Bank of New York Mellon Corp Buys 517,514 Shares of Jazz Pharmaceuticals PLC $JAZZ

Key Points

• Bank of New York Mellon increased its Jazz Pharmaceuticals stake by 44.5% in the first quarter, buying 517,514 additional shares and bringing its total holding to 1,679,371 shares worth about $317.5 million.
• Institutional ownership remains very high, with 89.14% of Jazz Pharmaceuticals’ stock held by institutional investors. Several other funds also added to or initiated positions in the company during recent quarters.
• Wall Street sentiment is generally positive: multiple analysts raised price targets and issued buy ratings, leaving Jazz Pharmaceuticals with a Moderate Buy consensus and an average target price of $256.44.

Bank of New York Mellon Corp increased its holdings in shares of Jazz Pharmaceuticals PLC (NASDAQ:JAZZ - Free Report) by 44.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,679,371 shares of the specialty pharmaceutical company's stock after purchasing an additional 517,514 shares during the period. Bank of New York Mellon Corp owned approximately 2.68% of Jazz Pharmaceuticals worth $317,485,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Ruffer LLP acquired a new position in Jazz Pharmaceuticals during the 4th quarter worth $2,425,000. Allianz Asset Management GmbH raised its holdings in shares of Jazz Pharmaceuticals by 68.2% in the fourth quarter. Allianz Asset Management GmbH now owns 598,832 shares of the specialty pharmaceutical company's stock valued at $101,801,000 after purchasing an additional 242,892 shares during the last quarter. Capricorn Fund Managers Ltd bought a new stake in Jazz Pharmaceuticals during the fourth quarter worth about $1,700,000. Swedbank AB lifted its stake in Jazz Pharmaceuticals by 2.7% in the fourth quarter. Swedbank AB now owns 1,102,974 shares of the specialty pharmaceutical company's stock valued at $187,506,000 after acquiring an additional 28,882 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Jazz Pharmaceuticals by 274.6% in the fourth quarter. Daiwa Securities Group Inc. now owns 8,583 shares of the specialty pharmaceutical company's stock valued at $1,459,000 after purchasing an additional 6,292 shares during the last quarter. 89.14% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on JAZZ shares. Wells Fargo & Company lifted their price objective on shares of Jazz Pharmaceuticals from $265.00 to $285.00 and gave the company an "overweight" rating in a research note on Tuesday. Royal Bank Of Canada boosted their target price on shares of Jazz Pharmaceuticals from $195.00 to $258.00 and gave the stock an "outperform" rating in a report on Wednesday, May 6th. Weiss Ratings raised Jazz Pharmaceuticals from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, June 29th. Canaccord Genuity Group initiated coverage on Jazz Pharmaceuticals in a research report on Thursday. They set a "buy" rating and a $290.00 target price on the stock. Finally, TD Cowen upped their price target on Jazz Pharmaceuticals from $220.00 to $275.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Seventeen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $256.44.

Jazz Pharmaceuticals Trading Up 2.2%

NASDAQ:JAZZ opened at $247.53 on Friday. The stock has a market cap of $15.55 billion, a price-to-earnings ratio of -12,370.31, a PEG ratio of 0.21 and a beta of 0.32. Jazz Pharmaceuticals PLC has a 52 week low of $105.00 and a 52 week high of $250.49. The company has a quick ratio of 1.85, a current ratio of 2.04 and a debt-to-equity ratio of 0.95. The company's 50 day moving average price is $235.11 and its 200-day moving average price is $200.42.

Jazz Pharmaceuticals (NASDAQ:JAZZ - Get Free Report) last announced its quarterly earnings data on Tuesday, March 31st. The specialty pharmaceutical company reported $6.34 EPS for the quarter. Jazz Pharmaceuticals had a return on equity of 14.56% and a net margin of 0.66%.The business had revenue of $1.07 billion for the quarter. On average, equities research analysts forecast that Jazz Pharmaceuticals PLC will post 21.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Rick E. Winningham sold 2,741 shares of Jazz Pharmaceuticals stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $241.57, for a total value of $662,143.37. Following the sale, the director directly owned 9,567 shares of the company's stock, valued at $2,311,100.19. The trade was a 22.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Heather Ann Mcsharry sold 2,000 shares of the business's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $241.00, for a total value of $482,000.00. Following the transaction, the director directly owned 18,449 shares in the company, valued at $4,446,209. This trade represents a 9.78% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 13,098 shares of company stock valued at $3,131,906 over the last quarter. Insiders own 4.10% of the company's stock.

Jazz Pharmaceuticals Company Profile

Jazz Pharmaceuticals plc is a global biopharmaceutical company focused on developing and commercializing therapies in neuroscience and oncology. The company's research and development efforts target unmet medical needs in sleep disorders, hematologic malignancies, rare neurological conditions and solid tumors. Jazz's product portfolio includes therapies for narcolepsy, hepatic veno-occlusive disease, acute myeloid leukemia and other serious disorders.

Flagship products from Jazz Pharmaceuticals include Xyrem® (sodium oxybate) and Xywav® (calcium, magnesium, potassium, and sodium oxybates) for the treatment of cataplexy and excessive daytime sleepiness in patients with narcolepsy.

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