Renaissance Group LLC has raised its investment in Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) by 6.5% during the second quarter of 2023. According to the firm’s recent 13F filing with the Securities and Exchange Commission, Renaissance Group acquired an additional 19,313 shares, bringing its total holdings to 316,850 shares, valued at approximately $5.31 million.
This investment reflects a broader trend among institutional investors, as several hedge funds have also adjusted their positions in Teva. For instance, US Bancorp DE increased its holdings by 6.5% in the first quarter, now owning 10,812 shares worth $166,000 after purchasing an additional 656 shares. Similarly, Wedbush Securities Inc. boosted its stake by 3.3% in the second quarter, owning 21,995 shares valued at $369,000 following the acquisition of 700 shares.
Mirae Asset Global Investments Co. Ltd. also increased its holdings by 15%, now possessing 5,474 shares worth $92,000. CWM LLC raised its stake by 18.1% to own 4,995 shares valued at $84,000, while Transcend Capital Advisors LLC increased its position by 7.6%, now holding 13,692 shares worth $229,000. Institutional investors and hedge funds currently own 54.05% of Teva’s stock.
Teva Stock Performance and Insider Activity
On October 11, 2023, shares of Teva opened at $24.41, reflecting a market capitalization of $28 billion. The company’s price-to-earnings (P/E) ratio stands at -152.58, with a price/earnings to growth (PEG) ratio of 1.11 and a beta of 0.70. Teva’s stock has fluctuated within a one-year range of $12.47 to $26.38.
In related news, Teva’s Director, Roberto Mignone, sold 200,000 shares of the company on November 6, 2023. The shares were sold at an average price of $24.11, amounting to a total transaction value of approximately $4.82 million. This sale has resulted in Mignone reducing his stake by 28.78%, leaving him with 495,000 shares valued at around $11.93 million. Insider ownership now constitutes 0.49% of the company’s stock.
Analyst Ratings and Future Outlook
Recent analyst updates on Teva reflect a mix of opinions. Wall Street Zen upgraded the shares from a “buy” to a “strong-buy” rating on October 11, 2023. Conversely, Weiss Ratings reaffirmed a “sell” rating in an earlier report. Notably, JPMorgan Chase & Co. raised its target price on Teva from $26.00 to $28.00 with an “overweight” rating as of November 6, 2023. UBS Group also increased its target price from $23.00 to $26.00, maintaining a “buy” rating.
Currently, Teva Pharmaceutical Industries holds an average rating of “Buy” with a consensus price target of $25.86, according to MarketBeat.com. This diverse range of assessments from analysts highlights the varying perspectives on the company’s future performance.
Teva Pharmaceutical Industries Limited operates in the development, manufacturing, marketing, and distribution of generic and specialty medicines across various international markets. It offers a broad portfolio of products, including tablets, injectables, inhalants, and combination products, catering to a diverse patient population globally.
