Teva Pharmaceutical Industries (NYSE:TEVA) lifted to hold Zacks Investment Research
Teva Pharmaceutical Industries (NYSE: TEVA – Get Note) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note released Friday to investors, Zacks.com reports. The brokerage currently has a price target of $9.50 on the stock. Zacks Investment Research’s price target would indicate a potential upside of 4.63% from the current stock price.
According to Zacks, “Teva’s first quarter earnings were in line with sales estimates. Teva faces challenges such as generic erosion of certain branded drugs, including Copaxone, price erosion in the generics in the U.S., high leverage and a sparse brand portfolio. Nonetheless, Teva sees continued growth in Austedo prescriptions and growth in Ajovy’s market share. With improved operational efficiency and significant debt reduction, the company could return to growth in a few years Teva embroiled in opioid litigation and faces DOJ price allocation investigations Although Teva continues to resolve opioid litigation opioids on a state-by-state basis and expects to reach a nationwide settlement for all states before the end of 2022, these litigations remain an overhang for the stock. Teva shares outperformed the industry this year, so far.”
TEVA has been the subject of a number of other reports. Bank of America upgraded Teva Pharmaceutical Industries from an “underperforming” rating to a “neutral” rating and set a price target of $9.00 for the company in a Tuesday, May 17 report. Piper Sandler downgraded shares of Teva Pharmaceutical Industries from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $11.00 to $7.00 in a report on Wednesday 4 may. StockNews.com moved shares of Teva Pharmaceutical Industries from a “hold” rating to a “buy” rating in a Thursday, May 12 research report. Sanford C. Bernstein upgraded Teva Pharmaceutical Industries from a “market performer” rating to an “outperformer” rating and set a target price of $11.00 on the stock in a Friday, March 25 research note . Finally, Argus downgraded shares of Teva Pharmaceutical Industries from a “buy” rating to a “hold” rating in a report on Thursday, January 27. One research analyst rated the stock with a sell rating, five gave a hold rating and three issued a buy rating for the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.64.
TEVA opened at $9.08 on Friday. The company has a fifty-day moving average price of $8.88 and a two-hundred-day moving average price of $8.58. Teva Pharmaceutical Industries has a 1-year low of $7.23 and a 1-year high of $11.55. The company has a market capitalization of $10.02 billion, a P/E ratio of -16.51, a price-to-earnings growth ratio of 1.03 and a beta of 1.18. The company has a current ratio of 1.07, a quick ratio of 0.73 and a debt ratio of 2.03.
Teva Pharmaceutical Industries (NYSE:TEVA – Get Rating) last reported results on Tuesday, May 3. The company reported EPS of $0.55 for the quarter, meeting analyst consensus estimates of $0.55. Teva Pharmaceutical Industries posted a positive return on equity of 24.04% and a negative net margin of 3.95%. The company posted revenue of $3.66 billion in the quarter, versus analyst estimates of $3.75 billion. During the same period of the previous year, the company posted EPS of $0.60. The company’s revenues were down 8.1% from the same quarter last year. On average, research analysts expect Teva Pharmaceutical Industries to post an EPS of 2.4 for the current fiscal year.
In other news, Vice Chairman David Matthew Stark sold 6,452 shares of the company in a trade on Monday, February 28. The shares were sold at an average price of $8.14, for a total value of $52,519.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC’s website. Additionally, Vice Chairman Hafrun Fridriksdottir sold 130,000 shares of the company in a transaction on Tuesday, May 17. The stock was sold at an average price of $8.22, for a total transaction of $1,068,600.00. Following the completion of the sale, the vice president now directly owns 1,387 shares of the company, valued at $11,401.14. The disclosure of this sale can be found here. Insiders sold a total of 141,763 shares of the company worth $1,164,351 over the past ninety days. 0.82% of the shares are currently held by insiders.
Several hedge funds have recently changed their holdings in the company. Principal Financial Group Inc. increased its stake in Teva Pharmaceutical Industries by 1.5% in the third quarter. Principal Financial Group Inc. now owns 153,879 shares of the company worth $1,499,000 after purchasing an additional 2,233 shares during the period. Geode Capital Management LLC increased its position in Teva Pharmaceutical Industries by 10.3% during the 3rd quarter. Geode Capital Management LLC now owns 5,721,678 shares of the company valued at $55,523,000 after purchasing an additional 534,109 shares last quarter. The Manufacturers Life Insurance Company increased its stake in Teva Pharmaceutical Industries by 42.4% during the third quarter. The Manufacturers Life Insurance Company now owns 606,296 shares of the company valued at $5,905,000 after purchasing an additional 180,500 shares in the last quarter. Macquarie Group Ltd. increased its stake in Teva Pharmaceutical Industries by 9.7% in the third quarter. Macquarie Group Ltd. now owns 100,870 shares of the company worth $982,000 after acquiring 8,879 more shares last quarter. Finally, Rockefeller Capital Management LP increased its stake in shares of Teva Pharmaceutical Industries by 60.5% in the third quarter. Rockefeller Capital Management LP now owns 19,583 shares of the company worth $190,000 after acquiring 7,385 additional shares in the last quarter. Hedge funds and other institutional investors own 45.79% of the company’s shares.
Teva Pharmaceutical Industries Company Profile (Get a rating)
Teva Pharmaceutical Industries Limited, a pharmaceutical company, develops, manufactures, markets and distributes generic drugs, specialty drugs and biopharmaceuticals in North America, Europe and internationally. The company offers sterile products, hormones, high potency drugs and cytotoxic substances in various dosage forms, including tablets, capsules, injectables, inhalants, liquids, transdermal patches, ointments and creams.
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