Pharmerica Corporation (NYSE:PMC) Lowered to “Overweight” at KeyCorp

KeyCorp downgraded shares of Pharmerica Corporation (NYSE:PMC) to an overweight rating in a research note released on Wednesday. KeyCorp also issued estimates for Pharmerica Corporation’s FY2017 earnings at $1.91 EPS, FY2018 earnings at $2.07 EPS and FY2019 earnings at $2.28 EPS.

Several other research analysts have also recently issued reports on the company. ValuEngine cut Pharmerica Corporation from a buy rating to a hold rating in a research report on Friday, June 2nd. Zacks Investment Research cut Pharmerica Corporation from a buy rating to a hold rating in a research report on Friday, June 23rd. Finally, BidaskClub cut Pharmerica Corporation from a hold rating to a sell rating in a research report on Monday, July 31st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. Pharmerica Corporation has a consensus rating of Hold and a consensus target price of $25.48.

Shares of Pharmerica Corporation (NYSE:PMC) traded up 0.17% during midday trading on Wednesday, reaching $28.95. 791,192 shares of the company traded hands. Pharmerica Corporation has a 1-year low of $19.20 and a 1-year high of $28.95. The stock’s 50-day moving average is $25.81 and its 200-day moving average is $24.72. The stock has a market capitalization of $910.19 million, a P/E ratio of 39.23 and a beta of 0.92.

Pharmerica Corporation (NYSE:PMC) last released its quarterly earnings data on Wednesday, August 2nd. The company reported $0.47 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.47. The firm had revenue of $592 million during the quarter, compared to analysts’ expectations of $592.96 million. Pharmerica Corporation had a return on equity of 10.94% and a net margin of 1.05%. Pharmerica Corporation’s revenue was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.47 earnings per share. Equities analysts predict that Pharmerica Corporation will post $1.91 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Pharmerica Corporation by 51,604.4% in the first quarter. BlackRock Inc. now owns 3,975,551 shares of the company’s stock worth $93,027,000 after buying an additional 3,967,862 shares in the last quarter. Sessa Capital IM L.P. purchased a new position in shares of Pharmerica Corporation during the first quarter worth $11,968,000. Nuveen Asset Management LLC boosted its position in shares of Pharmerica Corporation by 61.3% in the first quarter. Nuveen Asset Management LLC now owns 863,975 shares of the company’s stock worth $20,217,000 after buying an additional 328,257 shares in the last quarter. Norges Bank purchased a new position in shares of Pharmerica Corporation during the fourth quarter worth $3,864,000. Finally, Citadel Advisors LLC boosted its position in shares of Pharmerica Corporation by 78.9% in the first quarter. Citadel Advisors LLC now owns 338,128 shares of the company’s stock worth $7,912,000 after buying an additional 149,142 shares in the last quarter. Institutional investors and hedge funds own 92.75% of the company’s stock.

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