Teva Pharmaceutical Industries (NYSE: TEVA) has seen its price target upgraded from $28.00 to $35.00 by JPMorgan Chase & Co. in a research report released on December 12, 2023. The firm maintains an “overweight” rating on the stock, indicating strong confidence in the company’s future performance. This adjustment reflects a broader trend among analysts as several other financial institutions have recently reevaluated their positions on Teva.
In a separate report, Bank of America raised its price objective for Teva from $29.00 to $32.00, also assigning a “buy” rating. Similarly, Goldman Sachs Group increased its target price from $28.00 to $31.00, reinforcing its “buy” stance. On December 9, Barclays initiated coverage of Teva with an “overweight” rating and a price target of $35.00, while Scotiabank set a similar target after initiating coverage on December 5, 2023.
As a result of these updates, the consensus rating among analysts for Teva now stands at “buy,” with an average target price of approximately $31.13, according to MarketBeat data. This rating is supported by three analysts who have given the stock a “strong buy,” six who classified it as a “buy,” and one who assigned a “sell” rating.
Insider Trading and Market Movements
On December 9, insider trading activity was notable as Mark Sabag, a company executive, sold 216,892 shares at an average price of $28.73, amounting to approximately $6.23 million. Following this transaction, Sabag retained ownership of 52,828 shares, valued at about $1.52 million. This sale marked an 80.41% decrease in his stake in Teva.
In a similar move, Richard Daniell, the Vice President, sold 115,468 shares at an average price of $28.68, totaling around $3.31 million. After the sale, Daniell owned 48,384 shares, valued at roughly $1.39 million, which represents a 70.47% reduction in his holdings. Over the last 90 days, insiders have sold a total of 622,060 shares valued at approximately $17.08 million, with insiders currently holding just 0.49% of the company’s stock.
Institutional Investments Surge
Recent changes among institutional investors also highlight growing confidence in Teva. Phoenix Financial Ltd. increased its stake by 9.4% during the third quarter, now owning 41,295,244 shares valued at around $834.16 million. Other notable investors include Ion Asset Management Ltd., which boosted its holdings by 6.5% to 39,033,500 shares, and Menora Mivtachim Holdings LTD., which increased its position by 1.1% to 38,920,294 shares.
Additionally, Harel Insurance Investments & Financial Services Ltd. and Migdal Insurance & Financial Holdings Ltd. have raised their stakes by 12.9% and 13.6% respectively, reflecting a broader trend where institutional ownership of Teva now comprises 54.05% of total shares.
Teva Pharmaceutical Industries, headquartered in Israel, specializes in developing, manufacturing, and marketing generic and specialty pharmaceuticals across North America, Europe, and other global markets. The company continues to evolve, with these recent analysts’ ratings and insider trading activities indicating a potentially robust financial outlook ahead.
