BTIG Research Boosts MiniMed Group (NASDAQ:MMED) Price Target to $28.00

MiniMed Group (NASDAQ:MMED) had its target price raised by analysts at BTIG Research from $25.00 to $28.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s price target would indicate a potential upside of 26.63% from the stock’s previous close.

Several other research firms have also issued reports on MMED. Benchmark restated a “buy” rating on shares of MiniMed Group in a research report on Thursday, June 4th. Weiss Ratings raised MiniMed Group from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, July 20th. Bank of America cut their target price on shares of MiniMed Group from $27.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, May 18th. Wells Fargo & Company decreased their target price on shares of MiniMed Group from $26.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, June 4th. Finally, UBS Group initiated 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 for the company. Thirteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $21.85.

MiniMed Group Stock Performance

NASDAQ MMED traded up $1.85 during trading on Tuesday, hitting $22.11. 2,860,820 shares of the company’s stock traded hands, compared to its average volume of 1,059,883. The business’s fifty day moving average price is $17.47. MiniMed Group has a 12-month low of $10.65 and a 12-month high of $22.63. The firm has a market cap of $6.22 billion and a price-to-earnings ratio of -32.72.

MiniMed Group (NASDAQ:MMED) last released its quarterly earnings data on Wednesday, June 3rd. The company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.46). The firm had revenue of $837.00 million during the quarter. The firm’s revenue was up 15.6% on a year-over-year basis. On average, sell-side analysts anticipate that MiniMed Group will post 0.66 earnings per share for the current year.

Institutional Investors Weigh In On MiniMed Group

Several institutional investors and hedge funds have recently bought and sold shares of MMED. California State Teachers Retirement System purchased a new position in shares of MiniMed Group during the second quarter valued at approximately $89,000. Readystate Asset Management LP purchased a new stake in MiniMed Group in the second quarter worth $4,400,000. Washington Growth Strategies LLC purchased a new stake in MiniMed Group in the second quarter worth $397,000. Punch & Associates Investment Management Inc. bought a new stake in MiniMed Group in the second quarter valued at $292,000. Finally, Bank of America Corp DE increased its position in MiniMed Group by 377.0% during the 2nd quarter. Bank of America Corp DE now owns 238,819 shares of the company’s stock valued at $3,570,000 after purchasing an additional 188,756 shares during the period.

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.