Pinnacle Associates Ltd. Has $4.54 Million Stake in Shire PLC (SHPG)

Pinnacle Associates Ltd. decreased its stake in Shire PLC (NASDAQ:SHPG) by 11.1% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 25,066 shares of the biopharmaceutical company’s stock after selling 3,141 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Shire were worth $4,544,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of SHPG. Credit Suisse AG raised its position in shares of Shire by 67.2% during the 3rd quarter. Credit Suisse AG now owns 396,626 shares of the biopharmaceutical company’s stock worth $71,896,000 after purchasing an additional 159,395 shares during the period. Canada Pension Plan Investment Board raised its position in shares of Shire by 218.7% during the 3rd quarter. Canada Pension Plan Investment Board now owns 87,432 shares of the biopharmaceutical company’s stock worth $15,849,000 after purchasing an additional 60,000 shares during the period. Abrams Capital Management L.P. acquired a new stake in shares of Shire during the 3rd quarter worth approximately $407,338,000. Third Point LLC acquired a new stake in Shire in the 3rd quarter valued at approximately $290,032,000. Finally, Rafferty Asset Management LLC increased its position in Shire by 5.8% in the 3rd quarter. Rafferty Asset Management LLC now owns 11,145 shares of the biopharmaceutical company’s stock valued at $2,020,000 after acquiring an additional 609 shares during the period. 19.26% of the stock is owned by hedge funds and other institutional investors.

Shares of Shire stock opened at $177.00 on Monday. The firm has a market capitalization of $53.80 billion, a PE ratio of 11.68, a price-to-earnings-growth ratio of 1.59 and a beta of 1.02. The company has a quick ratio of 0.51, a current ratio of 0.92 and a debt-to-equity ratio of 0.36. Shire PLC has a 12 month low of $123.73 and a 12 month high of $182.47.

Shire (NASDAQ:SHPG) last issued its earnings results on Thursday, November 1st. The biopharmaceutical company reported $3.64 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.65 by ($0.01). The business had revenue of $3.87 billion during the quarter. Shire had a return on equity of 12.70% and a net margin of 30.63%. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the previous year, the business posted $3.81 earnings per share. As a group, analysts predict that Shire PLC will post 15.12 earnings per share for the current fiscal year.

SHPG has been the topic of several research analyst reports. Royal Bank of Canada set a $195.00 price target on Shire and gave the company a “buy” rating in a research report on Tuesday, October 23rd. Zacks Investment Research reiterated a “hold” rating on shares of Shire in a research report on Thursday, November 15th. BidaskClub cut Shire from a “hold” rating to a “sell” rating in a research report on Thursday, August 16th. Cantor Fitzgerald set a $222.00 target price on Shire and gave the stock a “buy” rating in a research report on Tuesday, July 31st. Finally, ValuEngine raised Shire from a “sell” rating to a “hold” rating in a research report on Friday, August 24th. Eight research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Shire presently has a consensus rating of “Buy” and a consensus target price of $201.11.

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Shire Profile

Shire plc, a biotechnology company, researches, develops, licenses, manufactures, markets, distributes, and sells medicines for rare diseases and other specialized conditions worldwide. The company offers products in therapeutic areas, including hematology, genetic diseases, neuroscience, immunology, internal medicine, ophthalmology, and oncology.

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Institutional Ownership by Quarter for Shire (NASDAQ:SHPG)

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