Pinnacle Associates Ltd. Trims Position in Jazz Pharmaceuticals PLC (JAZZ)

Pinnacle Associates Ltd. decreased its position in shares of Jazz Pharmaceuticals PLC (NASDAQ:JAZZ) by 14.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,380 shares of the specialty pharmaceutical company’s stock after selling 240 shares during the period. Pinnacle Associates Ltd.’s holdings in Jazz Pharmaceuticals PLC were worth $215,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. US Bancorp DE boosted its position in Jazz Pharmaceuticals PLC by 94.4% during the second quarter. US Bancorp DE now owns 758 shares of the specialty pharmaceutical company’s stock valued at $118,000 after purchasing an additional 368 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in Jazz Pharmaceuticals PLC by 43.0% during the first quarter. Envestnet Asset Management Inc. now owns 981 shares of the specialty pharmaceutical company’s stock valued at $141,000 after purchasing an additional 295 shares during the last quarter. Gargoyle Investment Advisor L.L.C. acquired a new stake in Jazz Pharmaceuticals PLC during the second quarter valued at $206,000. Janney Montgomery Scott LLC acquired a new stake in Jazz Pharmaceuticals PLC during the second quarter valued at $211,000. Finally, Brighton Jones LLC acquired a new stake in Jazz Pharmaceuticals PLC during the second quarter valued at $213,000. 88.24% of the stock is owned by hedge funds and other institutional investors.

In other news, EVP Michael Patrick Miller sold 200 shares of the company’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $150.65, for a total value of $30,130.00. Following the sale, the executive vice president now directly owns 22,223 shares of the company’s stock, valued at approximately $3,347,894.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Suzanne Sawochka Hooper sold 4,580 shares of the company’s stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $160.00, for a total transaction of $732,800.00. Following the completion of the sale, the executive vice president now directly owns 32,322 shares in the company, valued at $5,171,520. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,917 shares of company stock worth $1,223,227. 4.30% of the stock is owned by insiders.

Jazz Pharmaceuticals PLC (NASDAQ:JAZZ) opened at 153.21 on Tuesday. The stock has a 50 day moving average price of $149.82 and a 200-day moving average price of $149.75. Jazz Pharmaceuticals PLC has a 1-year low of $95.80 and a 1-year high of $163.75. The company has a market capitalization of $9.20 billion, a price-to-earnings ratio of 23.60 and a beta of 1.13.

Jazz Pharmaceuticals PLC (NASDAQ:JAZZ) last issued its earnings results on Tuesday, August 8th. The specialty pharmaceutical company reported $1.72 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.85 by $0.13. The firm had revenue of $394.39 million during the quarter, compared to the consensus estimate of $410.83 million. Jazz Pharmaceuticals PLC had a net margin of 25.69% and a return on equity of 22.75%. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the previous year, the company posted $2.67 earnings per share. Equities analysts predict that Jazz Pharmaceuticals PLC will post $10.88 earnings per share for the current year.

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JAZZ has been the subject of a number of research reports. Wells Fargo & Company reissued an “outperform” rating and set a $177.00 price objective (down previously from $178.00) on shares of Jazz Pharmaceuticals PLC in a research report on Thursday, August 10th. BidaskClub lowered Jazz Pharmaceuticals PLC from a “hold” rating to a “sell” rating in a report on Thursday, August 3rd. Vetr upgraded Jazz Pharmaceuticals PLC from a “hold” rating to a “buy” rating and set a $151.11 target price on the stock in a report on Tuesday, June 6th. Piper Jaffray Companies restated an “overweight” rating and set a $182.00 target price on shares of Jazz Pharmaceuticals PLC in a report on Wednesday, June 7th. Finally, Cowen and Company restated an “outperform” rating and set a $190.00 target price on shares of Jazz Pharmaceuticals PLC in a report on Wednesday, June 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nineteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $180.96.

Jazz Pharmaceuticals PLC Company Profile

Jazz Pharmaceuticals, Inc is a specialty pharmaceutical company focusing on the development and commercialization of pharmaceutical products to meet unmet medical needs in neurology and psychiatry. As of December 31, 2009, the Company markets two products: Xyrem (sodium oxybate) for the treatment of both cataplexy and excessive daytime sleepiness in patients with narcolepsy; and Luvox CR (fluvoxamine maleate) for the treatment of both obsessive compulsive disorder and social anxiety disorder.

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Institutional Ownership by Quarter for Jazz Pharmaceuticals PLC (NASDAQ:JAZZ)

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