Teva Pharmaceutical Industries (NYSE: TEVA) saw its price target increased from $29.00 to $32.00 by Bank of America in a research report released to investors on Tuesday. This adjustment reflects the firm’s confidence in the stock, which it continues to rate as a “buy.”
Several other brokerages have also reassessed their outlooks on Teva. Goldman Sachs raised its price target from $28.00 to $31.00, maintaining a “buy” rating. On November 6, JPMorgan Chase & Co. increased its target from $26.00 to $28.00 while assigning an “overweight” rating. Additionally, UBS Group elevated its target from $23.00 to $26.00, also rating the stock as a “buy.”
Barclays has begun covering Teva, issuing an “overweight” rating and a target price of $35.00. In contrast, Weiss Ratings maintained a “sell (d-)” rating for the company. Overall, market data indicates that Teva currently has a consensus rating of “buy” with an average price target of $30.25, according to MarketBeat.
Recent Insider Transactions and Shareholder Activity
Teva’s stock experienced a modest increase of 1.2% recently. In related news, Vice President Richard Daniell sold 115,468 shares on December 9 at an average price of $28.68, totaling approximately $3.31 million. Following this transaction, Daniell retained 48,384 shares, valued at around $1.39 million, representing a reduction of 70.47% in his holdings.
On November 6, Director Roberto Mignone sold 200,000 shares at an average price of $24.11, yielding a total of $4.82 million. After this sale, Mignone owned 495,000 shares, valued at approximately $11.93 million, marking a 28.78% decrease in ownership. In total, insiders have sold 532,360 shares worth around $14.36 million over the past ninety days, with insiders currently holding 0.49% of the stock.
Institutional Investment Trends
Recent activity among hedge funds highlights a growing interest in Teva. Advisors Asset Management Inc. acquired a new stake valued at approximately $41,000 during the second quarter. New Age Alpha Advisors LLC also purchased a new stake valued at about $43,000 in the first quarter.
Cromwell Holdings LLC increased its holdings in Teva by 40.3% during the third quarter, now owning 2,191 shares valued at $44,000. Additionally, Sound Income Strategies LLC raised its position by 3,715.8% in the same quarter, acquiring 2,900 shares valued at $49,000. MAI Capital Management also boosted its holdings by 26.8% during the second quarter, holding 3,293 shares valued at $55,000.
Currently, hedge funds and institutional investors collectively own 54.05% of Teva’s stock, reflecting a substantial institutional stake in the company.
Teva Pharmaceutical Industries Limited specializes in the development, manufacture, marketing, and distribution of generic and specialty medicines, as well as biopharmaceutical products across various global markets, including North America, Europe, and Israel. The company offers a wide range of generic medications in multiple dosage forms, including tablets, injectables, and creams, among others.
