Deltec Asset Management LLC lowered its position in shares of Depomed Inc. (NASDAQ:DEPO) by 5.7% during the second quarter, Holdings Channel reports. The fund owned 2,124,002 shares of the specialty pharmaceutical company’s stock after selling 128,400 shares during the period. Depomed accounts for about 10.5% of Deltec Asset Management LLC’s investment portfolio, making the stock its largest position. Deltec Asset Management LLC’s holdings in Depomed were worth $41,673,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of the stock. Norges Bank acquired a new position in Depomed during the fourth quarter worth about $12,315,000. Glenmede Trust Co. NA boosted its position in Depomed by 8.9% in the first quarter. Glenmede Trust Co. NA now owns 1,935,833 shares of the specialty pharmaceutical company’s stock worth $26,965,000 after buying an additional 158,521 shares during the last quarter. Virginia Retirement System acquired a new position in Depomed during the first quarter worth about $255,000. BlackRock Institutional Trust Company N.A. boosted its position in Depomed by 0.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,430,571 shares of the specialty pharmaceutical company’s stock worth $19,928,000 after buying an additional 13,433 shares during the last quarter. Finally, Acrospire Investment Management LLC acquired a new position in Depomed during the first quarter worth about $114,000.
Depomed Inc. (NASDAQ:DEPO) traded up 0.12% on Tuesday, hitting $24.22. The stock had a trading volume of 1,206,567 shares. The company’s market cap is $1.49 billion. The firm’s 50-day moving average is $21.03 and its 200-day moving average is $18.52. Depomed Inc. has a 52-week low of $12.25 and a 52-week high of $27.26.
Depomed (NASDAQ:DEPO) last issued its quarterly earnings data on Wednesday, August 3rd. The specialty pharmaceutical company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.01. The company earned $116.70 million during the quarter, compared to analyst estimates of $118.20 million. Depomed had a positive return on equity of 3.71% and a negative net margin of 16.89%. The firm’s revenue for the quarter was up 23.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.27 earnings per share. Equities research analysts anticipate that Depomed Inc. will post $1.21 earnings per share for the current fiscal year.
DEPO has been the subject of a number of recent analyst reports. Janney Montgomery Scott boosted their price objective on Depomed from $20.13 to $28.00 and gave the company a “hold” rating in a report on Thursday, May 26th. Mizuho lifted their target price on Depomed from $19.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, May 27th. Cantor Fitzgerald reaffirmed a “buy” rating on shares of Depomed in a research report on Wednesday, June 22nd. Royal Bank Of Canada reaffirmed a “hold” rating on shares of Depomed in a research report on Monday, July 11th. Finally, Leerink Swann reaffirmed a “positive” rating on shares of Depomed in a research report on Monday, July 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $22.98.
In related news, VP Thadd M. Vargas sold 26,290 shares of the stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $20.92, for a total value of $549,986.80. Following the completion of the transaction, the vice president now directly owns 84,336 shares in the company, valued at $1,764,309.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO August J. Moretti sold 5,000 shares of the stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $21.40, for a total value of $107,000.00. The disclosure for this sale can be found here. 5.12% of the stock is owned by corporate insiders.
Depomed Company Profile
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