California Public Employees Retirement System Grows Position in PDL BioPharma Inc (PDLI)

California Public Employees Retirement System lifted its holdings in shares of PDL BioPharma Inc (NASDAQ:PDLI) by 12.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,085,093 shares of the biotechnology company’s stock after buying an additional 117,993 shares during the quarter. California Public Employees Retirement System owned about 0.70% of PDL BioPharma worth $3,678,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of PDLI. Systematic Financial Management LP grew its holdings in PDL BioPharma by 0.4% during the second quarter. Systematic Financial Management LP now owns 714,640 shares of the biotechnology company’s stock valued at $1,765,000 after purchasing an additional 2,585 shares during the period. Nationwide Fund Advisors lifted its stake in PDL BioPharma by 4.7% in the second quarter. Nationwide Fund Advisors now owns 109,961 shares of the biotechnology company’s stock valued at $272,000 after buying an additional 4,900 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in PDL BioPharma by 18.4% in the second quarter. Public Employees Retirement System of Ohio now owns 65,612 shares of the biotechnology company’s stock valued at $162,000 after buying an additional 10,189 shares in the last quarter. Voya Investment Management LLC lifted its stake in PDL BioPharma by 15.7% in the second quarter. Voya Investment Management LLC now owns 82,612 shares of the biotechnology company’s stock valued at $204,000 after buying an additional 11,235 shares in the last quarter. Finally, Nomura Holdings Inc. lifted its stake in PDL BioPharma by 2.2% in the second quarter. Nomura Holdings Inc. now owns 777,413 shares of the biotechnology company’s stock valued at $1,925,000 after buying an additional 17,073 shares in the last quarter. Institutional investors own 88.36% of the company’s stock.

PDL BioPharma Inc (NASDAQ:PDLI) opened at $2.79 on Friday. PDL BioPharma Inc has a fifty-two week low of $1.96 and a fifty-two week high of $3.55. The firm has a market cap of $424.43, a price-to-earnings ratio of 5.47 and a beta of 0.45. The company has a current ratio of 3.16, a quick ratio of 3.10 and a debt-to-equity ratio of 0.14.

PDL BioPharma (NASDAQ:PDLI) last released its quarterly earnings data on Thursday, November 2nd. The biotechnology company reported $0.14 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.01. PDL BioPharma had a net margin of 24.51% and a return on equity of 9.20%. The firm had revenue of $62.75 million for the quarter, compared to the consensus estimate of $61.86 million. During the same period in the previous year, the company earned $0.08 earnings per share. The company’s quarterly revenue was up 17.0% on a year-over-year basis. analysts anticipate that PDL BioPharma Inc will post 0.67 EPS for the current year.

PDL BioPharma declared that its board has approved a stock buyback plan on Monday, September 25th that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the biotechnology company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

PDLI has been the topic of a number of research reports. ValuEngine raised shares of PDL BioPharma from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Cowen reissued a “hold” rating and issued a $3.00 price objective on shares of PDL BioPharma in a research report on Friday, October 27th. BidaskClub lowered shares of PDL BioPharma from a “hold” rating to a “sell” rating in a research report on Saturday, January 6th. Finally, Zacks Investment Research downgraded shares of PDL BioPharma from a “buy” rating to a “hold” rating in a report on Monday, January 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. PDL BioPharma presently has a consensus rating of “Hold” and a consensus price target of $3.33.

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PDL BioPharma Company Profile

PDL BioPharma, Inc seeks to provide return for its shareholders by acquiring and managing a portfolio of companies, products, royalty agreements and debt facilities in the biotechnology, pharmaceutical and medical device industries. The Company’s segments include income generating assets and product sales.

Institutional Ownership by Quarter for PDL BioPharma (NASDAQ:PDLI)

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