Today, 700 Shares of AmerisourceBergen Corp. (ABC) are sold by State Treasurer State of Michigan

Today, 700 Shares of AmerisourceBergen Corp. (ABC) are sold by State Treasurer State of Michigan

State Treasurer State of Michigan reduced its position in shares of AmerisourceBergen Corp. (NYSE:ABC) by 1.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,080 shares of the company’s stock after selling 700 shares during the period. State Treasurer State of Michigan’s holdings in AmerisourceBergen Corp. were worth $5,096,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Artisan Partners Limited Partnership purchased a new position in shares of AmerisourceBergen Corp. during the second quarter worth approximately $112,709,000. Fiduciary Management Inc. WI increased its stake in AmerisourceBergen Corp. by 48.1% in the second quarter. Fiduciary Management Inc. WI now owns 3,987,920 shares of the company’s stock valued at $316,322,000 after buying an additional 1,294,938 shares during the period. Harding Loevner LP bought a new stake in AmerisourceBergen Corp. during the second quarter valued at about $98,720,000. Sarasin & Partners LLP bought a new stake in AmerisourceBergen Corp. during the third quarter valued at about $97,639,000. Finally, Massachusetts Financial Services Co. MA increased its stake in AmerisourceBergen Corp. by 5,777.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 619,335 shares of the company’s stock valued at $49,125,000 after buying an additional 608,797 shares during the period. Hedge funds and other institutional investors own 65.96% of the company’s stock.

AmerisourceBergen Corp. (NYSE:ABC) opened at 78.57 on Friday. AmerisourceBergen Corp. has a one year low of $68.38 and a one year high of $105.81. The firm has a market capitalization of $17.29 billion, a PE ratio of 12.43 and a beta of 0.80. The stock has a 50 day moving average price of $77.63 and a 200-day moving average price of $80.88.

AmerisourceBergen Corp. (NYSE:ABC) last announced its quarterly earnings data on Wednesday, November 2nd. The company reported $1.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.23 by $0.07. The company earned $37.60 billion during the quarter, compared to analysts’ expectations of $37.97 billion. AmerisourceBergen Corp. had a return on equity of 68.70% and a net margin of 0.97%. AmerisourceBergen Corp.’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.21 EPS. On average, equities analysts forecast that AmerisourceBergen Corp. will post $5.74 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 5th. Stockholders of record on Monday, November 21st will be issued a $0.365 dividend. This is a boost from AmerisourceBergen Corp.’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, November 17th. This represents a $1.46 annualized dividend and a dividend yield of 1.86%. AmerisourceBergen Corp.’s dividend payout ratio (DPR) is presently 23.03%.

Several analysts have recently issued reports on ABC shares. Avondale Partners upgraded AmerisourceBergen Corp. from a “market perform” rating to an “outperform” rating in a research note on Tuesday, October 4th. Credit Suisse Group AG reiterated a “buy” rating and set a $98.00 price target on shares of AmerisourceBergen Corp. in a research note on Friday, August 26th. Leerink Swann reiterated a “buy” rating and set a $100.00 price target on shares of AmerisourceBergen Corp. in a research note on Friday, October 7th. Cleveland Research downgraded AmerisourceBergen Corp. from a “buy” rating to a “neutral” rating in a research note on Monday, October 10th. Finally, Zacks Investment Research downgraded AmerisourceBergen Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, October 25th. One analyst has rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $94.11.

In other news, Chairman Steven H. Collis sold 15,000 shares of the firm’s stock in a transaction dated Monday, October 17th. The stock was sold at an average price of $79.59, for a total value of $1,193,850.00. Following the completion of the transaction, the chairman now owns 231,252 shares in the company, valued at approximately $18,405,346.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kathy H. Gaddes sold 681 shares of AmerisourceBergen Corp. stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $88.15, for a total value of $60,030.15. Following the transaction, the insider now owns 1,022 shares of the company’s stock, valued at approximately $90,089.30. The disclosure for this sale can be found here. 6.90% of the stock is owned by insiders.

About AmerisourceBergen Corp.

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