Norges Bank Takes Position in Mylan NV (MYL)

Norges Bank acquired a new stake in Mylan NV (NASDAQ:MYL) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,184,792 shares of the company’s stock, valued at approximately $169,463,000. Norges Bank owned approximately 1.20% of Mylan at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Kinneret Advisory LLC purchased a new position in Mylan during the fourth quarter worth about $71,000. First Hawaiian Bank increased its holdings in Mylan by 560.4% in the fourth quarter. First Hawaiian Bank now owns 2,886 shares of the company’s stock valued at $79,000 after buying an additional 2,449 shares in the last quarter. NuWave Investment Management LLC increased its holdings in Mylan by 18.1% in the fourth quarter. NuWave Investment Management LLC now owns 3,136 shares of the company’s stock valued at $86,000 after buying an additional 480 shares in the last quarter. FNY Investment Advisers LLC increased its holdings in Mylan by 42.8% in the fourth quarter. FNY Investment Advisers LLC now owns 3,300 shares of the company’s stock valued at $90,000 after buying an additional 989 shares in the last quarter. Finally, Fort L.P. purchased a new position in Mylan in the fourth quarter valued at about $92,000. Institutional investors own 83.68% of the company’s stock.

In related news, insider Paul Campbell sold 11,533 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $27.50, for a total transaction of $317,157.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.81% of the stock is currently owned by company insiders.

A number of research analysts have issued reports on the stock. UBS Group cut shares of Mylan from a “buy” rating to a “neutral” rating and dropped their target price for the company from $54.00 to $32.00 in a report on Wednesday, January 23rd. Sanford C. Bernstein cut shares of Mylan from an “outperform” rating to a “market perform” rating and set a $33.00 target price for the company. in a report on Wednesday, February 27th. SunTrust Banks assumed coverage on shares of Mylan in a report on Tuesday, March 19th. They issued a “buy” rating and a $35.00 target price for the company. Argus dropped their target price on shares of Mylan to $32.00 and set a “buy” rating for the company in a report on Wednesday, March 27th. Finally, Zacks Investment Research cut shares of Mylan from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 6th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $39.89.

Shares of MYL opened at $28.47 on Tuesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.39 and a quick ratio of 0.83. Mylan NV has a 1-year low of $26.00 and a 1-year high of $42.50. The company has a market cap of $14.69 billion, a PE ratio of 6.22, a price-to-earnings-growth ratio of 1.19 and a beta of 1.48.

Mylan (NASDAQ:MYL) last issued its quarterly earnings data on Tuesday, February 26th. The company reported $1.30 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.36 by ($0.06). Mylan had a return on equity of 19.06% and a net margin of 3.08%. The business had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.10 billion. During the same period last year, the business earned $1.43 earnings per share. The company’s revenue for the quarter was down 4.8% on a year-over-year basis. As a group, sell-side analysts expect that Mylan NV will post 4.38 earnings per share for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: This piece of content was first posted by Sports Perspectives and is the property of of Sports Perspectives. If you are accessing this piece of content on another domain, it was illegally copied and reposted in violation of international trademark & copyright legislation. The legal version of this piece of content can be accessed at https://sportsperspectives.com/2019/04/02/norges-bank-takes-position-in-mylan-nv-myl.html.

Mylan Company Profile

Mylan N.V., together with its subsidiaries, develops, licenses, manufactures, markets, and distributes generic, brand name, and over-the-counter (OTC) products worldwide. The company operates through three segments: North America, Europe, and Rest of World. It offers pharmaceutical products in tablet, capsule, injectable, transdermal patch, gel, nebulized, and cream or ointment forms.

Read More: Special Dividends

Institutional Ownership by Quarter for Mylan (NASDAQ:MYL)

Receive News & Ratings for Mylan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mylan and related companies with MarketBeat.com's FREE daily email newsletter.