AmerisourceBergen Declines 7%

AmerisourceBergen Corp. (ABC) shares are declining more than 7 percent on Thursday morning. This, despite the company announcing that it will resume share repurchase with excess free cash flow.

the company also plans to pay down $2 billion in debt within two years of the June 2021 acquisition of Alliance Healthcare.

In another development, on Wednesday, Walgreens Boots Alliance had said it sold 6 million shares of AmerisourceBergen at $150 per share while saying the sale has no impact on the long-term partnership between the two companies.

Currently, shares are at $148.91, down 7.68 percent from the previous close of $161.30 on a volume of 1,658,098. For the 52-week period, the shares have traded in a range of $111.34-$167.19 on average volume of 1,297,119.

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