In a report released yesterday, Michael Cherny from Bank of America Securities reiterated a Buy rating on AmerisourceBergen (ABC – Research Report), with a price target of $215.00. The company’s shares closed yesterday at $191.43.
According to TipRanks, Cherny is a 5-star analyst with an average return of 7.2% and a 56.83% success rate. Cherny covers the Healthcare sector, focusing on stocks such as R1 RCM, McKesson, and AmerisourceBergen.
Currently, the analyst consensus on AmerisourceBergen is a Strong Buy with an average price target of $211.25, which is a 10.35% upside from current levels. In a report released on August 1, UBS also maintained a Buy rating on the stock with a $225.00 price target.
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Based on AmerisourceBergen’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $66.95 billion and a net profit of $479.58 million. In comparison, last year the company earned a revenue of $60.06 billion and had a net profit of $406.96 million
Based on the recent corporate insider activity of 80 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ABC in relation to earlier this year. Most recently, in June 2023, Gina Clark, the EVP of ABC sold 27,542.00 shares for a total of $5,145,947.28.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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 a comprehensive offering of brand-name, specialty brand-name & generic pharmaceuticals, over-the-counter healthcare products, home healthcare supplies & equipment, outsourced compounded sterile preparations, and related services to a wide variety of healthcare providers, including acute care hospitals and health systems, independent & chain retail pharmacies, mail order pharmacies, medical clinics, long-term care & alternate site pharmacies, and other customers. The Other segment focuses on global commercialization services and animal health and includes ABCS, World Courier, and MWI. The company was founded in 1947 and is headquartered in Chesterbrook, PA.
Read More on ABC:
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