Herndon Capital Management LLC Sells 545,063 Shares of Mylan Inc. (MYL)
Herndon Capital Management LLC reduced its stake in Mylan Inc. (NASDAQ:MYL) by 33.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,072,261 shares of the company’s stock after selling 545,063 shares during the period. Herndon Capital Management LLC owned approximately 0.21% of Mylan worth $46,361,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in MYL. Chicago Equity Partners LLC acquired a new position in shares of Mylan during the second quarter worth about $1,734,000. Whittier Trust Co. of Nevada Inc. raised its position in shares of Mylan by 2.1% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 32,269 shares of the company’s stock worth $1,395,000 after buying an additional 678 shares during the period. Whittier Trust Co. raised its position in shares of Mylan by 4.6% in the second quarter. Whittier Trust Co. now owns 78,302 shares of the company’s stock worth $3,385,000 after buying an additional 3,467 shares during the period. ClariVest Asset Management LLC raised its position in shares of Mylan by 297.6% in the second quarter. ClariVest Asset Management LLC now owns 8,951 shares of the company’s stock worth $387,000 after buying an additional 6,700 shares during the period. Finally, SignalPoint Asset Management LLC raised its position in shares of Mylan by 6.9% in the second quarter. SignalPoint Asset Management LLC now owns 7,910 shares of the company’s stock worth $342,000 after buying an additional 509 shares during the period. Institutional investors and hedge funds own 60.35% of the company’s stock.
Shares of Mylan Inc. (NASDAQ:MYL) traded up 2.61% during trading on Tuesday, reaching $37.39. The company had a trading volume of 5,761,570 shares. The firm has a market capitalization of $20.00 billion, a price-to-earnings ratio of 23.66 and a beta of 1.14. Mylan Inc. has a 52 week low of $35.58 and a 52 week high of $55.51. The firm has a 50-day moving average of $39.95 and a 200 day moving average of $43.80.
Mylan (NASDAQ:MYL) last issued its quarterly earnings data on Tuesday, August 9th. The company reported $1.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.13 by $0.03. Mylan had a return on equity of 23.22% and a net margin of 8.11%. The business had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same period in the prior year, the business earned $0.91 earnings per share. The business’s revenue was up 8.0% on a year-over-year basis. On average, equities research analysts forecast that Mylan Inc. will post $4.95 earnings per share for the current year.
A number of research analysts have recently issued reports on the company. Zacks Investment Research lowered Mylan from a “buy” rating to a “hold” rating in a research report on Friday, August 5th. Evercore ISI reissued a “hold” rating and issued a $49.00 price objective on shares of Mylan in a research note on Friday, August 26th. Sanford C. Bernstein set a $60.00 price objective on Mylan and gave the company a “buy” rating in a research note on Friday, September 23rd. Deutsche Bank AG set a $58.00 price objective on Mylan and gave the company a “buy” rating in a research note on Friday, September 23rd. Finally, Argus set a $55.00 price objective on Mylan and gave the company a “buy” rating in a research note on Thursday, September 22nd. Eleven research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $53.49.
In other news, CEO Heather M. Bresch sold 100,200 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now directly owns 828,318 shares in the company, valued at $41,415,900. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.71% of the stock is owned by insiders.
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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