Bridgefront Capital LLC Makes New Investment in AmerisourceBergen Co. (NYSE:ABC)

Bridgefront Capital LLC purchased a new position in shares of AmerisourceBergen Co. (NYSE:ABC) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 4,762 shares of the company’s stock, valued at approximately $545,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Banque Cantonale Vaudoise purchased a new stake in shares of AmerisourceBergen in the 2nd quarter valued at about $32,000. Baldrige Asset Management LLC purchased a new stake in AmerisourceBergen during the 2nd quarter valued at approximately $34,000. KB Financial Partners LLC purchased a new stake in AmerisourceBergen during the 1st quarter valued at approximately $35,000. Parkside Financial Bank & Trust raised its stake in AmerisourceBergen by 86.1% during the 1st quarter. Parkside Financial Bank & Trust now owns 307 shares of the company’s stock valued at $36,000 after acquiring an additional 142 shares during the last quarter. Finally, JFS Wealth Advisors LLC purchased a new stake in AmerisourceBergen during the 2nd quarter valued at approximately $39,000. 63.63% of the stock is owned by institutional investors.

In related news, CEO Steven H. Collis sold 24,265 shares of the company’s stock in a transaction that occurred on Monday, September 20th. The stock was sold at an average price of $121.90, for a total value of $2,957,903.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John G. Chou sold 6,081 shares of the stock in a transaction on Thursday, August 19th. The stock was sold at an average price of $117.94, for a total value of $717,193.14. Following the transaction, the executive vice president now directly owns 73,182 shares in the company, valued at approximately $8,631,085.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,563 shares of company stock worth $10,372,315. 28.40% of the stock is owned by corporate insiders.

Several research firms have commented on ABC. Robert W. Baird upped their price objective on AmerisourceBergen from $156.00 to $162.00 and gave the company an “outperform” rating in a research note on Thursday, August 5th. They noted that the move was a valuation call. Credit Suisse Group boosted their target price on AmerisourceBergen from $132.00 to $144.00 and gave the stock an “outperform” rating in a research report on Thursday, August 5th. Finally, Morgan Stanley boosted their target price on AmerisourceBergen from $138.00 to $141.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 31st. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $134.11.

ABC opened at $122.30 on Friday. The stock has a market cap of $25.41 billion, a P/E ratio of -6.64, a P/E/G ratio of 1.18 and a beta of 0.54. The company has a debt-to-equity ratio of 16.27, a current ratio of 0.94 and a quick ratio of 0.56. The stock’s 50 day simple moving average is $121.31 and its 200 day simple moving average is $118.57. AmerisourceBergen Co. has a 1-year low of $92.24 and a 1-year high of $128.87.

AmerisourceBergen (NYSE:ABC) last released its quarterly earnings results on Tuesday, August 3rd. The company reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.12. The business had revenue of $53.41 billion for the quarter, compared to analysts’ expectations of $52.62 billion. AmerisourceBergen had a negative return on equity of 694.83% and a negative net margin of 1.83%. The company’s revenue was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.85 EPS. Research analysts expect that AmerisourceBergen Co. will post 9.24 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 7th. Investors of record on Monday, August 16th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date of this dividend was Friday, August 13th. AmerisourceBergen’s payout ratio is currently 22.28%.

AmerisourceBergen Company Profile

AmerisourceBergen Corp. engages 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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Institutional Ownership by Quarter for AmerisourceBergen (NYSE:ABC)

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