Zacks Investment Research upgraded shares of GlaxoSmithKline (NYSE:GSK) from a hold rating to a buy rating in a research report report published on Tuesday morning. The brokerage currently has $42.00 price objective on the pharmaceutical company’s stock.
According to Zacks, “Glaxo enjoys a diversified base and presence in different geographical areas. Glaxo should continue to see strong performance in its Pharmaceuticals and Vaccines business units. We are positive on the company’s efforts to develop its pipeline. We think Glaxo possesses one of the stronger late-stage pipelines in large-cap pharma. Performance of new products has been encouraging. Meanwhile, back-to-back approvals of three new products – Trelegy Ellipta, Shingrix and Jucalla – have strengthened Glaxo’s competitive position. However, persistent challenges like stiff competition, genericization and pricing pressure along with slowing growth in emerging markets have been impacting the company’s performance. The slowdown in sales of the Consumer Healthcare segment this year is also a concern. Estimates have declined slightly ahead of Q4 earnings release. However, Glaxo has a positive record of earnings surprises in recent quarters.”
A number of other brokerages have also recently commented on GSK. JPMorgan Chase & Co. reissued a neutral rating on shares of GlaxoSmithKline in a report on Tuesday, October 24th. Investec cut GlaxoSmithKline from a buy rating to a hold rating in a report on Monday, November 6th. TheStreet raised GlaxoSmithKline from a c+ rating to a b rating in a report on Wednesday, October 25th. Bank of America cut GlaxoSmithKline from a buy rating to a neutral rating in a report on Thursday, October 26th. Finally, Argus reduced their target price on GlaxoSmithKline to $40.00 and set a buy rating for the company in a report on Thursday, November 30th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $38.57.
Shares of GlaxoSmithKline (NYSE:GSK) traded up $0.66 during trading on Tuesday, hitting $37.50. The company’s stock had a trading volume of 4,999,657 shares, compared to its average volume of 4,839,211. GlaxoSmithKline has a fifty-two week low of $34.52 and a fifty-two week high of $44.53. The firm has a market capitalization of $91,325.41, a PE ratio of 30.74, a P/E/G ratio of 2.11 and a beta of 0.98. The company has a quick ratio of 0.44, a current ratio of 0.64 and a debt-to-equity ratio of 2.96.
The business also recently declared a quarterly dividend, which was paid on Thursday, January 11th. Investors of record on Friday, November 10th were issued a $0.5037 dividend. This represents a $2.01 annualized dividend and a dividend yield of 5.37%. The ex-dividend date of this dividend was Thursday, November 9th. This is a boost from GlaxoSmithKline’s previous quarterly dividend of $0.49. GlaxoSmithKline’s dividend payout ratio (DPR) is currently 167.21%.
In related news, major shareholder Plc Glaxosmithkline purchased 428,571 shares of the business’s stock in a transaction that occurred on Monday, November 6th. The stock was purchased at an average price of $14.00 per share, with a total value of $5,999,994.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 10.00% of the stock is currently owned by company insiders.
Several large investors have recently bought and sold shares of the stock. FMR LLC increased its holdings in shares of GlaxoSmithKline by 5.9% in the second quarter. FMR LLC now owns 25,024,276 shares of the pharmaceutical company’s stock valued at $1,079,047,000 after purchasing an additional 1,389,238 shares during the last quarter. Fisher Asset Management LLC increased its holdings in shares of GlaxoSmithKline by 2.3% in the third quarter. Fisher Asset Management LLC now owns 12,828,251 shares of the pharmaceutical company’s stock valued at $520,827,000 after purchasing an additional 293,866 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of GlaxoSmithKline by 112.1% in the second quarter. Renaissance Technologies LLC now owns 9,338,000 shares of the pharmaceutical company’s stock valued at $402,655,000 after purchasing an additional 4,935,900 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its holdings in shares of GlaxoSmithKline by 7.3% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,416,927 shares of the pharmaceutical company’s stock valued at $341,727,000 after purchasing an additional 569,600 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of GlaxoSmithKline by 2.9% in the second quarter. Northern Trust Corp now owns 3,078,478 shares of the pharmaceutical company’s stock valued at $132,743,000 after purchasing an additional 85,830 shares during the last quarter. 9.82% of the stock is owned by hedge funds and other institutional investors.
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GlaxoSmithKline plc is a global healthcare company. The Company operates through three segments: Pharmaceuticals, Vaccines and Consumer Healthcare. The Company focuses on its research across six areas: Respiratory diseases, human immunodeficiency virus (HIV)/infectious diseases, Vaccines, Immuno-inflammation, Oncology and Rare diseases.
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