Allspring Global Investments Holdings LLC Has $32.34 Million Stake in AmerisourceBergen Co. (NYSE:ABC)

Posted by Defense World Staff on Jun 28th, 2023

Allspring Global Investments Holdings LLC increased its holdings in shares of AmerisourceBergen Co. (NYSE:ABC – Get Rating) by 144.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 202,010 shares of the company’s stock after purchasing an additional 119,277 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.10% of AmerisourceBergen worth $32,344,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in ABC. RFP Financial Group LLC acquired a new position in AmerisourceBergen during the fourth quarter worth $25,000. Boyd Watterson Asset Management LLC OH acquired a new position in AmerisourceBergen during the fourth quarter worth $29,000. Compagnie Lombard Odier SCmA acquired a new stake in AmerisourceBergen in the fourth quarter valued at $39,000. Iron Horse Wealth Management LLC acquired a new stake in AmerisourceBergen in the fourth quarter valued at $41,000. Finally, MBM Wealth Consultants LLC acquired a new stake in AmerisourceBergen in the fourth quarter valued at $41,000. Institutional investors and hedge funds own 92.64% of the company’s stock.

AmerisourceBergen Price Performance

NYSE:ABC opened at $188.78 on Wednesday. The company has a debt-to-equity ratio of 9.13, a quick ratio of 0.51 and a current ratio of 0.89. AmerisourceBergen Co. has a 52 week low of $135.14 and a 52 week high of $189.10. The firm has a market cap of $38.22 billion, a price-to-earnings ratio of 24.26, a P/E/G ratio of 1.78 and a beta of 0.53. The firm’s 50-day simple moving average is $173.60 and its 200 day simple moving average is $165.58.

AmerisourceBergen (NYSE:ABC – Get Rating) last released its earnings results on Tuesday, May 2nd. The company reported $3.50 EPS for the quarter, beating the consensus estimate of $3.29 by $0.21. AmerisourceBergen had a net margin of 0.65% and a return on equity of 809.53%. The firm had revenue of $63.46 billion for the quarter, compared to analyst estimates of $60.40 billion. During the same period last year, the firm earned $3.22 EPS. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. As a group, sell-side analysts predict that AmerisourceBergen Co. will post 11.88 earnings per share for the current year.

AmerisourceBergen Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 30th. Shareholders of record on Friday, May 12th were issued a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 1.03%. The ex-dividend date of this dividend was Thursday, May 11th. AmerisourceBergen’s dividend payout ratio is currently 24.94%.

Insider Buying and Selling at AmerisourceBergen

In other AmerisourceBergen news, EVP Gina Clark sold 27,542 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $186.84, for a total value of $5,145,947.28. Following the transaction, the executive vice president now directly owns 26,733 shares of the company’s stock, valued at approximately $4,994,793.72. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, EVP Gina Clark sold 27,542 shares of AmerisourceBergen stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $186.84, for a total transaction of $5,145,947.28. Following the sale, the executive vice president now directly owns 26,733 shares of the company’s stock, valued at approximately $4,994,793.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steven H. Collis sold 10,499 shares of AmerisourceBergen stock in a transaction that occurred on Tuesday, April 11th. The shares were sold at an average price of $167.34, for a total transaction of $1,756,902.66. Following the sale, the chief executive officer now directly owns 257,967 shares in the company, valued at $43,168,197.78. The disclosure for this sale can be found here. Insiders have sold a total of 627,815 shares of company stock valued at $110,556,193 in the last ninety days. 20.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on ABC. Bank of America increased their price target on shares of AmerisourceBergen from $195.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, June 7th. Mizuho increased their price target on shares of AmerisourceBergen from $170.00 to $174.00 in a research note on Wednesday, May 3rd. 888 reiterated a “maintains” rating on shares of AmerisourceBergen in a research note on Friday, May 26th. StockNews.com began coverage on shares of AmerisourceBergen in a research note on Thursday, May 18th. They set a “strong-buy” rating for the company. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of AmerisourceBergen from $174.00 to $182.00 in a research note on Wednesday, May 3rd. Two equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued 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 $184.00.

About AmerisourceBergen

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AmerisourceBergen Corporation sources and distributes pharmaceutical products. Its U.S. Healthcare Solutions segment distributes brand-name and generic pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and alternate site pharmacies, and other customers.