6,668 Shares in AmerisourceBergen Corp. (NYSE:ABC) Acquired by ETRADE Capital Management LLC

25 May 2020, 13:08 by Mitch Edgeman

ETRADE Capital Management LLC purchased a new stake in AmerisourceBergen Corp. (NYSE:ABC) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,668 shares of the company’s stock, valued at approximately $590,000.

Other hedge funds also recently added to or reduced their stakes in the company. WASHINGTON TRUST Co acquired a new stake in shares of AmerisourceBergen during the first quarter worth about $25,000. NEXT Financial Group Inc increased its position in AmerisourceBergen by 95.4% during the fourth quarter. NEXT Financial Group Inc now owns 299 shares of the company’s stock worth $25,000 after buying an additional 146 shares during the period. Virtus ETF Advisers LLC purchased a new stake in AmerisourceBergen in the fourth quarter valued at approximately $26,000. OmniStar Financial Group Inc. acquired a new position in shares of AmerisourceBergen in the 1st quarter valued at $29,000. Finally, Truvestments Capital LLC acquired a new stake in AmerisourceBergen during the 1st quarter worth $31,000. 64.25% of the stock is currently owned by institutional investors.

In other news, CEO Steven H. Collis sold 19,905 shares of the firm’s stock in a transaction on Monday, April 6th. The stock was sold at an average price of $84.75, for a total value of $1,686,948.75. Following the completion of the transaction, the chief executive officer now owns 162,027 shares in the company, valued at $13,731,788.25. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Dermot Mark Durcan purchased 1,350 shares of the business’s stock in a transaction dated Monday, March 23rd. The shares were purchased at an average cost of $74.33 per share, with a total value of $100,345.50. Following the purchase, the director now directly owns 6,717 shares in the company, valued at $499,274.61. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 38,791 shares of company stock valued at $3,385,449. 28.30% of the stock is currently owned by insiders.

Shares of NYSE ABC opened at $93.14 on Monday. The stock has a market capitalization of $18.94 billion, a price-to-earnings ratio of 12.26, a price-to-earnings-growth ratio of 1.75 and a beta of 0.60. AmerisourceBergen Corp. has a 52 week low of $72.06 and a 52 week high of $97.50. The firm has a 50-day moving average price of $87.42 and a 200 day moving average price of $87.52. The company has a quick ratio of 0.63, a current ratio of 0.97 and a debt-to-equity ratio of 0.98.

AmerisourceBergen (NYSE:ABC) last issued its earnings results on Thursday, May 7th. The company reported $2.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.27 by $0.13. The company had revenue of $47.42 billion during the quarter, compared to analysts’ expectations of $45.90 billion. AmerisourceBergen had a net margin of 0.85% and a return on equity of 48.85%. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period last year, the company posted $2.11 earnings per share. Equities research analysts expect that AmerisourceBergen Corp. will post 7.45 EPS for the current fiscal year.

A number of equities research analysts have recently commented on ABC shares. Robert W. Baird raised shares of AmerisourceBergen from a “neutral” rating to an “outperform” rating and set a $112.00 target price for the company in a report on Friday, February 7th. Credit Suisse Group initiated coverage on AmerisourceBergen in a research report on Wednesday, April 22nd. They set a “buy” rating and a $105.00 price objective for the company. JPMorgan Chase & Co. raised AmerisourceBergen from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $93.00 to $106.00 in a report on Wednesday, April 1st. Morgan Stanley increased their price target on AmerisourceBergen from $84.00 to $94.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. Finally, Deutsche Bank boosted their price objective on shares of AmerisourceBergen from $93.00 to $98.00 and gave the company a “hold” rating in a research note on Monday, May 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $101.89.

AmerisourceBergen Profile

AmerisourceBergen Corporation sources and distributes pharmaceutical products in the United States and internationally. Its Pharmaceutical Distribution segment distributes brand-name and generic pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, outsourced compounded sterile preparations, and related services to various healthcare providers, including acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and other alternate site pharmacies, and other customers.