Sawgrass Asset Management LLC Trims Stake in AmerisourceBergen Corp. (NYSE:ABC)

Sawgrass Asset Management LLC reduced its position in shares of AmerisourceBergen Corp. (NYSE:ABC) by 1.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,435 shares of the company’s stock after selling 125 shares during the period. Sawgrass Asset Management LLC’s holdings in AmerisourceBergen were worth $804,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ABC. Rational Advisors LLC grew its position in AmerisourceBergen by 1,627.3% in the first quarter. Rational Advisors LLC now owns 380 shares of the company’s stock worth $30,000 after acquiring an additional 358 shares in the last quarter. Riverview Trust Co grew its position in AmerisourceBergen by 127.3% in the first quarter. Riverview Trust Co now owns 391 shares of the company’s stock worth $31,000 after acquiring an additional 219 shares in the last quarter. Trust Co. of Vermont grew its position in AmerisourceBergen by 963.8% in the first quarter. Trust Co. of Vermont now owns 500 shares of the company’s stock worth $40,000 after acquiring an additional 453 shares in the last quarter. Financial Gravity Wealth Inc. purchased a new position in AmerisourceBergen in the first quarter worth $48,000. Finally, Winslow Evans & Crocker Inc. grew its position in AmerisourceBergen by 212.2% in the second quarter. Winslow Evans & Crocker Inc. now owns 718 shares of the company’s stock worth $62,000 after acquiring an additional 488 shares in the last quarter. Hedge funds and other institutional investors own 66.49% of the company’s stock.

Several research analysts recently issued reports on the stock. TheStreet upgraded shares of AmerisourceBergen from a “c+” rating to a “b” rating in a research report on Thursday. Guggenheim assumed coverage on shares of AmerisourceBergen in a research report on Thursday, April 11th. They issued a “buy” rating for the company. Zacks Investment Research upgraded shares of AmerisourceBergen from a “hold” rating to a “buy” rating and set a $89.00 target price for the company in a research report on Wednesday, June 12th. ValuEngine upgraded shares of AmerisourceBergen from a “sell” rating to a “hold” rating in a research report on Wednesday, May 22nd. Finally, Bank of America lowered shares of AmerisourceBergen from a “buy” rating to an “underperform” rating and cut their price target for the company from $95.00 to $76.00 in a research report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $88.33.

NYSE ABC traded down $1.26 during trading on Friday, hitting $90.44. 1,252,666 shares of the company’s stock traded hands, compared to its average volume of 1,077,486. The business’s fifty day moving average price is $86.67. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.56 and a current ratio of 0.95. AmerisourceBergen Corp. has a 12-month low of $69.36 and a 12-month high of $94.85. The firm has a market cap of $18.32 billion, a price-to-earnings ratio of 13.94, a P/E/G ratio of 1.65 and a beta of 0.97.

AmerisourceBergen (NYSE:ABC) last posted its quarterly earnings results on Thursday, August 1st. The company reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.14. AmerisourceBergen had a net margin of 0.53% and a return on equity of 46.24%. The business had revenue of $45.24 billion during the quarter, compared to analyst estimates of $45.15 billion. During the same period in the prior year, the business posted $1.54 earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. On average, sell-side analysts anticipate that AmerisourceBergen Corp. will post 6.96 earnings per share for the current year.

In other AmerisourceBergen news, insider Dale Danilewitz sold 5,702 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $77.61, for a total transaction of $442,532.22. Following the completion of the sale, the insider now directly owns 7,330 shares in the company, valued at $568,881.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Steven H. Collis sold 107,826 shares of the company’s stock in a transaction dated Wednesday, June 19th. The shares were sold at an average price of $86.18, for a total transaction of $9,292,444.68. Following the sale, the chairman now owns 242,405 shares of the company’s stock, valued at $20,890,462.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 163,179 shares of company stock valued at $13,907,781. Company insiders own 27.80% of the company’s stock.

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.

Featured Article: Different Options Trading Strategies

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.