Zacks Investment Research downgraded shares of Teva Pharmaceutical Industries (NYSE:TEVA) from a hold rating to a sell rating in a research note released on Friday morning.
According to Zacks, “Teva is facing significant challenges in the form of generic competition for Copaxone, new competition for branded products, pricing erosion in the U.S. generics business, lower-than-expected contribution from new generic launches and a massive debt load. Also, Teva’s shares have underperformed the generic industry in the past one year. Mylan’s earlier-than-expected launch of the first generic version of the 40-mg strength of Copaxone was a major setback for Teva. Though Teva has divested some non-core assets to cut its significant debt load and aims to cut its global workforce by more than 25% over the next two years, a clear path to growth is not visible. Estimates have gone up ahead of the company’s Q4 earnings release due to expected cost savings from the restructuring plan. Teva has a negative record of earnings surprises. “
Several other analysts have also recently weighed in on the company. Goldman Sachs Group raised Teva Pharmaceutical Industries from a neutral rating to a buy rating and set a $20.00 price target on the stock in a report on Friday, December 15th. Credit Suisse Group reaffirmed an underperform rating and issued a $8.00 price target (down previously from $14.00) on shares of Teva Pharmaceutical Industries in a report on Monday, November 6th. Morgan Stanley raised Teva Pharmaceutical Industries from an underweight rating to an equal weight rating and set a $18.00 price target on the stock in a report on Friday, December 15th. Royal Bank of Canada set a $11.00 price objective on Teva Pharmaceutical Industries and gave the company a sell rating in a report on Wednesday, November 29th. Finally, Cantor Fitzgerald set a $10.00 price objective on Teva Pharmaceutical Industries and gave the company a hold rating in a report on Thursday, December 14th. Eight equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $21.17.
Teva Pharmaceutical Industries (NYSE TEVA) traded up $0.33 during trading hours on Friday, hitting $22.07. The company’s stock had a trading volume of 40,539,275 shares, compared to its average volume of 25,730,000. Teva Pharmaceutical Industries has a 1 year low of $10.85 and a 1 year high of $37.94. The stock has a market cap of $21,730.00, a PE ratio of -3.76, a P/E/G ratio of 1.55 and a beta of 0.54. The company has a current ratio of 0.96, a quick ratio of 0.66 and a debt-to-equity ratio of 1.20.
A number of institutional investors have recently made changes to their positions in TEVA. Capital Research Global Investors increased its stake in Teva Pharmaceutical Industries by 13.8% in the 2nd quarter. Capital Research Global Investors now owns 76,325,059 shares of the company’s stock worth $2,535,518,000 after purchasing an additional 9,260,426 shares during the period. FMR LLC increased its stake in Teva Pharmaceutical Industries by 16.7% in the 2nd quarter. FMR LLC now owns 42,844,979 shares of the company’s stock worth $1,423,310,000 after purchasing an additional 6,115,853 shares during the period. Macquarie Group Ltd. increased its stake in Teva Pharmaceutical Industries by 350.3% in the 3rd quarter. Macquarie Group Ltd. now owns 4,408,331 shares of the company’s stock worth $77,587,000 after purchasing an additional 3,429,448 shares during the period. Capital World Investors increased its stake in Teva Pharmaceutical Industries by 41.9% in the 2nd quarter. Capital World Investors now owns 11,068,200 shares of the company’s stock worth $367,686,000 after purchasing an additional 3,268,200 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. increased its stake in Teva Pharmaceutical Industries by 62.5% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 5,775,753 shares of the company’s stock worth $191,861,000 after purchasing an additional 2,221,695 shares during the period. 51.98% of the stock is currently owned by institutional investors and hedge funds.
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Teva Pharmaceutical Industries Company Profile
Teva Pharmaceutical Industries Limited is a pharmaceutical company. The Company is engaged in developing, producing and marketing generic medicines and a portfolio of specialty medicines. The Company operates through two segments: Generic medicines and Specialty medicines. The Company develops, manufactures and sells generic medicines in a range of dosage forms, including tablets, capsules, injectables, inhalants, liquids, ointments and creams.
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