VanEck Pharmaceutical ETF (NASDAQ:PPH) Reaches New 1-Year High – Here’s Why

VanEck Pharmaceutical ETF (NASDAQ:PPH – Get Free Report)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $114.28 and last traded at $114.12, with a volume of 28136 shares traded. The stock had previously closed at $111.31.

VanEck Pharmaceutical ETF Stock Up 1.9%

The firm has a market cap of $985.62 million, a PE ratio of 20.21 and a beta of 0.46. The company has a 50-day simple moving average of $106.74 and a two-hundred day simple moving average of $105.71.

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VanEck Pharmaceutical ETF Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Wednesday, July 1st were paid a dividend of $0.6248 per share. This represents a $2.50 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Wednesday, July 1st.

Hedge Funds Weigh In On VanEck Pharmaceutical ETF

Several institutional investors have recently added to or reduced their stakes in PPH. Wellington Management Group LLP bought a new position in VanEck Pharmaceutical ETF during the fourth quarter valued at about $42,134,000. Royal Bank of Canada raised its position in VanEck Pharmaceutical ETF by 846.9% in the first quarter. Royal Bank of Canada now owns 361,001 shares of the company’s stock worth $37,501,000 after acquiring an additional 322,878 shares during the period. BNP Paribas Financial Markets raised its position in VanEck Pharmaceutical ETF by 176.2% in the fourth quarter. BNP Paribas Financial Markets now owns 300,000 shares of the company’s stock worth $30,951,000 after acquiring an additional 191,371 shares during the period. Revere Asset Management Inc purchased a new position in VanEck Pharmaceutical ETF in the third quarter valued at about $15,628,000. Finally, Bank of America Corp DE boosted its stake in VanEck Pharmaceutical ETF by 139.3% in the first quarter. Bank of America Corp DE now owns 143,609 shares of the company’s stock valued at $14,918,000 after acquiring an additional 83,598 shares during the last quarter.

VanEck Pharmaceutical ETF Company Profile

(Get Free Report)

The VanEck Pharmaceutical ETF (PPH) is an exchange-traded fund that is based on the MVIS US Listed Pharmaceutical 25 index, a market-cap-weighted index of 25 of the largest global pharmaceutical firms. PPH was launched on Feb 1, 2000 and is managed by VanEck.

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