NEW YORK (TheStreet) -- AmerisourceBergen (ABC) shares are up 1.7% to $86.87 on Monday after the company announced a 23% increase in its quarterly dividend to 29 cents per common share from 23.5 cents per common share previously.
The dividend will be payable December 1 to shareholders of record on November 17.
Must Read: Warren Buffett's 25 Favorite Stocks
The U.S.-based pharmaceutical services company released its fourth quarter earnings results on October 30, reporting earnings of $1.10, 5 cents better than the $1.05 analysts were expecting for the quarter.
Revenue for the period rose 29% to $31.6 billion, ahead of analysts $30.8 billion consensus guidance.
TheStreet Ratings team rates AMERISOURCEBERGEN CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate AMERISOURCEBERGEN CORP (ABC) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, increase in net income, good cash flow from operations, solid stock price performance and growth in earnings per share. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."