Published On: Tue, Sep 6th, 2016

Mylan Inc. (MYL) Price Target Cut to $48.00

Mylan Inc. (NASDAQ:MYL) had its price target cut by investment analysts at Royal Bank Of Canada from $52.00 to $48.00 in a note issued to investors on Tuesday. The firm presently has a “sector perform” rating on the stock. Royal Bank Of Canada‘s price target would suggest a potential upside of 20.09% from the company’s previous close.
Shares of Mylan (NASDAQ:MYL) opened at 39.97 on Tuesday. The stock has a 50 day moving average price of $46.41 and a 200-day moving average price of $45.20. The firm has a market capitalization of $21.38 billion and a price-to-earnings ratio of 25.30. Mylan has a 52 week low of $37.59 and a 52 week high of $55.51.
Mylan (NASDAQ:MYL) last posted its earnings results on Tuesday, August 9th. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.03. The business had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same period in the previous year, the firm posted $0.91 earnings per share. The firm’s revenue was up 8.0% compared to the same quarter last year. On average, equities research analysts forecast that Mylan will post $4.97 earnings per share for the current year.

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Other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP boosted its position in shares of Mylan by 1.2% in the first quarter. Wellington Management Group LLP now owns 45,335,578 shares of the company’s stock worth $2,101,304,000 after buying an additional 551,453 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Mylan by 0.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 10,485,906 shares of the company’s stock valued at $486,022,000 after buying an additional 33,675 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Mylan by 6.9% in the first quarter. Geode Capital Management LLC now owns 3,587,542 shares of the company’s stock valued at $165,967,000 after buying an additional 230,755 shares during the last quarter. Norges Bank bought a new stake in shares of Mylan during the fourth quarter valued at $172,977,000. Finally, Senator Investment Group LP bought a new stake in shares of Mylan during the fourth quarter valued at $166,265,000.
In other Mylan news, CEO Heather M. Bresch sold 100,200 shares of the company’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $50.00, for a total value of $5,010,000.00. Following the completion of the transaction, the chief executive officer now owns 828,318 shares of the company’s stock, valued at approximately $41,415,900. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.
A number of other research analysts have also weighed in on MYL. Wells Fargo & Co. set a $44.00 target price on Mylan and gave the stock a “hold” rating in a report on Sunday. Zacks Investment Research raised Mylan from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a report on Tuesday, July 5th. Leerink Swann restated an “outperform” rating and issued a $55.00 price target on shares of Mylan in a research note on Tuesday, August 30th. BTIG Research restated a “buy” rating and issued a $60.00 price target on shares of Mylan in a research note on Tuesday, August 30th. Finally, Evercore ISI restated a “hold” rating and issued a $49.00 price target on shares of Mylan in a research note on Friday, August 26th. Ten analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Mylan presently has an average rating of “Buy” and a consensus target price of $54.79.
Mylan N.V. is a global pharmaceutical company. The Company develops, licenses, manufactures, markets and distributes generic and branded generic products for resale by others; specialty pharmaceuticals, and active pharmaceutical ingredients (APIs). It operates through two segments: Generics and Specialty.

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