Zacks Investment Research upgraded shares of Teva Pharmaceutical Industries (NYSE:TEVA) from a strong sell rating to a hold rating in a research note released on Tuesday.
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. Meanwhile, Teva cut its sales and earnings guidance twice this year. Also, Teva’s shares underperformed the generic industry in 2017. Nonetheless, Teva is progressing with its branded/generics drugs pipeline and is looking to strengthen its biosimilar pipeline. The Actavis Generics acquisition is contributing to growth of the Generics unit. 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. However, these efforts might not prove to be enough to revive the company’s fortunes during this challenging period, especially as it faces erosion of its largest product, Copaxone.”
A number of other research analysts have also recently issued reports on TEVA. Cantor Fitzgerald restated a neutral rating and set a $27.00 price objective on shares of Teva Pharmaceutical Industries in a report on Tuesday, September 5th. Royal Bank of Canada restated an underperform rating on shares of Teva Pharmaceutical Industries in a report on Tuesday, September 5th. JMP Securities boosted their price objective on shares of Teva Pharmaceutical Industries from $13.00 to $14.00 and gave the company an underperform rating in a report on Wednesday, September 6th. BTIG Research upgraded shares of Teva Pharmaceutical Industries from a neutral rating to a buy rating and set a $24.00 price objective for the company in a report on Monday, September 11th. Finally, Jefferies Group decreased their price objective on shares of Teva Pharmaceutical Industries from $21.00 to $18.50 and set a hold rating for the company in a report on Tuesday, September 12th. Seven equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Teva Pharmaceutical Industries presently has an average rating of Hold and a consensus target price of $21.16.
Shares of Teva Pharmaceutical Industries (NYSE TEVA) traded down $0.10 during trading hours on Tuesday, hitting $19.48. 3,134,170 shares of the stock traded hands, compared to its average volume of 21,056,467. Teva Pharmaceutical Industries has a 12 month low of $10.85 and a 12 month high of $38.15. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.66 and a current ratio of 0.96. The firm has a market cap of $19,360.00, a PE ratio of -3.32 and a beta of 0.54.
The business also recently declared a quarterly dividend, which was paid on Tuesday, December 12th. Shareholders of record on Tuesday, November 28th were paid a $0.085 dividend. This represents a $0.34 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend was Monday, November 27th. Teva Pharmaceutical Industries’s payout ratio is currently -12.27%.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Capital Research Global Investors lifted its position in shares of Teva Pharmaceutical Industries by 13.8% in the second 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 in the last quarter. Franklin Resources Inc. lifted its position in shares of Teva Pharmaceutical Industries by 11.1% in the second quarter. Franklin Resources Inc. now owns 66,796,897 shares of the company’s stock worth $2,218,958,000 after purchasing an additional 6,685,844 shares in the last quarter. FMR LLC lifted its position in shares of Teva Pharmaceutical Industries by 16.7% in the second 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 in the last quarter. Macquarie Group Ltd. lifted its position in shares of Teva Pharmaceutical Industries by 350.3% in the third 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 in the last quarter. Finally, Capital World Investors lifted its position in shares of Teva Pharmaceutical Industries by 41.9% in the second 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 in the last quarter. 51.98% of the stock is currently owned by hedge funds and other institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Teva Pharmaceutical Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Teva Pharmaceutical Industries and related companies with MarketBeat.com's FREE daily email newsletter.