Parsons Capital Management Inc. RI Boosts Holdings in AmerisourceBergen Co. (NYSE:ABC)


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Parsons Capital Management Inc. RI grew its holdings in shares of AmerisourceBergen Co. (NYSE:ABC) by 11.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,452 shares of the company’s stock after purchasing an additional 1,868 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in AmerisourceBergen were worth $2,178,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of ABC. Norges Bank bought a new position in AmerisourceBergen during the fourth quarter worth about $153,111,000. American International Group Inc. boosted its position in AmerisourceBergen by 1,030.0% during the fourth quarter. American International Group Inc. now owns 1,715,251 shares of the company’s stock worth $167,683,000 after purchasing an additional 1,563,453 shares during the period. First Trust Advisors LP boosted its position in AmerisourceBergen by 63.5% during the fourth quarter. First Trust Advisors LP now owns 2,040,980 shares of the company’s stock worth $199,526,000 after purchasing an additional 792,778 shares during the period. Scout Investments Inc. bought a new position in AmerisourceBergen during the first quarter worth about $39,758,000. Finally, Rothschild & Co. Asset Management US Inc. boosted its position in AmerisourceBergen by 85.7% during the fourth quarter. Rothschild & Co. Asset Management US Inc. now owns 628,245 shares of the company’s stock worth $61,417,000 after purchasing an additional 289,928 shares during the period. Hedge funds and other institutional investors own 63.35% of the company’s stock.

In other AmerisourceBergen news, Director Henry Wadsworth Mcgee III sold 5,801 shares of the business’s stock in a transaction on Friday, March 5th. The shares were sold at an average price of $105.01, for a total transaction of $609,163.01. Following the transaction, the director now directly owns 11,487 shares of the company’s stock, valued at approximately $1,206,249.87. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Steven H. Collis sold 33,697 shares of the business’s stock in a transaction on Tuesday, March 16th. The shares were sold at an average price of $112.71, for a total transaction of $3,797,988.87. Following the transaction, the chief executive officer now directly owns 216,724 shares in the company, valued at $24,426,962.04. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 94,373 shares of company stock worth $10,882,620. 28.30% of the stock is owned by insiders.

A number of equities analysts have recently commented on ABC shares. Deutsche Bank Aktiengesellschaft raised their price objective on shares of AmerisourceBergen from $111.00 to $115.00 and gave the company a “hold” rating in a research report on Thursday, January 7th. Evercore ISI upgraded shares of AmerisourceBergen from an “in-line” rating to an “outperform” rating in a research report on Thursday, February 4th. Credit Suisse Group raised their price objective on shares of AmerisourceBergen from $123.00 to $127.00 and gave the company an “outperform” rating in a research report on Friday, February 5th. Zacks Investment Research upgraded shares of AmerisourceBergen from a “sell” rating to a “hold” rating and set a $111.00 target price for the company in a research report on Thursday, January 7th. Finally, Morgan Stanley lifted their target price on shares of AmerisourceBergen from $130.00 to $138.00 and gave the company an “overweight” rating in a research report on Monday, February 8th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. AmerisourceBergen currently has a consensus rating of “Buy” and an average target price of $121.67.

ABC stock opened at $123.79 on Tuesday. The company has a market capitalization of $25.34 billion, a PE ratio of -7.37, a price-to-earnings-growth ratio of 1.13 and a beta of 0.57. AmerisourceBergen Co. has a one year low of $81.51 and a one year high of $124.28. The company’s 50 day moving average price is $117.89 and its two-hundred day moving average price is $106.86. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.60 and a current ratio of 0.98.

AmerisourceBergen (NYSE:ABC) last issued its earnings results on Wednesday, February 3rd. The company reported $2.18 EPS for the quarter, topping the consensus estimate of $1.94 by $0.24. AmerisourceBergen had a negative net margin of 1.80% and a positive return on equity of 65.93%. The company had revenue of $52.50 billion for the quarter, compared to the consensus estimate of $50.49 billion. During the same period in the previous year, the firm earned $1.76 earnings per share. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. On average, research analysts predict that AmerisourceBergen Co. will post 8.38 EPS for the current year.

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.

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Institutional Ownership by Quarter for AmerisourceBergen (NYSE:ABC)

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