DAVENPORT & Co LLC Decreases Holdings in Teva Pharmaceutical Industries Ltd. $TEVA

Key Points

• DAVENPORT & Co LLC reduced its holdings in Teva Pharmaceutical Industries by 22.8% in the second quarter, owning 363,522 shares valued at approximately $6.1 million after selling 107,306 shares.
• In contrast, Harel Insurance Investments & Financial Services Ltd. dramatically increased its stake by 197,885.2%, owning over 22 million shares worth about $339 million.
• Analysts have recently raised their price targets for Teva, with UBS and JPMorgan adjusting their targets from $23.00 to $26.00 and giving the stock a "buy" rating.

DAVENPORT & Co LLC cut its holdings in shares of Teva Pharmaceutical Industries Ltd. (NYSE:TEVA - Free Report) by 22.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 363,522 shares of the company's stock after selling 107,306 shares during the quarter. DAVENPORT & Co LLC's holdings in Teva Pharmaceutical Industries were worth $6,093,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in TEVA. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Teva Pharmaceutical Industries by 197,885.2% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 22,055,547 shares of the company's stock worth $338,989,000 after acquiring an additional 22,044,407 shares in the last quarter. Duquesne Family Office LLC grew its holdings in shares of Teva Pharmaceutical Industries by 65.4% in the first quarter. Duquesne Family Office LLC now owns 14,879,750 shares of the company's stock worth $228,702,000 after purchasing an additional 5,882,350 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Teva Pharmaceutical Industries by 472.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 6,283,688 shares of the company's stock worth $96,078,000 after purchasing an additional 5,186,592 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Teva Pharmaceutical Industries by 416.0% in the first quarter. Assenagon Asset Management S.A. now owns 5,983,928 shares of the company's stock worth $91,973,000 after purchasing an additional 4,824,247 shares during the last quarter. Finally, Nuveen LLC bought a new position in shares of Teva Pharmaceutical Industries in the first quarter worth approximately $40,827,000. 54.05% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Placid Jover sold 6,053 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $15.16, for a total transaction of $91,763.48. Following the sale, the insider owned 6,774 shares in the company, valued at approximately $102,693.84. The trade was a 47.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Eric A. Hughes sold 52,742 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $15.16, for a total transaction of $799,568.72. The disclosure for this sale can be found here. Insiders own 0.55% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on TEVA shares. UBS Group raised their target price on shares of Teva Pharmaceutical Industries from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. Weiss Ratings restated a "sell (d-)" rating on shares of Teva Pharmaceutical Industries in a report on Saturday, September 27th. JPMorgan Chase & Co. raised their target price on shares of Teva Pharmaceutical Industries from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Friday, October 3rd. Finally, Wall Street Zen upgraded shares of Teva Pharmaceutical Industries from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $25.57.

Teva Pharmaceutical Industries Stock Up 0.4%

Shares of Teva Pharmaceutical Industries stock opened at $20.05 on Wednesday. The company has a current ratio of 1.06, a quick ratio of 0.77 and a debt-to-equity ratio of 2.45. The company's fifty day simple moving average is $18.26 and its two-hundred day simple moving average is $16.87. The company has a market cap of $23.00 billion, a P/E ratio of -125.31, a PEG ratio of 1.16 and a beta of 0.71. Teva Pharmaceutical Industries Ltd. has a 12-month low of $12.47 and a 12-month high of $22.80.

Teva Pharmaceutical Industries (NYSE:TEVA - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.64 by $0.02. Teva Pharmaceutical Industries had a negative net margin of 0.95% and a positive return on equity of 46.10%. The business had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the previous year, the firm earned $0.61 EPS. The company's quarterly revenue was up .3% compared to the same quarter last year. Teva Pharmaceutical Industries has set its FY 2025 guidance at 2.500-2.600 EPS. Research analysts anticipate that Teva Pharmaceutical Industries Ltd. will post 2.5 EPS for the current year.

About Teva Pharmaceutical Industries

Teva Pharmaceutical Industries Limited develops, manufactures, markets, and distributes generic medicines, specialty medicines, and biopharmaceutical products in North America, Europe, Israel, and internationally. It offers generic medicines in various dosage forms, such as tablets, capsules, injectables, inhalants, liquids, transdermal patches, ointments, and creams; sterile products, hormones, high-potency drugs, and cytotoxic substances in parenteral and solid dosage forms; and generic products with medical devices and combination products.

Want to see what other hedge funds are holding TEVA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Teva Pharmaceutical Industries Ltd. (NYSE:TEVA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.