Mylan (MYL) Shares Up 16.1% Following Strong Earnings

Shares of Mylan NV (NASDAQ:MYL) shot up 16.1% during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $37.56 and last traded at $36.43. 25,444,790 shares traded hands during mid-day trading, an increase of 357% from the average session volume of 5,571,985 shares. The stock had previously closed at $31.37.

The company reported $1.25 EPS for the quarter, topping the consensus estimate of $1.19 by $0.06. Mylan had a net margin of 3.90% and a return on equity of 18.48%. The company had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.91 billion. During the same period last year, the company posted $1.10 earnings per share. The business’s revenue for the quarter was down 4.2% on a year-over-year basis.

Several brokerages have commented on MYL. Cowen reiterated a “hold” rating and issued a $31.00 target price on shares of Mylan in a report on Thursday, August 9th. Bank of America raised shares of Mylan from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $44.00 to $42.00 in a research report on Tuesday. Citigroup reduced their price target on shares of Mylan from $48.00 to $44.00 and set a “buy” rating for the company in a research report on Tuesday. Royal Bank of Canada set a $50.00 price target on shares of Mylan and gave the stock a “buy” rating in a research report on Tuesday. Finally, Wells Fargo & Co raised shares of Mylan from a “market perform” rating to a “buy” rating and set a $40.00 price target for the company in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the stock. Mylan presently has an average rating of “Buy” and an average price target of $47.40.

A number of hedge funds have recently made changes to their positions in the business. James Investment Research Inc. grew its holdings in Mylan by 9.5% during the second quarter. James Investment Research Inc. now owns 16,915 shares of the company’s stock valued at $611,000 after purchasing an additional 1,470 shares during the last quarter. Oregon Public Employees Retirement Fund grew its stake in shares of Mylan by 0.7% in the third quarter. Oregon Public Employees Retirement Fund now owns 218,314 shares of the company’s stock worth $7,990,000 after acquiring an additional 1,603 shares during the last quarter. Sumitomo Life Insurance Co. grew its stake in shares of Mylan by 4.1% in the second quarter. Sumitomo Life Insurance Co. now owns 42,775 shares of the company’s stock worth $1,546,000 after acquiring an additional 1,679 shares during the last quarter. Alerus Financial NA grew its stake in shares of Mylan by 1.6% in the second quarter. Alerus Financial NA now owns 111,011 shares of the company’s stock worth $4,011,000 after acquiring an additional 1,697 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. grew its stake in shares of Mylan by 8.5% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 21,998 shares of the company’s stock worth $794,000 after acquiring an additional 1,726 shares during the last quarter. Institutional investors own 82.99% of the company’s stock.

The company has a market capitalization of $16.33 billion, a PE ratio of 7.99, a price-to-earnings-growth ratio of 1.02 and a beta of 1.53. The company has a current ratio of 1.29, a quick ratio of 0.77 and a debt-to-equity ratio of 1.18.

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About Mylan (NASDAQ:MYL)

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.

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