ProVise Management Group LLC Decreases Stake in AmerisourceBergen Corp. (ABC)

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ProVise Management Group LLC decreased its position in AmerisourceBergen Corp. (NYSE:ABC) by 2.7% in the 2nd quarter, HoldingsChannel reports. The fund owned 48,395 shares of the company’s stock after selling 1,347 shares during the period. ProVise Management Group LLC’s holdings in AmerisourceBergen were worth $11,367,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Daiwa Securities Group Inc. boosted its position in AmerisourceBergen by 33.8% during the 1st quarter. Daiwa Securities Group Inc. now owns 6,542 shares of the company’s stock valued at $564,000 after purchasing an additional 1,651 shares during the period. Commerzbank Aktiengesellschaft FI acquired a new position in AmerisourceBergen during the 1st quarter worth $338,000. Atria Investments LLC boosted its position in AmerisourceBergen by 22.5% during the 1st quarter. Atria Investments LLC now owns 11,016 shares of the company’s stock worth $950,000 after acquiring an additional 2,026 shares during the period. Bronfman E.L. Rothschild L.P. boosted its position in AmerisourceBergen by 54.8% during the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 1,698 shares of the company’s stock worth $146,000 after acquiring an additional 601 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in AmerisourceBergen by 102.4% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 69,858 shares of the company’s stock worth $6,022,000 after acquiring an additional 35,350 shares during the period. Institutional investors own 66.78% of the company’s stock.

A number of research analysts have issued reports on the company. ValuEngine lowered AmerisourceBergen from a “hold” rating to a “sell” rating in a research report on Tuesday, June 26th. Robert W. Baird reiterated a “neutral” rating and set a $94.00 price target on shares of AmerisourceBergen in a research report on Friday, July 20th. Mizuho reiterated a “hold” rating and set a $90.00 price target on shares of AmerisourceBergen in a research report on Sunday, August 12th. Finally, Morgan Stanley reduced their price target on AmerisourceBergen from $97.00 to $88.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 3rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company. AmerisourceBergen presently has a consensus rating of “Hold” and a consensus target price of $101.80.

ABC opened at $88.85 on Wednesday. AmerisourceBergen Corp. has a one year low of $71.90 and a one year high of $106.27. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.51 and a current ratio of 0.94. The firm has a market capitalization of $19.47 billion, a PE ratio of 15.10, a PEG ratio of 1.41 and a beta of 1.04.

AmerisourceBergen (NYSE:ABC) last posted its quarterly earnings data on Thursday, August 2nd. The company reported $1.54 EPS for the quarter, topping the Zacks’ consensus estimate of $1.46 by $0.08. AmerisourceBergen had a return on equity of 48.65% and a net margin of 0.69%. The company had revenue of $43.14 billion for the quarter, compared to the consensus estimate of $43.05 billion. During the same quarter in the previous year, the business earned $1.43 EPS. The company’s quarterly revenue was up 11.4% compared to the same quarter last year. research analysts forecast that AmerisourceBergen Corp. will post 6.48 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 4th. Stockholders of record on Monday, August 20th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date was Friday, August 17th. AmerisourceBergen’s dividend payout ratio is presently 25.85%.

In other news, Chairman Steven H. Collis sold 21,350 shares of the business’s stock in a transaction on Monday, July 2nd. The stock was sold at an average price of $84.63, for a total transaction of $1,806,850.50. Following the sale, the chairman now directly owns 287,925 shares of the company’s stock, valued at $24,367,092.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kathy H. Gaddes sold 2,652 shares of the business’s stock in a transaction on Monday, August 20th. The stock was sold at an average price of $87.71, for a total value of $232,606.92. Following the sale, the insider now directly owns 3,891 shares in the company, valued at $341,279.61. The disclosure for this sale can be found here. Insiders sold a total of 76,237 shares of company stock worth $6,395,855 in the last three months. Company insiders own 27.30% of the company’s stock.

About AmerisourceBergen

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.

Further Reading: Technical Analysis of Stocks, How Can It Help

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Institutional Ownership by Quarter for AmerisourceBergen (NYSE:ABC)

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