Mackenzie Financial Corp Cuts Position in Alkermes plc (NASDAQ:ALKS)

Key Points

• Mackenzie Financial Corp reduced its holdings in Alkermes plc by 28.7% in the first quarter, selling 95,622 shares and owning approximately $7.83 million worth of the stock afterwards.
• Equities analysts have a consensus rating of “Moderate Buy” for Alkermes, with most analysts predicting growth and setting an average target price of $41.08.
• Alkermes reported earnings of $0.52 per share for the last quarter, exceeding estimates by $0.10, despite a 2.1% year-over-year revenue decline.

Mackenzie Financial Corp lessened its stake in shares of Alkermes plc (NASDAQ:ALKS - Free Report) by 28.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 237,004 shares of the company's stock after selling 95,622 shares during the quarter. Mackenzie Financial Corp owned about 0.14% of Alkermes worth $7,826,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. USA Financial Formulas purchased a new position in shares of Alkermes during the first quarter worth about $49,000. Fifth Third Bancorp grew its holdings in shares of Alkermes by 54.4% during the first quarter. Fifth Third Bancorp now owns 1,479 shares of the company's stock worth $49,000 after purchasing an additional 521 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of Alkermes during the fourth quarter worth about $98,000. GAMMA Investing LLC grew its holdings in shares of Alkermes by 31.9% during the first quarter. GAMMA Investing LLC now owns 5,396 shares of the company's stock worth $178,000 after purchasing an additional 1,305 shares in the last quarter. Finally, Farringdon Capital Ltd. purchased a new position in shares of Alkermes during the fourth quarter worth about $204,000. Hedge funds and other institutional investors own 95.21% of the company's stock.

Alkermes Stock Up 0.2%

Shares of ALKS traded up $0.06 during mid-day trading on Friday, hitting $26.55. 1,587,001 shares of the company's stock traded hands, compared to its average volume of 2,172,861. Alkermes plc has a 1 year low of $25.56 and a 1 year high of $36.45. The firm has a market capitalization of $4.38 billion, a P/E ratio of 12.76, a PEG ratio of 1.63 and a beta of 0.47. The business's 50-day moving average price is $29.21 and its 200-day moving average price is $30.78.

Alkermes (NASDAQ:ALKS - Get Free Report) last posted its earnings results on Tuesday, July 29th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.10. The firm had revenue of $390.66 million for the quarter, compared to analysts' expectations of $343.20 million. Alkermes had a return on equity of 24.86% and a net margin of 23.15%. The business's revenue was down 2.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.16 earnings per share. Sell-side analysts anticipate that Alkermes plc will post 1.31 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Christian Todd Nichols sold 3,334 shares of the company's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $31.09, for a total transaction of $103,654.06. Following the transaction, the senior vice president directly owned 86,208 shares of the company's stock, valued at $2,680,206.72. This represents a 3.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 4.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ALKS. Needham & Company LLC reissued a "buy" rating and set a $45.00 price objective on shares of Alkermes in a report on Tuesday, July 29th. HC Wainwright restated a "neutral" rating and issued a $46.00 target price on shares of Alkermes in a research report on Monday, July 21st. Cantor Fitzgerald upgraded Alkermes to a "strong-buy" rating in a research report on Tuesday, May 13th. The Goldman Sachs Group started coverage on Alkermes in a research report on Tuesday, July 15th. They issued a "buy" rating and a $43.00 target price for the company. Finally, Royal Bank Of Canada boosted their target price on Alkermes from $40.00 to $42.00 and gave the stock a "sector perform" rating in a research report on Wednesday. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $41.08.

Alkermes Company Profile

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in therapeutic areas in the United States, Ireland, and internationally. It has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of clinical and preclinical product candidates in development for neurological disorders.