MiniMed Group Inc (NASDAQ:MMED) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of MiniMed Group Inc (NASDAQ:MMED) have earned an average rating of “Moderate Buy” from the sixteen ratings firms that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $21.6154.

Several analysts have recently issued reports on the stock. Wells Fargo & Company reduced their target price on shares of MiniMed Group from $26.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, June 4th. UBS Group began coverage on shares of MiniMed Group in a research report on Tuesday, July 28th. They set a “buy” rating and a $25.00 price target on the stock. Piper Sandler reaffirmed a “neutral” rating and issued a $16.00 price objective on shares of MiniMed Group in a research report on Thursday, June 4th. Bank of America decreased their price objective on shares of MiniMed Group from $27.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, May 18th. Finally, Benchmark reissued a “buy” rating on shares of MiniMed Group in a research report on Thursday, June 4th.

MiniMed Group Stock Performance

Shares of NASDAQ:MMED opened at $19.51 on Friday. The stock has a market capitalization of $5.49 billion and a PE ratio of -28.69. MiniMed Group has a 12-month low of $10.65 and a 12-month high of $20.88. The firm’s 50 day moving average is $17.25.

MiniMed Group (NASDAQ:MMED) last released its quarterly earnings results on Wednesday, June 3rd. The company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.46). The company had revenue of $837.00 million during the quarter. MiniMed Group’s revenue was up 15.6% compared to the same quarter last year. As a group, analysts anticipate that MiniMed Group will post 0.66 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System bought a new position in MiniMed Group in the 2nd quarter valued at $89,000. Legal & General Group Plc bought a new stake in shares of MiniMed Group during the 2nd quarter worth $91,000. The Manufacturers Life Insurance Company purchased a new position in shares of MiniMed Group in the 2nd quarter worth about $185,000. Punch & Associates Investment Management Inc. bought a new position in MiniMed Group during the second quarter valued at about $292,000. Finally, Washington Growth Strategies LLC bought a new position in MiniMed Group during the second quarter valued at about $397,000.

About MiniMed Group

We are a scaled global medical technology company that develops, manufactures, and markets a comprehensive suite of solutions for the management of diabetes. Since our founding more than 40 years ago, we have pioneered groundbreaking innovation and served the needs of our customers across the globe in service of our mission to make every day a better day for people with diabetes. Today, we are the only player in the market that commercializes all parts of an integrated diabetes management system.