Zacks Investment Research upgraded shares of GlaxoSmithKline (NYSE:GSK) from a hold rating to a buy rating in a report issued on Tuesday. Zacks Investment Research currently has $42.00 target price on the pharmaceutical company’s stock.
According to Zacks, “Glaxo enjoys a diversified base and presence in different geographical areas. Glaxo should continue to see strong performance in its Pharmaceuticals and Vaccines business units. We are positive on the company’s efforts to develop its pipeline. We think Glaxo possesses one of the stronger late-stage pipelines in large-cap pharma. Performance of new products has been encouraging. Meanwhile, back-to-back approvals of three new products – Trelegy Ellipta, Shingrix and Jucalla – have strengthened Glaxo’s competitive position. However, persistent challenges like stiff competition, genericization and pricing pressure along with slowing growth in emerging markets have been impacting the company’s performance. The slowdown in sales of the Consumer Healthcare segment this year is also a concern. Estimates have declined slightly ahead of Q4 earnings release. However, Glaxo has a positive record of earnings surprises in recent quarters.”
A number of other equities analysts have also issued reports on GSK. ValuEngine lowered GlaxoSmithKline from a buy rating to a hold rating in a research note on Sunday, December 31st. JPMorgan Chase & Co. reaffirmed a neutral rating on shares of GlaxoSmithKline in a research note on Thursday, September 21st. Investec lowered GlaxoSmithKline from a buy rating to a hold rating in a research note on Monday, November 6th. Bank of America lowered GlaxoSmithKline from a buy rating to a neutral rating in a research note on Thursday, October 26th. Finally, Cowen set a $38.00 price target on GlaxoSmithKline and gave the company a hold rating in a research note on Monday, December 11th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the stock. GlaxoSmithKline has a consensus rating of Hold and an average target price of $38.57.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 11th. Stockholders of record on Friday, November 10th were paid a dividend of $0.5037 per share. The ex-dividend date was Thursday, November 9th. This is a positive change from GlaxoSmithKline’s previous quarterly dividend of $0.49. This represents a $2.01 annualized dividend and a dividend yield of 5.37%. GlaxoSmithKline’s dividend payout ratio (DPR) is currently 167.21%.
In related news, major shareholder Plc Glaxosmithkline acquired 428,571 shares of GlaxoSmithKline stock in a transaction dated Monday, November 6th. The stock was acquired at an average cost of $14.00 per share, with a total value of $5,999,994.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 10.00% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FinTrust Investment Advisory Services LLC bought a new stake in shares of GlaxoSmithKline during the 3rd quarter worth $401,000. Private Advisor Group LLC boosted its stake in shares of GlaxoSmithKline by 7.2% during the 3rd quarter. Private Advisor Group LLC now owns 77,976 shares of the pharmaceutical company’s stock worth $3,166,000 after acquiring an additional 5,212 shares in the last quarter. San Francisco Sentry Investment Group CA boosted its stake in shares of GlaxoSmithKline by 110.3% during the 3rd quarter. San Francisco Sentry Investment Group CA now owns 8,749 shares of the pharmaceutical company’s stock worth $356,000 after acquiring an additional 4,589 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of GlaxoSmithKline by 112.1% in the second quarter. Renaissance Technologies LLC now owns 9,338,000 shares of the pharmaceutical company’s stock valued at $402,655,000 after purchasing an additional 4,935,900 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of GlaxoSmithKline in the third quarter valued at $1,209,000. 9.82% of the stock is owned by institutional investors and hedge funds.
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GlaxoSmithKline Company Profile
GlaxoSmithKline plc is a global healthcare company. The Company operates through three segments: Pharmaceuticals, Vaccines and Consumer Healthcare. The Company focuses on its research across six areas: Respiratory diseases, human immunodeficiency virus (HIV)/infectious diseases, Vaccines, Immuno-inflammation, Oncology and Rare diseases.
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