Convergence Investment Partners LLC Raises Position in Mylan NV (NASDAQ:MYL)

Convergence Investment Partners LLC raised its stake in shares of Mylan NV (NASDAQ:MYL) by 13.3% during the second quarter, HoldingsChannel reports. The firm owned 62,551 shares of the company’s stock after buying an additional 7,327 shares during the quarter. Convergence Investment Partners LLC’s holdings in Mylan were worth $1,006,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of MYL. State of Michigan Retirement System increased its holdings in Mylan by 11.6% during the 2nd quarter. State of Michigan Retirement System now owns 132,038 shares of the company’s stock worth $2,123,000 after purchasing an additional 13,729 shares during the period. M&T Bank Corp raised its stake in Mylan by 11.1% in the 2nd quarter. M&T Bank Corp now owns 15,098 shares of the company’s stock worth $242,000 after acquiring an additional 1,514 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in Mylan in the 2nd quarter worth $213,000. Intact Investment Management Inc. raised its stake in Mylan by 5.3% in the 2nd quarter. Intact Investment Management Inc. now owns 39,400 shares of the company’s stock worth $634,000 after acquiring an additional 2,000 shares during the last quarter. Finally, GWM Advisors LLC raised its stake in Mylan by 3.8% in the 2nd quarter. GWM Advisors LLC now owns 17,420 shares of the company’s stock worth $280,000 after acquiring an additional 643 shares during the last quarter. Institutional investors and hedge funds own 85.58% of the company’s stock.

MYL has been the subject of a number of recent research reports. Piper Sandler reduced their price objective on Mylan from $23.00 to $17.00 and set a “neutral” rating for the company in a research note on Wednesday, April 15th. Royal Bank of Canada restated a “buy” rating and issued a $26.00 price target on shares of Mylan in a research note on Tuesday, May 12th. Wells Fargo & Co cut their price target on Mylan from $23.00 to $18.00 and set an “equal weight” rating for the company in a research note on Thursday, April 30th. UBS Group lifted their price objective on Mylan from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Wednesday, May 13th. Finally, BidaskClub cut Mylan from a “hold” rating to a “sell” rating in a report on Thursday, July 23rd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $20.50.

Shares of Mylan stock traded down $0.22 on Friday, hitting $16.11. 2,986,494 shares of the company were exchanged, compared to its average volume of 4,505,509. The stock has a market capitalization of $8.33 billion, a price-to-earnings ratio of 134.26, a price-to-earnings-growth ratio of 1.72 and a beta of 1.54. The company has a 50-day moving average price of $16.21 and a 200 day moving average price of $17.36. Mylan NV has a 1-year low of $12.75 and a 1-year high of $23.11. The company has a quick ratio of 0.76, a current ratio of 1.26 and a debt-to-equity ratio of 1.08.

Mylan (NASDAQ:MYL) last issued its earnings results on Monday, May 11th. The company reported $0.90 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.04. The business had revenue of $2.62 billion for the quarter, compared to analysts’ expectations of $2.65 billion. Mylan had a return on equity of 20.00% and a net margin of 0.54%. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.82 EPS. Research analysts forecast that Mylan NV will post 4.33 EPS for the current year.

Mylan Profile

Mylan N.V., together with its subsidiaries, develops, licenses, manufactures, markets, and distributes generic, branded-generic, brand-name, and over-the-counter (OTC) pharmaceutical products in North America, Europe, and internationally. It offers active pharmaceutical ingredients and finished dosage forms; and antiretroviral medicines to treat HIV/AIDS.

Featured Story: How does equity income fit into an investing strategy?

Want to see what other hedge funds are holding MYL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mylan NV (NASDAQ:MYL).

Institutional Ownership by Quarter for Mylan (NASDAQ:MYL)

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.