The Medicines Co. (MDCO) Shares Bought by Principal Financial Group Inc.
Principal Financial Group Inc. increased its stake in The Medicines Co. (NASDAQ:MDCO) by 2.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 498,819 shares of the company’s stock after buying an additional 13,621 shares during the period. Principal Financial Group Inc. owned 0.72% of The Medicines worth $16,775,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Bridger Management LLC bought a new stake in shares of The Medicines during the first quarter valued at approximately $98,528,000. UBS Asset Management Americas Inc. raised its position in The Medicines by 10.9% in the first quarter. UBS Asset Management Americas Inc. now owns 2,053,184 shares of the company’s stock valued at $65,230,000 after buying an additional 201,809 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in The Medicines by 1.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,696,339 shares of the company’s stock valued at $53,893,000 after buying an additional 28,904 shares during the last quarter. Franklin Resources Inc. raised its position in The Medicines by 2.2% in the first quarter. Franklin Resources Inc. now owns 1,477,054 shares of the company’s stock valued at $46,926,000 after buying an additional 32,100 shares during the last quarter. Finally, First Eagle Investment Management LLC acquired a new position in The Medicines during the second quarter valued at about $18,668,000.
Shares of The Medicines Co. (NASDAQ:MDCO) traded up 0.65% during trading on Wednesday, reaching $38.44. 60,180 shares of the company’s stock were exchanged. The company has a 50 day moving average of $38.72 and a 200 day moving average of $36.20. The Medicines Co. has a 12-month low of $27.50 and a 12-month high of $43.00. The stock’s market cap is $2.68 billion.
The Medicines (NASDAQ:MDCO) last released its quarterly earnings results on Wednesday, July 27th. The company reported ($0.62) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.16) by $0.54. The Medicines had a negative net margin of 90.33% and a negative return on equity of 34.20%. The company had revenue of $54.70 million for the quarter, compared to analysts’ expectations of $41.93 million. During the same period last year, the company earned ($0.65) EPS. The firm’s revenue for the quarter was down 26.5% compared to the same quarter last year. Equities research analysts anticipate that The Medicines Co. will post ($1.36) EPS for the current year.
Several research firms have recently issued reports on MDCO. Jefferies Group reiterated a “buy” rating and set a $43.00 target price on shares of The Medicines in a report on Wednesday, August 31st. Zacks Investment Research upgraded shares of The Medicines from a “sell” rating to a “hold” rating in a report on Monday, August 1st. Citigroup Inc. reiterated a “hold” rating on shares of The Medicines in a report on Tuesday, August 2nd. Cowen and Company reiterated a “buy” rating and set a $45.00 target price on shares of The Medicines in a report on Friday, August 5th. Finally, Guggenheim reiterated a “buy” rating and set a $55.00 target price on shares of The Medicines in a report on Monday, August 15th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $47.33.
In other The Medicines news, Director Hiroaki Shigeta sold 3,849 shares of the firm’s stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $38.50, for a total transaction of $148,186.50. Following the sale, the director now directly owns 23,547 shares of the company’s stock, valued at approximately $906,559.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Clive Meanwell sold 1,377 shares of the firm’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $40.00, for a total transaction of $55,080.00. Following the sale, the chief executive officer now directly owns 339,168 shares in the company, valued at $13,566,720. The disclosure for this sale can be found here. Company insiders own 7.90% of the company’s stock.
About The Medicines
The Medicines Company is a global biopharmaceutical company. The Company’s marketed products include Angiomax (bivalirudin), Cleviprex (clevidipine) injectable emulsion, Ionsys (fentanyl iontophoretic transdermal system), Kengreal (cangrelor), Minocin (minocycline) for injection, and Orbactiv (oritavancin).
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