CI Investments Inc. Has $62.17 Million Stock Position in PPD, Inc. (NASDAQ:PPD)

CI Investments Inc. increased its stake in PPD, Inc. (NASDAQ:PPD) by 13.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,816,723 shares of the company’s stock after purchasing an additional 209,867 shares during the period. CI Investments Inc.’s holdings in PPD were worth $62,168,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Jennison Associates LLC lifted its position in PPD by 20.8% during the fourth quarter. Jennison Associates LLC now owns 2,653,050 shares of the company’s stock worth $90,787,000 after purchasing an additional 457,350 shares during the period. Voloridge Investment Management LLC bought a new position in PPD in the 3rd quarter valued at about $7,784,000. California Public Employees Retirement System raised its position in shares of PPD by 36.0% in the 4th quarter. California Public Employees Retirement System now owns 389,627 shares of the company’s stock valued at $13,333,000 after buying an additional 103,172 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of PPD by 185.4% during the 3rd quarter. Victory Capital Management Inc. now owns 65,226 shares of the company’s stock worth $2,413,000 after acquiring an additional 42,368 shares during the period. Finally, TD Asset Management Inc. lifted its holdings in shares of PPD by 186.3% during the 3rd quarter. TD Asset Management Inc. now owns 357,760 shares of the company’s stock worth $13,234,000 after acquiring an additional 232,813 shares during the period. 68.82% of the stock is owned by institutional investors and hedge funds.

Several research analysts have commented on the stock. Zacks Investment Research upgraded shares of PPD from a “hold” rating to a “buy” rating and set a $39.00 price objective for the company in a research report on Tuesday, November 17th. Deutsche Bank Aktiengesellschaft boosted their price target on PPD from $33.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday, October 29th. Seventeen research analysts have rated the stock with a buy rating, PPD presently has a consensus rating of “Buy” and an average target price of $35.06.

PPD stock opened at $36.58 on Tuesday. The company has a market capitalization of $12.79 billion and a P/E ratio of 243.87. The company has a fifty day moving average price of $35.68 and a 200-day moving average price of $34.61. PPD, Inc. has a 52-week low of $10.61 and a 52-week high of $38.76.

In related news, CEO David S. Simmons sold 77,065 shares of the firm’s stock in a transaction on Friday, February 12th. The stock was sold at an average price of $38.01, for a total transaction of $2,929,240.65. Following the completion of the transaction, the chief executive officer now directly owns 669,999 shares of the company’s stock, valued at approximately $25,466,661.99. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

PPD Profile

PPD, Inc provides drug development services to the biopharmaceutical industry worldwide. The company operates through Clinical Development Services and Laboratory Services segments. It offers clinical development services, including product development and consulting, early development, Phases II-IV clinical trial management, accelerated enrollment, peri- and post-approval, and medical communications services.

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Institutional Ownership by Quarter for PPD (NASDAQ:PPD)

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