Zacks Investment Research downgraded shares of ICU Medical Inc. (NASDAQ:ICUI) from a buy rating to a hold rating in a research note issued to investors on Tuesday.

According to Zacks, “ICU Medical, Inc., together with its wholly-owned subsidiary Budget Medical Products, Inc. is a leader in the development, manufacture and sale of proprietary, disposable medical connection systems for use in intravenous therapy applications. The company’s intravenous connectors are designed to prevent accidental disconnection’s of intravenous lines and to protect healthcare workers and their patients from the spread of infectious diseases such as Hepatitis B and Human Immunodeficiency Virus by significantly reducing the risk of accidental needlesticks. “

Separately, Piper Jaffray Cos. reiterated a neutral rating and issued a $119.00 price target (up from $115.00) on shares of ICU Medical in a report on Thursday, August 11th.

ICU Medical (NASDAQ:ICUI) opened at 126.34 on Tuesday. ICU Medical has a 12-month low of $85.56 and a 12-month high of $128.93. The firm has a 50-day moving average price of $123.86 and a 200-day moving average price of $109.75. The company has a market cap of $2.04 billion, a P/E ratio of 37.62 and a beta of 0.49.

ICU Medical (NASDAQ:ICUI) last released its quarterly earnings data on Monday, August 8th. The company reported $1.15 EPS for the quarter, topping the consensus estimate of $1.05 by $0.10. The company had revenue of $96.70 million for the quarter, compared to the consensus estimate of $89.66 million. ICU Medical had a return on equity of 10.33% and a net margin of 14.94%. ICU Medical’s quarterly revenue was up 15.4% on a year-over-year basis. During the same period last year, the business posted $0.97 EPS. On average, analysts forecast that ICU Medical will post $4.54 earnings per share for the current fiscal year.

In other ICU Medical news, VP Steven Riggs sold 20,000 shares of ICU Medical stock in a transaction dated Wednesday, June 29th. The stock was sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the completion of the sale, the vice president now owns 21,378 shares of the company’s stock, valued at approximately $2,351,580. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Scott E. Lamb sold 1,474 shares of ICU Medical stock in a transaction dated Tuesday, September 13th. The stock was sold at an average price of $121.61, for a total value of $179,253.14. Following the sale, the chief financial officer now directly owns 4,705 shares of the company’s stock, valued at approximately $572,175.05. The disclosure for this sale can be found here. Corporate insiders own 15.90% of the company’s stock.

A number of hedge funds have recently modified their holdings of ICUI. Victory Capital Management Inc. boosted its stake in shares of ICU Medical by 69.3% in the second quarter. Victory Capital Management Inc. now owns 366,618 shares of the company’s stock worth $41,336,000 after buying an additional 150,066 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of ICU Medical by 67.5% in the second quarter. JPMorgan Chase & Co. now owns 309,998 shares of the company’s stock worth $34,953,000 after buying an additional 124,920 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of ICU Medical by 1,469.8% in the first quarter. Royal Bank of Canada now owns 131,830 shares of the company’s stock worth $13,725,000 after buying an additional 123,432 shares in the last quarter. Norges Bank purchased a new stake in shares of ICU Medical during the fourth quarter worth approximately $12,870,000. Finally, Champlain Investment Partners LLC boosted its stake in shares of ICU Medical by 19.8% in the second quarter. Champlain Investment Partners LLC now owns 479,060 shares of the company’s stock worth $54,014,000 after buying an additional 79,235 shares in the last quarter. 89.50% of the stock is owned by institutional investors.

About ICU Medical

ICU Medical, Inc is engaged in the development, manufacturing and sales of medical devices used in infusion therapy, oncology and critical care applications. The Company’s product line includes needlefree connection devices, closed system transfer devices (CSTD), needlefree closed blood sampling systems, disposable pressure transducer systems and hemodynamic monitoring systems.

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