Ritholtz Wealth Management Trims Position in AmerisourceBergen Co. (NYSE:ABC)

Posted by Defense World Staff on Jul 5th, 2023

Ritholtz Wealth Management cut its position in AmerisourceBergen Co. (NYSE:ABC – Free Report) by 30.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,233 shares of the company’s stock after selling 981 shares during the period. Ritholtz Wealth Management’s holdings in AmerisourceBergen were worth $358,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. RFP Financial Group LLC purchased a new position in AmerisourceBergen during the fourth quarter valued at $25,000. Boyd Watterson Asset Management LLC OH bought a new stake in shares of AmerisourceBergen in the 4th quarter worth about $29,000. Compagnie Lombard Odier SCmA purchased a new position in shares of AmerisourceBergen during the fourth quarter valued at approximately $39,000. Iron Horse Wealth Management LLC purchased a new position in shares of AmerisourceBergen during the fourth quarter valued at approximately $41,000. Finally, MBM Wealth Consultants LLC purchased a new stake in shares of AmerisourceBergen in the fourth quarter valued at approximately $41,000. 92.64% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other AmerisourceBergen news, 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 transaction 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 approximately $5,697,978,078.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, major shareholder Walgreens Boots Alliance, Inc. sold 292,792 shares of the business’s stock in a transaction that occurred on Thursday, May 11th. The shares were sold at an average price of $170.77, for a total transaction of $50,000,089.84. Following the sale, the insider now owns 33,366,388 shares in the company, valued at $5,697,978,078.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steven H. Collis sold 10,499 shares of the business’s 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 owns 257,967 shares in the company, valued at approximately $43,168,197.78. The disclosure for this sale can be found here. Insiders have sold 627,815 shares of company stock valued at $110,556,193 in the last quarter. Company insiders own 20.10% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on ABC. 888 restated a “maintains” rating on shares of AmerisourceBergen in a report on Friday, May 26th. Deutsche Bank Aktiengesellschaft increased their target price on shares of AmerisourceBergen from $174.00 to $182.00 in a research note on Wednesday, May 3rd. Citigroup initiated coverage on shares of AmerisourceBergen in a research note on Friday, March 31st. They issued a “buy” rating and a $185.00 price target on the stock. Bank of America raised 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. Finally, StockNews.com initiated coverage on shares of AmerisourceBergen in a research note on Thursday, May 18th. They issued a “strong-buy” rating on the stock. Two analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $184.00.

AmerisourceBergen Stock Performance

Shares of ABC stock opened at $190.92 on Wednesday. The company has a current ratio of 0.89, a quick ratio of 0.51 and a debt-to-equity ratio of 9.13. The firm has a fifty day moving average price of $176.03 and a 200 day moving average price of $166.46. The company has a market cap of $38.66 billion, a P/E ratio of 24.54, a PEG ratio of 1.83 and a beta of 0.56. 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 earnings results on Tuesday, May 2nd. The company reported $3.50 earnings per share for the quarter, topping 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 business had revenue of $63.46 billion during the quarter, compared to the consensus estimate of $60.40 billion. During the same quarter in the prior year, the firm earned $3.22 earnings per share. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. Sell-side analysts predict that AmerisourceBergen Co. will post 11.88 earnings per share for the current fiscal year.

AmerisourceBergen Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 30th. Stockholders of record on Friday, May 12th were paid a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date was Thursday, May 11th. AmerisourceBergen’s dividend payout ratio is presently 24.94%.

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.