AmerisourceBergen Corp. (NYSE:ABC) Sees Large Drop in Short Interest

AmerisourceBergen Corp. (NYSE:ABC) was the target of a large decrease in short interest in the month of September. As of September 15th, there was short interest totalling 8,110,000 shares, a decrease of 8.3% from the August 15th total of 8,840,000 shares. Approximately 5.4% of the company’s shares are short sold. Based on an average trading volume of 1,310,000 shares, the short-interest ratio is currently 6.2 days.

In other news, CEO Steven H. Collis sold 19,905 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $89.58, for a total transaction of $1,783,089.90. Following the transaction, the chief executive officer now directly owns 154,484 shares in the company, valued at approximately $13,838,676.72. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Gina Clark sold 7,800 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $84.96, for a total transaction of $662,688.00. Following the transaction, the executive vice president now owns 23,595 shares in the company, valued at $2,004,631.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 86,189 shares of company stock worth $7,610,478. Insiders own 27.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Motco purchased a new stake in shares of AmerisourceBergen during the second quarter valued at approximately $26,000. Pathstone Family Office LLC raised its stake in shares of AmerisourceBergen by 67.7% during the second quarter. Pathstone Family Office LLC now owns 312 shares of the company’s stock valued at $27,000 after purchasing an additional 126 shares during the period. Transamerica Financial Advisors Inc. purchased a new stake in shares of AmerisourceBergen during the second quarter valued at approximately $38,000. Citizens Financial Group Inc RI raised its stake in shares of AmerisourceBergen by 316.5% during the second quarter. Citizens Financial Group Inc RI now owns 454 shares of the company’s stock valued at $39,000 after purchasing an additional 345 shares during the period. Finally, Point72 Asset Management L.P. purchased a new stake in shares of AmerisourceBergen during the second quarter valued at approximately $51,000. Hedge funds and other institutional investors own 65.95% of the company’s stock.

ABC has been the topic of several recent analyst reports. Deutsche Bank initiated coverage on shares of AmerisourceBergen in a report on Thursday, September 12th. They set a “hold” rating and a $91.00 price objective on the stock. Argus cut their price target on shares of AmerisourceBergen from $115.00 to $100.00 and set a “buy” rating on the stock in a report on Monday, June 3rd. TheStreet upgraded shares of AmerisourceBergen from a “c+” rating to a “b” rating in a report on Thursday, August 1st. Zacks Investment Research upgraded shares of AmerisourceBergen from a “hold” rating to a “buy” rating and set a $89.00 price target on the stock in a report on Wednesday, June 12th. Finally, Morgan Stanley cut their price target on shares of AmerisourceBergen from $91.00 to $83.00 and set an “equal weight” rating on the stock in a report on Friday, September 6th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. AmerisourceBergen presently has an average rating of “Hold” and a consensus price target of $87.38.

NYSE ABC traded up $1.74 during mid-day trading on Monday, hitting $82.68. The company’s stock had a trading volume of 56,903 shares, compared to its average volume of 1,144,308. AmerisourceBergen has a 52-week low of $69.36 and a 52-week high of $94.85. The stock’s fifty day simple moving average is $85.01 and its two-hundred day simple moving average is $82.16. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.95 and a quick ratio of 0.56. The firm has a market capitalization of $17.01 billion, a P/E ratio of 12.74, a price-to-earnings-growth ratio of 1.47 and a beta of 1.00.

AmerisourceBergen (NYSE:ABC) last posted its quarterly earnings results on Thursday, August 1st. The company reported $1.76 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.62 by $0.14. AmerisourceBergen had a net margin of 0.54% and a return on equity of 47.88%. The firm had revenue of $45.24 billion for the quarter, compared to analyst estimates of $45.15 billion. During the same quarter last year, the firm posted $1.54 earnings per share. AmerisourceBergen’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, equities analysts forecast that AmerisourceBergen will post 7.05 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 19th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.60 annualized dividend and a yield of 1.94%. AmerisourceBergen’s payout ratio is 24.65%.

AmerisourceBergen Company 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.

Further Reading: What does an equal weight rating mean?

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