Nordea Investment Management AB Decreases Holdings in Prestige Consumer Healthcare Inc.
Date: September 18, 2023
In the second quarter of this year, Nordea Investment Management AB reduced its holdings in shares of Prestige Consumer Healthcare Inc. (NYSE:PBH) by 7.4%. As reported in its most recent Form 13F filing with the Securities and Exchange Commission (SEC), the institutional investor sold approximately 55,933 shares during this period. This decrease resulted in Nordea Investment Management AB owning 703,537 shares, making up 1.42% of Prestige Consumer Healthcare’s total worth at $41,860,000 as of its most recent SEC filing.
Earnings Results and Financial Achievement:
On August 3rd, Prestige Consumer Healthcare (NYSE:PBH) released its earnings results for the quarter. The company reported an earnings per share (EPS) of $1.06 for the quarter, surpassing the consensus estimate by $0.05 ($1.01). Importantly, it’s worth noting that Prestige Consumer Healthcare achieved a positive return on equity of 13.47%, despite a negative net margin of 7.46%.
Additionally, Prestige Consumer Healthcare generated revenue totaling $279.31 million during the quarter under review as compared to analysts’ expectations of $278.79 million. Although a modest increase from the same period last year by only 0.8%, this demonstrated continued growth for the company on a year-over-year basis.
Research analysts predict that for the current fiscal year, Prestige Consumer Healthcare Inc. will post earnings per share (EPS) of approximately $4.31 based on their thorough analysis and market insights.
Nordea Investment Management AB’s recent decision to decrease its holdings in Prestige Consumer Healthcare Inc., coupled with the impressive quarterly financial achievements by the company showcasing a positive return on equity, indicate an evolving market scenario for the healthcare sector.
As the global healthcare industry undergoes continuous transformation, investors and analysts alike should closely monitor developments in Prestige Consumer Healthcare Inc. and observe how it positions itself to capitalize on emerging opportunities within the market.
Institutional Investors and Insiders Drive Changes in Prestige Consumer Healthcare Stock
On September 18, 2023, Prestige Consumer Healthcare Inc. saw some notable changes in their positions as various institutional investors and hedge funds made moves with the company’s stock. Altshuler Shaham Ltd purchased a new position in shares of Prestige Consumer Healthcare during the fourth quarter for approximately $27,000. Similarly, Natixis also bought a new position during the same period, valuing it at around $36,000. In contrast, Parallel Advisors LLC increased its stake by 74.7% during the first quarter, bringing their ownership to 676 shares worth $42,000 after adding an additional 289 shares. Robeco Institutional Asset Management B.V., on the other hand, acquired a new position valued at approximately $59,000 during the first quarter. Lastly, Trivant Custom Portfolio Group LLC purchased a new position in the first quarter as well for about $70,000. Overall, institutional investors own a staggering 99.95% of the company’s stock.
Monday opened with PBH stock at $57.88. Over the past twelve months, Prestige Consumer Healthcare Inc.’s stock has seen a low of $48.51 and reached a high of $68.54. Additionally, the company currently boasts a current ratio of 2.66 and a quick ratio of 1.51 while maintaining a debt-to-equity ratio of 0.89. As for moving averages, its 50-day moving average stands at $61.00 and its 200-day moving average is slightly higher at $60.35.
Moreover, one piece of significant news revolves around CEO Ronald M. Lombardi selling off 32,800 shares of Prestige Consumer Healthcare stock on Tuesday August 8th for an average price of $65.57 each; bringing his total transaction amount to $2,150,696. Following this transaction issue example you disclosed separately above, the chief executive officer now holds 270,557 shares in the company valued at approximately $17,740,422.49.
In a separate transaction, SVP Mary Beth Fritz sold 2,540 shares of Prestige Consumer Healthcare stock on Thursday, September 14th for an average price of $58.92 each; amounting to a total transaction value of $149,656.80. After the sale, the senior vice president now owns 15,934 shares in the company with an approximate value of $938,831.28. The disclosure for this specific sale can be found here. It’s important to note that corporate insiders currently own 1.60% of the stock.
Additionally, several equities research analysts have recently shared their opinions on Prestige Consumer Healthcare stock. StockNews.com initiated coverage on August 17th and rated it as a “buy.” Conversely, TheStreet downgraded Prestige Consumer Healthcare from a “b” rating to a “c+” rating in a research report published on September 7th. Lastly, 3M reiterated their rating on Monday June 26th as well. The current consensus among analysts is that Prestige Consumer Healthcare holds an average rating of “Moderate Buy” with a consensus price target set at $82.00 according to data provided by Bloomberg.com.
Overall, these recent developments within Prestige Consumer Healthcare showcase various shifts in positions amongst institutional investors and hedge funds while shedding light on insider trading activity and providing insight from equities research analysts’ perspectives.
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