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PMC

PharMerica

$29.23

0.025 (0.09%)

, KKR

KKR

$19.35

0.16 (0.83%)

10:47
12/07/17
12/07
10:47
12/07/17
10:47

KKR completes acquisition of PharMerica

PharMerica (PMC) announced the completion of the acquisition of PharMerica by a newly formed company controlled by KKR (KKR) with an affiliate of Walgreens Boots Alliance (WBA) as a minority investor. As a result of the completion of the acquisition, PharMerica shareholders will receive an amount in cash equal to $29.25 per share of PharMerica common stock, without interest. In connection with the completion of the acquisition, shares of PharMerica's common stock will cease trading on the NYSE prior to the opening of the NYSE on December 8.

PMC

PharMerica

$29.23

0.025 (0.09%)

KKR

KKR

$19.35

0.16 (0.83%)

WBA

Walgreens Boots Alliance

$71.05

0.87 (1.24%)

  • 07

    Dec

  • 04

    Jan

PMC PharMerica
$29.23

0.025 (0.09%)

08/09/17
BARD
08/09/17
NO CHANGE
BARD
Neutral
AmerisourceBergen settlement ups odds of PharMerica switch, says Baird
Baird analyst Eric Coldwell said AmerisourceBergen's (ABC) 10-Q last week showed that the company and PharMerica (PMC) have tentatively agreed to settle their long-running legal fight, which he reads as significantly increasing the odds of AmerisourceBergen displacing incumbent Cardinal Health (CAH) after KKR (KKR) and minority investor Walgreens (WBA) complete their deal to buy PharMerica. Coldwell has a Neutral rating and $89 price target on AmerisourceBergen shares.
08/02/17
LEER
08/02/17
NO CHANGE
LEER
AmerisourceBergen may benefit from PharMerica takeover, says Leerink
Leerink analyst David Larsen believes AmerisourceBergen (ABC) could benefit from KKR's (KKR) buyout of PharMerica (PMC). KKR and Walgreens Boots Alliance (WBA), which uses AmerisourceBergen as a supplier, are forming a new private company which would hold PharMerica, Larsen tells investors in a research note. He believes PharMerica may switch away from its current supplier Cardinal Health (CAH) as a result of today's deal and use AmerisourceBergen. Any potential change in distributor contracts would likely occur in the second half of 2018, the analyst adds.
08/03/17
BRRR
08/03/17
DOWNGRADE
BRRR
Underperform
PharMerica downgraded to Underperform from Outperform at Barrington
Barrington analyst Michael Petusky double downgraded PharMerica (PMC) to Underperform saying other takeover bidders are unlikely to emerge. The analyst suggests redeploying proceeds into Tivity Health (TVTY), Primo Water (PRMW), U.S. Physical Therapy (USPH) and OPKO Health (OPK).
08/04/17
FBCO
08/04/17
DOWNGRADE
FBCO
Neutral
PharMerica downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse analyst Erin Wilson Wright downgraded PharMerica (PMC) to Neutral from Outperform, citing the company's agreement to be acquired by a newly formed company controlled by KKR (KKR), with Walgreens Boots Alliance (WBA) as a minority investor.
KKR KKR
$19.35

0.16 (0.83%)

11/01/17
WELS
11/01/17
NO CHANGE
WELS
Wells Fargo dropping coverage of WebMD
Wells Fargo is dropping equity research coverage of WebMD (WBMD) following completion of the company's acquisition by Internet Brands, a KKR (KKR) portfolio company.
11/28/17
SDLR
11/28/17
INITIATION
Target $21
SDLR
Hold
KKR resumed with a Hold at Sandler ONeill
Sandler O'Neill resumed coverage of KKR with a Hold rating and $21 price target.
10/16/17
GSCO
10/16/17
UPGRADE
GSCO
Buy
KKR upgraded to Buy from Neutral at Goldman Sachs
Goldman analyst Alexander Blostein upgraded KKR to Buy and raised its price target to $24 from $23 to reflect a more stable, improving mix of balance sheet investments, lower concentration in large public holdings, and increased mix towards private holdings.
10/16/17
10/16/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Apple (AAPL) was upgraded to Overweight from Sector Weight at KeyBanc and Pacific Crest. 2. Infinera (INFN) upgraded to Neutral from Sell at Citi with analyst Stanley Kovler saying the risk/reward is balanced with material downward revisions to estimates likely limited. 3. AstraZeneca (AZN) upgraded to Outperform from Neutral at Credit Suisse with analyst Rebekah Harper saying that after recent pipeline success for Tagrisso and Imfinzi, she sees a marked improvement in its strategic position in pricing power and replacement power. 4. KKR (KKR) upgraded to Buy from Neutral at Goldman Sachs with analyst Alexander Blostein citing a more stable, improving mix of balance sheet investments, lower concentration in large public holdings, and increased mix towards private holdings. 5. Groupon (GRPN) upgraded to Market Perform from Underperform at Cowen with analyst Thomas Champion saying he believes the shares currently look more attractive given the company's new management and cost controls, improved North America results, and balanced expectations for the second half of 2017. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
WBA Walgreens Boots Alliance
$71.05

0.87 (1.24%)

11/22/17
NEED
11/22/17
NO CHANGE
Target $86
NEED
Buy
Walgreens Boots Alliance price target lowered to $86 from $94 at Needham
Needham analyst Kevin Caliendo lowered his price target on Walgreens (WBA) to $86, reflecting risk-adjustment from the overhang related to Amazon's (AMZN) pending decision on entering the pharmacy business. The analyst keeps his Buy rating, saying investors may not appreciate the bounce in the company's U.S. retail margin driven in part by the growth of the beauty differentiation program rollout that is still in its early stages.
11/27/17
LEER
11/27/17
NO CHANGE
Target $280
LEER
Outperform
Cigna most likely acquirer of Humana in any potential transaction, says Leerink
Leerink analyst Ana Gupte notes that a Change of Control 8-K filed by Humana (HUM) suggests that the company is a possible take-out target after the Medicare Advantage Annual Enrollment Season, though the company maintains that this is a needed refresh with broader policy guidelines, rather than individually driven. The analyst sees Cigna (CI) as the most likely acquirer in any potential transaction and able to offer as much as 6% accretion in year 2 and 12% in year 3 post close. However, Anthem (ANTM) and even Wal-Mart (WMT) or Walgreens Boots Alliance (WBA) could be other dark horse acquirers, she contends. Gupte expects that Cigna would need to divest its legacy Health Spring MA assets to satisfy anti-trust regulators, with multiple possible buyers for the assets including WellCare (WCG), Aetna (AET) and Anthem. The analyst reiterates an Outperform rating and $280 price target on Humana shares.
11/30/17
JEFF
11/30/17
NO CHANGE
JEFF
Jefferies sees drugstore sentiment improving with no Amazon news
Investors were anticipating an announcement from Amazon.com (AMZN) regarding a pharmacy strategy around Thanksgiving due to recent media reports and the resulting sell-side speculation, Jefferies analyst Brian Tanquilut tells investors in a research note. With no Amazon pharmacy entry announced one week removed from the holiday, the analyst believes investor sentiment over the drug supply chain may gradually improve, at least in the near-term. He notes that the price-to-earnings multiples of Walgreens Boots Alliance (WBA) and CVS Health (CVS) have already declined amid speculation of an Amazon entry. Tanquilut acknowledges, however, that the Amazon overhang will not completely go away. The analyst has Buy ratings on UnitedHealth (UNH) and Walgreens, and Hold ratings on AmerisourceBergen (ABC), Cardinal Health (CAH), CVS and McKesson (MCK).
12/04/17
DBAB
12/04/17
INITIATION
Target $78
DBAB
Hold
Walgreens Boots Alliance initiated with a Hold at Deutsche Bank
Deutsche Bank analyst Glen Santangelo started Walgreens Boots Alliance with a Hold rating and $78 price target. Ongoing challenges are impacting both the company's U.S. and international retail businesses which is translating to sub-par growth, the analyst contends.

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HCM

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LNCE

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$57.31

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ADBE

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SON

Sonoco Products

$53.13

-0.6 (-1.12%)

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SEE

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$48.03

-0.22 (-0.46%)

, AVY

Avery Dennison

$114.28

-0.09 (-0.08%)

04:58
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SEE

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-0.22 (-0.46%)

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Avery Dennison

$114.28

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HCLP

Hi-Crush Partners

$10.80

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MET

MetLife

$52.49

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04:55
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ADRNY

Ahold Delhaize

$21.69

-0.14 (-0.64%)

04:55
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BASFY

BASF

$27.57

-0.17 (-0.61%)

04:55
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Conference/Events
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