by Sam Collins | November 5, 2012 1:04 am
AmerisourceBergen Corp. (NYSE:ABC) — This pharmaceutical services company provides drug distribution primarily in the United States and Canada.
On Thursday, the company reported Q4 FY 2012 earnings of $0.72 per share, beating analyst estimates of $0.68. Despite a slight revenue shortfall, on Friday, S&P raised its price target to $46.
ABC also increased its dividend by 62% to $0.84 a share and announced a new $750 million multi-year share repurchase plan.
Technically, ABC has confirmed a break above long-term resistance at $40. Buy at the current price or on a pullback. The trading target for ABC is $46, but long-term investors could achieve much higher returns.
Source URL: http://investorplace.com/2012/11/trade-of-the-day-amerisourcebergen-corp-nyse-abc/
Short URL: http://invstplc.com/1fvdviI
Copyright ©2015 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.