Amerisource (ABC) Market Valuation Declined While Beutel Goodman & Co LTD Raised Stake by $32.80 Million

April 17, 2018 - By reb123z

AmerisourceBergen Corporation (NYSE:ABC) Logo

Beutel Goodman & Co Ltd increased its stake in Amerisource (ABC) by 23.34% based on its latest 2017Q4 regulatory filing with the SEC. Beutel Goodman & Co Ltd bought 449,330 shares as the company’s stock declined 9.14% with the market. The institutional investor held 2.37M shares of the other pharmaceuticals company at the end of 2017Q4, valued at $174.19M, up from 1.93 million at the end of the previous reported quarter. Beutel Goodman & Co Ltd who had been investing in Amerisource for a number of months, seems to be bullish on the $20.00 billion market cap company. The stock increased 2.56% or $2.27 during the last trading session, reaching $91.04. About 2.76M shares traded or 30.13% up from the average. AmerisourceBergen Corporation (NYSE:ABC) has declined 3.97% since April 17, 2017 and is downtrending. It has underperformed by 15.52% the S&P500.

Beutel Goodman & Co Ltd, which manages about $36.47 billion and $13.70 billion US Long portfolio, decreased its stake in Telus Corp (NYSE:TU) by 136,672 shares to 11.33M shares, valued at $431.20M in 2017Q4, according to the filing. It also reduced its holding in Bank Of Nova Scotia (NYSE:BNS) by 64,655 shares in the quarter, leaving it with 15.55 million shares, and cut its stake in Open Text Corp (NASDAQ:OTEX).

AmerisourceBergen Corporation (NYSE:ABC) Ratings Coverage

Among 13 analysts covering AmerisourceBergen Corporation (NYSE:ABC), 9 have Buy rating, 0 Sell and 4 Hold. Therefore 69% are positive. AmerisourceBergen Corporation had 25 analyst reports since October 24, 2017 according to SRatingsIntel. The firm earned “Buy” rating on Wednesday, November 22 by Needham. The firm earned “Buy” rating on Friday, December 1 by Robert W. Baird. Barclays Capital maintained the stock with “Equal-Weight” rating in Tuesday, March 27 report. As per Tuesday, October 24, the company rating was maintained by Needham. Needham maintained AmerisourceBergen Corporation (NYSE:ABC) rating on Friday, November 3. Needham has “Buy” rating and $86.0 target. Leerink Swann maintained the stock with “Buy” rating in Tuesday, January 2 report. Jefferies maintained AmerisourceBergen Corporation (NYSE:ABC) rating on Friday, October 27. Jefferies has “Hold” rating and $85.0 target. Mizuho maintained the stock with “Hold” rating in Wednesday, January 24 report. The firm earned “Buy” rating on Wednesday, January 17 by Robert W. Baird. The stock of AmerisourceBergen Corporation (NYSE:ABC) earned “Hold” rating by Mizuho on Tuesday, February 6.

AmerisourceBergen Corporation (NYSE:ABC) Ratings Chart

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