Park Avenue Securities LLC boosted its holdings in GlaxoSmithKline plc (NYSE:GSK) by 101.9% in the second quarter, HoldingsChannel reports. The firm owned 15,025 shares of the pharmaceutical company’s stock after purchasing an additional 7,584 shares during the quarter. Park Avenue Securities LLC’s holdings in GlaxoSmithKline were worth $603,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in GSK. Lincluden Management Ltd. grew its position in GlaxoSmithKline by 3.2% in the first quarter. Lincluden Management Ltd. now owns 283,555 shares of the pharmaceutical company’s stock valued at $11,078,000 after purchasing an additional 8,835 shares in the last quarter. Hennessy Advisors Inc. grew its position in GlaxoSmithKline by 23.8% in the first quarter. Hennessy Advisors Inc. now owns 155,200 shares of the pharmaceutical company’s stock valued at $6,064,000 after purchasing an additional 29,800 shares in the last quarter. FTB Advisors Inc. grew its position in GlaxoSmithKline by 38.6% in the first quarter. FTB Advisors Inc. now owns 5,180 shares of the pharmaceutical company’s stock valued at $209,000 after purchasing an additional 1,443 shares in the last quarter. American Assets Investment Management LLC grew its position in GlaxoSmithKline by 16.7% in the first quarter. American Assets Investment Management LLC now owns 35,000 shares of the pharmaceutical company’s stock valued at $1,367,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Mirador Capital Partners LP lifted its stake in GlaxoSmithKline by 66.0% in the first quarter. Mirador Capital Partners LP now owns 11,868 shares of the pharmaceutical company’s stock valued at $476,000 after acquiring an additional 4,717 shares during the last quarter. 11.09% of the stock is owned by institutional investors and hedge funds.
Shares of GlaxoSmithKline traded up $0.32, reaching $41.08, during mid-day trading on Monday, according to MarketBeat Ratings. 1,756,880 shares of the company were exchanged, compared to its average volume of 3,273,766. The company has a debt-to-equity ratio of 8.13, a quick ratio of 0.61 and a current ratio of 0.94. The stock has a market cap of $101.08 billion, a PE ratio of 14.26, a P/E/G ratio of 2.26 and a beta of 0.82. GlaxoSmithKline plc has a twelve month low of $34.52 and a twelve month high of $42.36.
A number of analysts have commented on the stock. Zacks Investment Research cut shares of GlaxoSmithKline from a “hold” rating to a “sell” rating in a research note on Thursday, June 14th. DZ Bank reiterated a “buy” rating on shares of GlaxoSmithKline in a research note on Thursday, June 14th. Bank of America set a $40.00 price target on shares of GlaxoSmithKline and gave the company a “hold” rating in a research note on Wednesday, July 25th. JPMorgan Chase & Co. reiterated a “neutral” rating on shares of GlaxoSmithKline in a research note on Friday, July 20th. Finally, Shore Capital upgraded shares of GlaxoSmithKline from a “hold” rating to a “buy” rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company’s stock. GlaxoSmithKline presently has a consensus rating of “Hold” and an average target price of $40.17.
In related news, major shareholder Plc Glaxosmithkline bought 80,000 shares of the business’s stock in a transaction dated Tuesday, July 17th. The stock was bought at an average price of $12.50 per share, for a total transaction of $1,000,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 10.00% of the company’s stock.
GlaxoSmithKline plc engages in the creation, discovery, development, manufacture, and marketing of vaccines, over-the-counter medicines, and health-related consumer products worldwide. It operates through four segments: Pharmaceuticals, Pharmaceuticals R&D, Vaccines, and Consumer Healthcare. The company offers pharmaceutical products comprising medicines in the therapeutic areas, such as respiratory, anti-virals, central nervous system, cardiovascular and urogenital, metabolic, anti-bacterials, dermatology, rare diseases, immuno-inflammation, and HIV, as well as vaccines.
Further Reading: Leveraged Buyout (LBO)
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