AmerisourceBergen Co. (NYSE:ABC) Stake Decreased by Russell Investments Group Ltd.

Posted by Defense World Staff on Aug 15th, 2023

Russell Investments Group Ltd. lessened its holdings in shares of AmerisourceBergen Co. (NYSE:ABC – Free Report) by 11.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 124,266 shares of the company’s stock after selling 16,455 shares during the period. Russell Investments Group Ltd. owned 0.06% of AmerisourceBergen worth $19,883,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Compagnie Lombard Odier SCmA bought a new stake in shares of AmerisourceBergen during the fourth quarter valued at approximately $39,000. MBM Wealth Consultants LLC acquired a new stake in AmerisourceBergen in the fourth quarter worth approximately $41,000. Resurgent Financial Advisors LLC acquired a new stake in AmerisourceBergen in the fourth quarter worth approximately $46,000. Lindbrook Capital LLC lifted its position in AmerisourceBergen by 76.3% in the first quarter. Lindbrook Capital LLC now owns 298 shares of the company’s stock worth $48,000 after purchasing an additional 129 shares during the period. Finally, CoreCap Advisors LLC acquired a new stake in AmerisourceBergen in the fourth quarter worth approximately $52,000. Institutional investors own 92.64% of the company’s stock.

AmerisourceBergen Trading Up 0.1 %

NYSE ABC opened at $187.63 on Tuesday. AmerisourceBergen Co. has a 1-year low of $135.14 and a 1-year high of $194.79. The company has a current ratio of 0.88, a quick ratio of 0.52 and a debt-to-equity ratio of 4.51. The company has a market capitalization of $37.93 billion, a PE ratio of 22.85, a price-to-earnings-growth ratio of 1.86 and a beta of 0.56. The firm’s fifty day simple moving average is $187.14 and its 200-day simple moving average is $171.27.

AmerisourceBergen (NYSE:ABC – Get Free Report) last posted its earnings results on Wednesday, August 2nd. The company reported $2.92 EPS for the quarter, topping the consensus estimate of $2.83 by $0.09. The firm had revenue of $66.95 billion for the quarter, compared to the consensus estimate of $63.93 billion. AmerisourceBergen had a net margin of 0.66% and a return on equity of 612.69%. The business’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the business posted $2.62 earnings per share. As a group, sell-side analysts anticipate that AmerisourceBergen Co. will post 11.92 earnings per share for the current fiscal year.

AmerisourceBergen Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 28th. Shareholders of record on Friday, August 11th will be given a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 1.03%. The ex-dividend date is Thursday, August 10th. AmerisourceBergen’s payout ratio is 23.63%.

Insiders Place Their Bets

In other AmerisourceBergen news, CEO Steven H. Collis sold 10,499 shares of the stock in a transaction on Tuesday, July 11th. The shares were sold at an average price of $192.87, for a total transaction of $2,024,942.13. Following the transaction, the chief executive officer now directly owns 257,967 shares of the company’s stock, valued at $49,754,095.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other AmerisourceBergen news, CEO Steven H. Collis sold 10,499 shares of the company’s stock in a transaction dated Tuesday, July 11th. The shares were sold at an average price of $192.87, for a total transaction of $2,024,942.13. Following the completion of the sale, the chief executive officer now directly owns 257,967 shares in the company, valued at $49,754,095.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Walgreens Boots Alliance, Inc. sold 275,984 shares of the company’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $181.17, for a total transaction of $50,000,021.28. Following the sale, the insider now owns 33,090,404 shares of the company’s stock, valued at $5,994,988,492.68. The disclosure for this sale can be found here. Insiders have sold 1,655,881 shares of company stock valued at $310,997,955 over the last three months. 20.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ABC. Barclays upped their target price on AmerisourceBergen from $182.00 to $189.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 3rd. StockNews.com began coverage on AmerisourceBergen in a research report on Thursday, May 18th. They issued a “strong-buy” rating for the company. Deutsche Bank Aktiengesellschaft upped their target price on AmerisourceBergen from $174.00 to $182.00 in a research report on Wednesday, May 3rd. TheStreet upgraded AmerisourceBergen from a “c” rating to a “b+” rating in a research report on Tuesday, May 2nd. Finally, Morgan Stanley increased their price objective on AmerisourceBergen from $176.00 to $190.00 and gave the company an “equal weight” rating in a research report on Thursday, August 3rd. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $189.36.

Check Out Our Latest Stock Analysis on ABC

About AmerisourceBergen

(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.