Mylan (MYL) Raised to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Mylan (NASDAQ:MYL) from a strong sell rating to a hold rating in a research report released on Tuesday.
According to Zacks, “Mylan's generic business in the United States continues to experience pricing and competitive pressure. The competitive pressure for EpiPen has increased further along with supply issues. Mylan suffered a setback when the FDA refused to approved its generic version of asthma drug, Advair Diskus. While the biosimilar business continues to gain traction buoyed by new approvals, it might not be enough to combat the persistent decline in North America. Challenges in North America has prompted the management to evaluate strategic alternatives. Concurrent with the second-quarter results, Mylan lowered its outlook as a result of the change in expected complex product launch and utilization assumptions and resizing of product opportunities in the United States, and the negative impact on operations of the restructuring and remediation program in Morgantown. Shares have underperformed the industry in the year so far.”
A number of other analysts also recently issued reports on MYL. ValuEngine raised shares of Mylan from a sell rating to a hold rating in a report on Wednesday, June 13th. BidaskClub raised shares of Mylan from a hold rating to a buy rating in a report on Wednesday, June 13th. Guggenheim reaffirmed a buy rating and set a $59.00 price target on shares of Mylan in a report on Thursday, June 14th. Cantor Fitzgerald set a $41.00 price target on shares of Mylan and gave the company a hold rating in a report on Friday, June 29th. Finally, Wells Fargo & Co reaffirmed a hold rating on shares of Mylan in a report on Wednesday, July 25th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $47.73.
Mylan (NASDAQ:MYL) last released its quarterly earnings data on Wednesday, August 8th. The company reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.15). The firm had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.95 billion. Mylan had a net margin of 3.90% and a return on equity of 18.48%. The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.10 earnings per share. Equities research analysts expect that Mylan will post 4.68 earnings per share for the current year.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of Montreal Can boosted its holdings in shares of Mylan by 605.0% in the third quarter. Bank of Montreal Can now owns 2,193,264 shares of the company’s stock worth $80,274,000 after buying an additional 1,882,157 shares during the last quarter. Advisors Capital Management LLC boosted its holdings in shares of Mylan by 25.1% in the third quarter. Advisors Capital Management LLC now owns 76,915 shares of the company’s stock worth $2,815,000 after buying an additional 15,423 shares during the last quarter. Manning & Napier Group LLC purchased a new position in Mylan during the third quarter valued at approximately $12,009,000. Smith Shellnut Wilson LLC ADV purchased a new position in Mylan during the third quarter valued at approximately $312,000. Finally, State of Alaska Department of Revenue lifted its holdings in Mylan by 5.3% during the third quarter. State of Alaska Department of Revenue now owns 74,135 shares of the company’s stock valued at $2,712,000 after purchasing an additional 3,707 shares in the last quarter. 82.33% of the stock is currently owned by institutional investors.
Mylan Company Profile
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.
Recommended Story: What are the Benefits of Index Funds?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Mylan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mylan and related companies with MarketBeat.com's FREE daily email newsletter.