PDL BioPharma, Inc. (PDLI) Shares Bought by Principal Financial Group Inc.
Principal Financial Group Inc. raised its position in PDL BioPharma, Inc. (NASDAQ:PDLI) by 89.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 106,800 shares of the biotechnology company’s stock after purchasing an additional 50,420 shares during the quarter. Principal Financial Group Inc. owned 0.07% of PDL BioPharma worth $264,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in PDLI. Parametric Portfolio Associates LLC raised its position in PDL BioPharma by 0.9% in the first quarter. Parametric Portfolio Associates LLC now owns 1,628,158 shares of the biotechnology company’s stock valued at $3,696,000 after purchasing an additional 14,039 shares during the period. JPMorgan Chase & Co. raised its position in PDL BioPharma by 15.4% in the first quarter. JPMorgan Chase & Co. now owns 1,773,425 shares of the biotechnology company’s stock valued at $4,025,000 after purchasing an additional 236,745 shares during the period. KBC Group NV purchased a new stake in PDL BioPharma in the first quarter valued at approximately $107,000. Cornerstone Capital Management Holdings LLC. purchased a new stake in PDL BioPharma in the first quarter valued at approximately $368,000. Finally, Credit Agricole S A raised its position in PDL BioPharma by 34.9% in the first quarter. Credit Agricole S A now owns 50,000 shares of the biotechnology company’s stock valued at $114,000 after purchasing an additional 12,942 shares during the period. 83.34% of the stock is currently owned by institutional investors.
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Shares of PDL BioPharma, Inc. (PDLI) opened at 3.47 on Monday. The stock has a market cap of $534.66 million, a price-to-earnings ratio of 7.98 and a beta of 0.49. The stock’s 50 day moving average price is $3.27 and its 200-day moving average price is $2.60. PDL BioPharma, Inc. has a 52-week low of $1.93 and a 52-week high of $3.77.
PDL BioPharma (NASDAQ:PDLI) last posted its earnings results on Thursday, August 3rd. The biotechnology company reported $0.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.17. The business had revenue of $143.80 million for the quarter, compared to analyst estimates of $56.30 million. PDL BioPharma had a net margin of 23.03% and a return on equity of 9.07%. The business’s quarterly revenue was up 584.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.09 EPS. On average, analysts predict that PDL BioPharma, Inc. will post $0.61 earnings per share for the current fiscal year.
PDL BioPharma declared that its board has authorized a stock buyback plan on Monday, September 25th that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the biotechnology company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
A number of analysts have issued reports on the company. Piper Jaffray Companies reissued a “buy” rating and issued a $4.00 target price on shares of PDL BioPharma in a research report on Thursday, August 10th. BidaskClub raised PDL BioPharma from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. Zacks Investment Research raised PDL BioPharma from a “hold” rating to a “buy” rating and set a $3.00 price objective on the stock in a research report on Wednesday, August 16th. Finally, ValuEngine raised PDL BioPharma from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $3.50.
PDL BioPharma Company Profile
PDL BioPharma, Inc seeks to provide return for its shareholders by acquiring and managing a portfolio of companies, products, royalty agreements and debt facilities in the biotechnology, pharmaceutical and medical device industries. The Company’s segments include income generating assets and product sales.
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