Herndon Capital Management LLC reduced its stake in shares of Mylan Inc. (NASDAQ:MYL) by 33.7% during the second quarter, Holdings Channel reports. The fund owned 1,072,261 shares of the company’s stock after selling 545,063 shares during the period. Herndon Capital Management LLC’s holdings in Mylan were worth $46,361,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Advisory Services Network LLC raised its stake in shares of Mylan by 43.6% in the second quarter. Advisory Services Network LLC now owns 2,537 shares of the company’s stock valued at $110,000 after buying an additional 770 shares in the last quarter. Checchi Capital Advisers LLC raised its stake in shares of Mylan by 6.6% in the second quarter. Checchi Capital Advisers LLC now owns 2,637 shares of the company’s stock valued at $114,000 after buying an additional 164 shares in the last quarter. Integrated Investment Consultants LLC purchased a new stake in shares of Mylan during the second quarter valued at approximately $145,000. Cypress Capital Group purchased a new stake in shares of Mylan during the first quarter valued at approximately $208,000. Finally, Parametrica Management Ltd purchased a new stake in shares of Mylan during the second quarter valued at approximately $206,000. Hedge funds and other institutional investors own 60.35% of the company’s stock.
Shares of Mylan Inc. (NASDAQ:MYL) traded up 2.61% during mid-day trading on Tuesday, hitting $37.39. The company had a trading volume of 5,761,570 shares. Mylan Inc. has a 12-month low of $35.58 and a 12-month high of $55.51. The firm has a market cap of $20.00 billion, a PE ratio of 23.66 and a beta of 1.14. The firm’s 50 day moving average is $39.95 and its 200-day moving average is $43.80.
Mylan (NASDAQ:MYL) last posted its quarterly earnings data on Tuesday, August 9th. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.03. Mylan had a return on equity of 23.22% and a net margin of 8.11%. The business earned $2.56 billion during the quarter, compared to analysts’ expectations of $2.58 billion. During the same quarter in the previous year, the firm earned $0.91 EPS. The firm’s revenue was up 8.0% compared to the same quarter last year. On average, equities analysts expect that Mylan Inc. will post $4.95 EPS for the current year.
Several brokerages have commented on MYL. Wells Fargo & Co. set a $44.00 price target on Mylan and gave the stock a “hold” rating in a research note on Sunday, September 4th. Leerink Swann set a $45.00 target price on Mylan and gave the stock a “buy” rating in a research report on Saturday, October 1st. Morgan Stanley reiterated a “hold” rating on shares of Mylan in a research note on Tuesday, July 12th. TheStreet lowered Mylan from a “buy” rating to a “hold” rating in a research note on Wednesday, September 28th. Finally, RBC Capital Markets reiterated a “sector perform” rating and issued a $48.00 target price on shares of Mylan in a research note on Monday, October 10th. Eleven analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $53.49.
In related news, CEO Heather M. Bresch sold 100,200 shares of the business’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $50.00, for a total transaction of $5,010,000.00. Following the completion of the transaction, the chief executive officer now owns 828,318 shares of the company’s stock, valued at approximately $41,415,900. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.71% of the company’s stock.
Mylan N.V. is a global pharmaceutical company. The Company develops, licenses, manufactures, markets and distributes generic and branded generic products for resale by others; specialty pharmaceuticals, and active pharmaceutical ingredients (APIs). It operates through two segments: Generics and Specialty.
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