Sprucegrove Investment Management Ltd. Has $22.73 Million Holdings in Biogen Inc. (NASDAQ:BIIB)

Sprucegrove Investment Management Ltd. lifted its position in shares of Biogen Inc. (NASDAQ:BIIB) by 1.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 98,055 shares of the biotechnology company’s stock after buying an additional 1,200 shares during the quarter. Biogen comprises about 1.2% of Sprucegrove Investment Management Ltd.’s holdings, making the stock its 15th largest position. Sprucegrove Investment Management Ltd. owned 0.07% of Biogen worth $22,731,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Leo Wealth LLC acquired a new stake in shares of Biogen during the fourth quarter worth $2,265,000. Duality Advisers LP acquired a new stake in Biogen in the first quarter worth $1,290,000. Tocqueville Asset Management L.P. grew its holdings in Biogen by 924.4% in the first quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock worth $9,962,000 after purchasing an additional 41,690 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Biogen by 0.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock worth $83,337,000 after purchasing an additional 3,380 shares during the period. Finally, Cetera Investment Advisers grew its holdings in Biogen by 235.1% in the first quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock worth $3,204,000 after purchasing an additional 10,425 shares during the period. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on BIIB shares. Scotiabank reduced their price target on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and issued a $285.00 price target on shares of Biogen in a report on Wednesday, September 4th. Barclays reduced their price target on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Wells Fargo & Company reduced their price target on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Finally, Wedbush reduced their price target on shares of Biogen from $215.00 to $210.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $275.52.

Biogen Stock Up 1.9 %

BIIB opened at $201.44 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. The company’s 50-day moving average is $207.92 and its 200 day moving average is $215.17. Biogen Inc. has a fifty-two week low of $189.44 and a fifty-two week high of $269.43. The firm has a market capitalization of $29.33 billion, a P/E ratio of 25.15, a PEG ratio of 2.01 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, topping the consensus estimate of $4.00 by $1.28. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.02 earnings per share. Research analysts expect that Biogen Inc. will post 16.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the sale, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.16% of the company’s stock.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.