Short Interest in Mylan Inc. (MYL) Increases By 17.7%
Mylan Inc. (NASDAQ:MYL) was the recipient of a large increase in short interest during the month of September. As of September 15th, there was short interest totalling 25,313,358 shares, an increase of 17.7% from the August 31st total of 21,505,534 shares. Based on an average daily volume of 7,132,840 shares, the days-to-cover ratio is presently 3.5 days. Approximately 5.8% of the shares of the company are short sold.
Shares of Mylan (NASDAQ:MYL) opened at 38.12 on Friday. Mylan has a 12 month low of $37.59 and a 12 month high of $55.51. The stock’s 50 day moving average price is $42.90 and its 200-day moving average price is $44.47. The company has a market cap of $20.39 billion, a P/E ratio of 24.13 and a beta of 1.25.
Mylan (NASDAQ:MYL) last posted its quarterly earnings data on Tuesday, August 9th. The company reported $1.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.03. The firm earned $2.56 billion during the quarter, compared to analysts’ expectations of $2.58 billion. Mylan had a return on equity of 23.22% and a net margin of 8.11%. The business’s quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.91 EPS. Equities research analysts expect that Mylan will post $4.96 earnings per share for the current year.
In other news, CEO Heather M. Bresch sold 100,200 shares of the firm’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $50.00, for a total transaction of $5,010,000.00. Following the completion of the sale, the chief executive officer now directly 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 at the SEC website. Insiders own 0.71% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in Mylan during the second quarter worth $746,000. Kentucky Retirement Systems acquired a new stake in Mylan during the second quarter worth $1,570,000. Mason Street Advisors LLC acquired a new stake in Mylan during the second quarter worth $2,487,000. Northwestern Mutual Wealth Management Co. boosted its stake in Mylan by 48.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,235 shares of the company’s stock worth $184,000 after buying an additional 1,388 shares during the last quarter. Finally, CI Global Investments Inc. acquired a new stake in Mylan during the second quarter worth $4,756,000. 60.20% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have recently issued reports on MYL. TheStreet lowered Mylan from a “buy” rating to a “hold” rating in a research report on Wednesday. Leerink Swann reaffirmed a “buy” rating on shares of Mylan in a research report on Thursday, September 22nd. Argus set a $55.00 target price on Mylan and gave the company a “buy” rating in a research report on Thursday, September 22nd. Sanford C. Bernstein set a $60.00 target price on Mylan and gave the company a “buy” rating in a research report on Friday, September 23rd. Finally, Deutsche Bank AG set a $58.00 target price on Mylan and gave the company a “buy” rating in a research report on Friday, September 23rd. Eleven equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $54.76.
Mylan Company Profile
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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