GPS Wealth Strategies Group LLC Makes New Investment in AmerisourceBergen Co. (NYSE:ABC)

Posted by Defense World Staff on Jul 1st, 2023

GPS Wealth Strategies Group LLC acquired a new stake in shares of AmerisourceBergen Co. (NYSE:ABC – Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 482 shares of the company’s stock, valued at approximately $77,000.

A number of other large investors have also modified their holdings of the company. United Bank raised its stake in shares of AmerisourceBergen by 16.6% in the 1st quarter. United Bank now owns 3,632 shares of the company’s stock valued at $562,000 after buying an additional 518 shares in the last quarter. Raymond James Trust N.A. raised its position in AmerisourceBergen by 29.9% in the first quarter. Raymond James Trust N.A. now owns 5,193 shares of the company’s stock worth $803,000 after purchasing an additional 1,194 shares in the last quarter. Synovus Financial Corp lifted its stake in AmerisourceBergen by 123.4% during the first quarter. Synovus Financial Corp now owns 6,301 shares of the company’s stock worth $975,000 after purchasing an additional 3,480 shares during the period. Vontobel Holding Ltd. boosted its holdings in AmerisourceBergen by 22.5% during the first quarter. Vontobel Holding Ltd. now owns 2,767 shares of the company’s stock valued at $430,000 after purchasing an additional 508 shares in the last quarter. Finally, Blair William & Co. IL boosted its holdings in AmerisourceBergen by 12.4% during the first quarter. Blair William & Co. IL now owns 8,124 shares of the company’s stock valued at $1,257,000 after purchasing an additional 899 shares in the last quarter. 92.64% of the stock is currently owned by institutional investors and hedge funds.

AmerisourceBergen Trading Up 1.0 %

Shares of ABC opened at $192.43 on Friday. The stock’s fifty day simple moving average is $175.11 and its 200-day simple moving average is $166.09. The company has a quick ratio of 0.51, a current ratio of 0.89 and a debt-to-equity ratio of 9.13. The firm has a market capitalization of $38.96 billion, a PE ratio of 24.73, a price-to-earnings-growth ratio of 1.80 and a beta of 0.53. AmerisourceBergen Co. has a 12-month low of $135.14 and a 12-month high of $193.43.

AmerisourceBergen (NYSE:ABC – Free Report) last announced its quarterly earnings data on Tuesday, May 2nd. The company reported $3.50 EPS for the quarter, topping analysts’ consensus estimates of $3.29 by $0.21. AmerisourceBergen had a return on equity of 809.53% and a net margin of 0.65%. The business had revenue of $63.46 billion during the quarter, compared to analysts’ expectations of $60.40 billion. During the same period in the previous year, the firm earned $3.22 earnings per share. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. As a group, research analysts predict that AmerisourceBergen Co. will post 11.88 earnings per share for the current year.

AmerisourceBergen Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 30th. Investors of record on Friday, May 12th were issued a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date was Thursday, May 11th. AmerisourceBergen’s dividend payout ratio is currently 24.94%.

Insider Buying and Selling at AmerisourceBergen

In other news, CEO Steven H. Collis sold 10,499 shares of AmerisourceBergen stock in a transaction 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 transaction, the chief executive officer now directly owns 257,967 shares of the company’s stock, valued at $43,168,197.78. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Steven H. Collis sold 10,499 shares of the firm’s stock in a transaction on Tuesday, April 11th. The stock was 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 owns 257,967 shares of the company’s stock, valued at approximately $43,168,197.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Walgreens Boots Alliance, Inc. sold 292,792 shares of the business’s stock in a transaction dated Thursday, May 11th. The shares were sold at an average price of $170.77, for a total value of $50,000,089.84. Following the completion of the transaction, the insider now directly owns 33,366,388 shares of the company’s stock, valued at $5,697,978,078.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 627,815 shares of company stock valued at $110,556,193. Corporate insiders own 20.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on ABC. Citigroup assumed coverage on AmerisourceBergen in a research report on Friday, March 31st. They set a “buy” rating and a $185.00 target price for the company. Mizuho boosted their target price on shares of AmerisourceBergen from $170.00 to $174.00 in a research note on Wednesday, May 3rd. TheStreet raised shares of AmerisourceBergen from a “c” rating to a “b+” rating in a report on Tuesday, May 2nd. 888 reissued a “maintains” rating on shares of AmerisourceBergen in a report on Friday, May 26th. Finally, Bank of America upped their price objective on shares of AmerisourceBergen from $195.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, June 7th. Two equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, AmerisourceBergen has an average rating of “Moderate Buy” and an average target price of $184.00.

AmerisourceBergen Profile

(Free Report)

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.