergen in the 4th quarter valued at about $41,000. Finally, EverSource Wealth Advisors LLC grew its stake in AmerisourceBergen by 38.8% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 311 shares of the company’s stock valued at $42,000 after buying an additional 87 shares during the last quarter. 84.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ABC has been the topic of a number of analyst reports. Evercore ISI restated an “outperform” rating and set a $185.00 target price on shares of AmerisourceBergen in a research report on Tuesday, January 31st. Mizuho increased their target price on shares of AmerisourceBergen from $162.00 to $170.00 and gave the stock a “neutral” rating in a research report on Thursday, February 2nd. UBS Group increased their target price on shares of AmerisourceBergen from $184.00 to $190.00 and gave the stock a “buy” rating in a research report on Tuesday, January 31st. Citigroup initiated coverage on shares of AmerisourceBergen in a research report on Friday, March 31st. They set a “buy” rating and a $185.00 target price on the stock. Finally, Argus increased their target price on shares of AmerisourceBergen from $170.00 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, January 12th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $180.46.

Insider Activity

In other news, CEO Steven H. Collis sold 10,499 shares of the firm’s stock in a transaction on Tuesday, March 14th. The shares were sold at an average price of $150.00, for a total transaction of $1,574,850.00. Following the completion of the transaction, the chief executive officer now owns 257,967 shares of the company’s stock, valued at $38,695,050. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Gina Clark sold 1,924 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $4,176,229.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steven H. Collis sold 10,499 shares of the firm’s stock in a transaction on Tuesday, March 14th. The shares were sold at an average price of $150.00, for a total transaction of $1,574,850.00. Following the transaction, the chief executive officer now directly owns 257,967 shares of the company’s stock, valued at approximately $38,695,050. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,633 shares of company stock valued at $4,490,081. Insiders own 20.10% of the company’s stock.

AmerisourceBergen Price Performance

Shares of NYSE:ABC opened at $166.35 on Friday. The company has a market cap of $33.65 billion, a price-to-earnings ratio of 20.19, a PEG ratio of 1.60 and a beta of 0.52. The company has a debt-to-equity ratio of 63.30, a current ratio of 0.91 and a quick ratio of 0.53. The firm has a 50 day simple moving average of $157.40 and a 200 day simple moving average of $157.31. AmerisourceBergen Co. has a one year low of $135.14 and a one year high of $174.63.

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

AmerisourceBergen Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 27th. Investors of record on Friday, February 10th were paid a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 1.17%. The ex-dividend date was Thursday, February 9th. AmerisourceBergen’s payout ratio is 23.54%.

About AmerisourceBergen

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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.

Institutional Ownership by Quarter for AmerisourceBergen (NYSE:ABC)

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