New York State Teachers Retirement System Cuts Stake in Jazz Pharmaceuticals PLC $JAZZ

Key Points

• New York State Teachers Retirement System reduced its Jazz Pharmaceuticals stake by 11.9% in the first quarter, selling 4,054 shares and leaving it with 30,123 shares valued at about $5.7 million.
• Institutional ownership remains very high, with several other funds recently adding or adjusting positions and 89.14% of Jazz Pharmaceuticals currently owned by institutional investors.
• Wall Street sentiment is still broadly positive: 16 analysts rate the stock a Buy and three a Hold, with a consensus price target of $245.94, while the shares recently traded near $247.72.

New York State Teachers Retirement System cut its holdings in shares of Jazz Pharmaceuticals PLC (NASDAQ:JAZZ - Free Report) by 11.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 30,123 shares of the specialty pharmaceutical company's stock after selling 4,054 shares during the quarter. New York State Teachers Retirement System's holdings in Jazz Pharmaceuticals were worth $5,695,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Ruffer LLP purchased a new stake in Jazz Pharmaceuticals during the fourth quarter valued at about $2,425,000. Iron Triangle Partners LP bought a new stake in shares of Jazz Pharmaceuticals in the 3rd quarter valued at about $19,770,000. Goldentree Asset Management LP purchased a new stake in Jazz Pharmaceuticals during the 3rd quarter valued at about $149,597,000. Faithward Advisors LLC boosted its holdings in Jazz Pharmaceuticals by 93.4% during the 3rd quarter. Faithward Advisors LLC now owns 27,904 shares of the specialty pharmaceutical company's stock valued at $3,678,000 after acquiring an additional 13,475 shares during the period. Finally, Allianz Asset Management GmbH grew its position in Jazz Pharmaceuticals by 68.2% during the 4th quarter. Allianz Asset Management GmbH now owns 598,832 shares of the specialty pharmaceutical company's stock worth $101,801,000 after acquiring an additional 242,892 shares during the last quarter. 89.14% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on JAZZ. Morgan Stanley reaffirmed an "overweight" rating and issued a $245.00 price target on shares of Jazz Pharmaceuticals in a research note on Thursday, May 7th. Piper Sandler raised their target price on shares of Jazz Pharmaceuticals from $232.00 to $301.00 and gave the stock an "overweight" rating in a report on Friday, May 22nd. Sanford C. Bernstein reiterated a "market perform" rating on shares of Jazz Pharmaceuticals in a report on Tuesday, June 9th. Truist Financial dropped their price target on shares of Jazz Pharmaceuticals from $256.00 to $254.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, Wells Fargo & Company boosted their price objective on shares of Jazz Pharmaceuticals from $250.00 to $265.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. Sixteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $245.94.

Jazz Pharmaceuticals Stock Performance

Shares of JAZZ stock opened at $247.72 on Wednesday. The firm has a market capitalization of $15.56 billion, a price-to-earnings ratio of -12,379.81, a PEG ratio of 0.21 and a beta of 0.32. The stock has a fifty day moving average of $230.28 and a 200 day moving average of $196.54. Jazz Pharmaceuticals PLC has a 52 week low of $105.00 and a 52 week high of $249.64. The company has a quick ratio of 1.85, a current ratio of 2.04 and a debt-to-equity ratio of 0.95.

Jazz Pharmaceuticals (NASDAQ:JAZZ - Get Free Report) last posted its earnings results on Tuesday, March 31st. The specialty pharmaceutical company reported $6.34 EPS for the quarter. Jazz Pharmaceuticals had a net margin of 0.66% and a return on equity of 14.56%. The firm had revenue of $1.07 billion during the quarter. As a group, research analysts expect that Jazz Pharmaceuticals PLC will post 22.09 earnings per share for the current year.

Insider Buying and Selling at Jazz Pharmaceuticals

In related news, Director Mark Douglas Smith sold 1,157 shares of Jazz Pharmaceuticals stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $230.55, for a total transaction of $266,746.35. Following the sale, the director directly owned 9,680 shares in the company, valued at $2,231,724. The trade was a 10.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Neena M. Patil sold 1,200 shares of the company's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $231.83, for a total value of $278,196.00. Following the completion of the sale, the executive vice president directly owned 51,549 shares in the company, valued at approximately $11,950,604.67. The trade was a 2.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 13,098 shares of company stock worth $3,131,906. Insiders own 4.10% of the company's stock.

About Jazz Pharmaceuticals

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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