AmerisourceBergen Co. (NYSE:ABC - Get Rating) - Research analysts at Zacks Research decreased their Q4 2023 earnings estimates for shares of AmerisourceBergen in a research report issued on Monday, May 15th. Zacks Research analyst I. Bandyopadhyay now anticipates that the company will earn $2.80 per share for the quarter, down from their previous forecast of $2.82. The consensus estimate for AmerisourceBergen's current full-year earnings is $11.80 per share. Zacks Research also issued estimates for AmerisourceBergen's Q1 2024 earnings at $2.65 EPS, Q3 2024 earnings at $2.76 EPS and FY2024 earnings at $12.20 EPS.
AmerisourceBergen (NYSE:ABC - Get Rating) last announced its earnings results on Tuesday, May 2nd. The company reported $3.50 EPS 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 company had revenue of $63.46 billion for the quarter, compared to analysts' expectations of $60.40 billion. During the same period last year, the firm earned $3.22 earnings per share. The business's revenue for the quarter was up 9.9% on a year-over-year basis.
Several other brokerages have also recently commented on ABC. Deutsche Bank Aktiengesellschaft raised their target price on shares of AmerisourceBergen from $174.00 to $182.00 in a report on Wednesday, May 3rd. StockNews.com assumed coverage on shares of AmerisourceBergen in a research report on Thursday, March 16th. They set a "strong-buy" rating on the stock. UBS Group increased their price target on shares of AmerisourceBergen from $184.00 to $190.00 and gave the stock a "buy" rating in a research report on Tuesday, January 31st. Evercore ISI reiterated an "outperform" rating and set a $185.00 price target on shares of AmerisourceBergen in a research report on Tuesday, January 31st. Finally, Mizuho increased their price target on shares of AmerisourceBergen from $170.00 to $174.00 in a research report on Wednesday, May 3rd. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, AmerisourceBergen currently has a consensus rating of "Moderate Buy" and a consensus target price of $181.62.
AmerisourceBergen Stock Up 0.7 %
Shares of ABC opened at $174.60 on Wednesday. AmerisourceBergen has a 12 month low of $135.14 and a 12 month high of $174.77. The firm's 50 day moving average is $162.52 and its 200-day moving average is $162.54. The stock has a market capitalization of $35.35 billion, a PE ratio of 22.44, a P/E/G ratio of 1.63 and a beta of 0.52. The company has a current ratio of 0.89, a quick ratio of 0.51 and a debt-to-equity ratio of 9.13.
Institutional Investors Weigh In On AmerisourceBergen
Several institutional investors have recently added to or reduced their stakes in ABC. Price T Rowe Associates Inc. MD boosted its position in AmerisourceBergen by 145.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,257,332 shares of the company's stock valued at $1,642,302,000 after buying an additional 6,086,040 shares during the period. Edmp Inc. raised its holdings in AmerisourceBergen by 16,285.3% in the 4th quarter. Edmp Inc. now owns 2,295,746 shares of the company's stock worth $13,854,000 after purchasing an additional 2,281,735 shares in the last quarter. Wellington Management Group LLP raised its holdings in AmerisourceBergen by 7,989.0% in the 1st quarter. Wellington Management Group LLP now owns 1,856,026 shares of the company's stock worth $297,168,000 after purchasing an additional 1,833,081 shares in the last quarter. Norges Bank bought a new position in AmerisourceBergen in the 4th quarter worth $261,294,000. Finally, Envestnet Asset Management Inc. raised its holdings in AmerisourceBergen by 156.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 2,509,370 shares of the company's stock worth $83,116,000 after purchasing an additional 1,530,083 shares in the last quarter. Hedge funds and other institutional investors own 84.79% of the company's stock.
Insiders Place Their Bets
In other AmerisourceBergen 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 value of $50,000,089.84. Following the completion of the transaction, the insider now owns 33,366,388 shares of the company's stock, valued at approximately $5,697,978,078.76. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, major shareholder Walgreens Boots Alliance, Inc. sold 292,792 shares of the company's stock in a transaction on 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 sale, the insider now owns 33,366,388 shares of the company's stock, valued at approximately $5,697,978,078.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steven H. Collis sold 10,499 shares of the company's stock in a transaction on Tuesday, May 9th. The shares were sold at an average price of $169.52, for a total transaction of $1,779,790.48. Following the completion of the sale, the chief executive officer now directly owns 257,967 shares of the company's stock, valued at approximately $43,730,565.84. The disclosure for this sale can be found here. Insiders sold a total of 326,213 shares of company stock valued at $55,412,200 in the last quarter. Corporate insiders own 20.10% of the company's stock.
AmerisourceBergen Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 30th. Investors of record on Friday, May 12th will be issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 1.11%. The ex-dividend date is Thursday, May 11th. AmerisourceBergen's dividend payout ratio (DPR) is presently 24.94%.
AmerisourceBergen Corp. engages in the provision of pharmaceutical products and business solutions that improve access to care. It operates through the Pharmaceutical Distribution Services and Other segments. The Pharmaceutical Distribution Services segment distributes an offering of brand-name, specialty brand-name and generic pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to healthcare providers, including acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, and long-term care and alternate site pharmacies.
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