Cornerstone Investment Partners LLC Purchases New Stake in AmerisourceBergen Corp. (NYSE:ABC)

Cornerstone Investment Partners LLC purchased a new stake in AmerisourceBergen Corp. (NYSE:ABC) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 227,455 shares of the company’s stock, valued at approximately $22,921,000. AmerisourceBergen comprises 1.6% of Cornerstone Investment Partners LLC’s portfolio, making the stock its 28th largest holding.

A number of other institutional investors have also recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its holdings in AmerisourceBergen by 21.4% in the first quarter. JPMorgan Chase & Co. now owns 4,892,396 shares of the company’s stock valued at $432,978,000 after acquiring an additional 860,769 shares during the last quarter. Geode Capital Management LLC boosted its holdings in AmerisourceBergen by 1.6% during the first quarter. Geode Capital Management LLC now owns 2,457,080 shares of the company’s stock worth $217,042,000 after buying an additional 39,550 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in AmerisourceBergen by 7.1% during the first quarter. Bank of New York Mellon Corp now owns 2,285,745 shares of the company’s stock worth $202,290,000 after buying an additional 150,700 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in AmerisourceBergen by 4.7% during the first quarter. Wells Fargo & Company MN now owns 1,813,142 shares of the company’s stock worth $160,464,000 after buying an additional 82,057 shares during the last quarter. Finally, Coho Partners Ltd. boosted its holdings in AmerisourceBergen by 2.2% during the second quarter. Coho Partners Ltd. now owns 1,600,040 shares of the company’s stock worth $161,236,000 after buying an additional 33,897 shares during the last quarter. Institutional investors and hedge funds own 64.25% of the company’s stock.

A number of equities analysts have issued reports on ABC shares. Credit Suisse Group started coverage on AmerisourceBergen in a report on Wednesday, April 22nd. They set a “buy” rating and a $105.00 target price on the stock. UBS Group reduced their target price on AmerisourceBergen from $108.00 to $99.00 and set a “buy” rating on the stock in a report on Friday, May 15th. ValuEngine cut AmerisourceBergen from a “sell” rating to a “strong sell” rating in a report on Thursday, July 23rd. Morgan Stanley upgraded AmerisourceBergen from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $94.00 to $112.00 in a report on Monday, June 15th. Finally, Bank of America raised their price target on AmerisourceBergen from $85.00 to $88.00 and gave the stock an “underperform” rating in a research report on Tuesday, July 21st. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $102.30.

In other AmerisourceBergen news, EVP Gina Clark sold 3,097 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $103.38, for a total transaction of $320,167.86. Following the transaction, the executive vice president now owns 16,049 shares of the company’s stock, valued at approximately $1,659,145.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert P. Mauch sold 5,262 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $90.00, for a total value of $473,580.00. Following the transaction, the executive vice president now directly owns 28,091 shares in the company, valued at approximately $2,528,190. The disclosure for this sale can be found here. In the last three months, insiders sold 79,102 shares of company stock worth $7,850,280. 28.30% of the stock is owned by insiders.

AmerisourceBergen stock traded down $1.98 during midday trading on Friday, reaching $100.19. The stock had a trading volume of 843,972 shares, compared to its average volume of 884,490. The firm’s fifty day simple moving average is $100.26 and its 200-day simple moving average is $91.98. AmerisourceBergen Corp. has a 1-year low of $72.06 and a 1-year high of $105.08. The stock has a market capitalization of $20.38 billion, a P/E ratio of 13.18, a price-to-earnings-growth ratio of 1.92 and a beta of 0.61. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.63 and a current ratio of 0.97.

AmerisourceBergen (NYSE:ABC) last announced its earnings results on Thursday, May 7th. The company reported $2.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.27 by $0.13. AmerisourceBergen had a return on equity of 48.85% and a net margin of 0.85%. The business had revenue of $47.42 billion for the quarter, compared to analyst estimates of $45.90 billion. During the same quarter last year, the firm earned $2.11 EPS. AmerisourceBergen’s revenue for the quarter was up 9.5% compared to the same quarter last year. On average, sell-side analysts anticipate that AmerisourceBergen Corp. will post 7.4 earnings per share for the current fiscal 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.

Featured Story: Most Active Stocks

Want to see what other hedge funds are holding ABC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AmerisourceBergen Corp. (NYSE:ABC).

Institutional Ownership by Quarter for AmerisourceBergen (NYSE:ABC)

Receive News & Ratings for AmerisourceBergen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AmerisourceBergen and related companies with MarketBeat.com's FREE daily email newsletter.