Pharmerica Corporation (NYSE:PMC) Stock Rating Lowered by KeyCorp

KeyCorp downgraded shares of Pharmerica Corporation (NYSE:PMC) to an overweight rating in a report released on Tuesday, August 8th.

A number of other research analysts have also weighed in on the company. Credit Suisse Group lowered Pharmerica Corporation from an outperform rating to a neutral rating and increased their price objective for the company from $29.00 to $29.25 in a report on Friday, August 4th. They noted that the move was a valuation call. UBS AG reissued a neutral rating and issued a $29.25 price objective (up from $26.00) on shares of Pharmerica Corporation in a report on Thursday, August 3rd. Barrington Research lowered Pharmerica Corporation from an outperform rating to an underperform rating in a report on Thursday, August 3rd. BidaskClub lowered Pharmerica Corporation from a hold rating to a sell rating in a report on Monday, July 31st. Finally, Zacks Investment Research lowered Pharmerica Corporation from a buy rating to a hold rating in a report on Tuesday, July 18th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The company presently has an average rating of Hold and an average price target of $28.83.

Pharmerica Corporation (NYSE PMC) remained flat at $29.05 during midday trading on Tuesday. 497,567 shares of the company’s stock traded hands. Pharmerica Corporation has a 12-month low of $19.20 and a 12-month high of $29.10. The firm has a market cap of $904.07 million, a PE ratio of 39.36 and a beta of 0.92. The stock has a 50 day moving average price of $27.05 and a 200 day moving average price of $25.07.

Pharmerica Corporation (NYSE:PMC) last announced its quarterly earnings data on Wednesday, August 2nd. The company reported $0.47 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.47. The business had revenue of $592 million for the quarter, compared to analyst estimates of $592.96 million. Pharmerica Corporation had a return on equity of 10.94% and a net margin of 1.05%. The company’s revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.47 earnings per share. On average, analysts expect that Pharmerica Corporation will post $1.92 EPS for the current fiscal year.

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Several hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its stake 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 during the last quarter. Sessa Capital IM L.P. bought a new stake in shares of Pharmerica Corporation during the first quarter worth approximately $11,968,000. Royce & Associates LP increased its stake in shares of Pharmerica Corporation by 966.5% in the second quarter. Royce & Associates LP now owns 426,600 shares of the company’s stock worth $11,198,000 after buying an additional 386,600 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Pharmerica Corporation by 40.1% in the second quarter. Victory Capital Management Inc. now owns 1,294,142 shares of the company’s stock worth $33,971,000 after buying an additional 370,266 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its stake 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 during the last quarter. Hedge funds and other institutional investors own 94.25% of the company’s stock.

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