MiniMed Group Inc (NASDAQ:MMED) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Analyst sentiment is positive: Sixteen brokerages rate MiniMed Group a consensus “Moderate Buy,” with 13 buys, two holds and one sell. The average 12-month price target is $21.62 versus the recent $19.51 share price.
• Institutional ownership increased significantly: BlackRock expanded its position by 7,527.5% in the second quarter, while several other investment firms initiated new stakes.
• Revenue grew but earnings missed expectations: Quarterly revenue rose 15.6% year over year to $837 million, although the company reported an adjusted loss of $0.68 per share versus the expected loss of $0.22.

Shares of MiniMed Group Inc (NASDAQ:MMED - Get Free Report) have been given a consensus rating of "Moderate Buy" by the sixteen research firms that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $21.6154.

A number of research firms recently issued reports on MMED. 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 target price on the stock. Bank of America decreased their price target 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. Piper Sandler reiterated a "neutral" rating and set a $16.00 price objective on shares of MiniMed Group in a report on Thursday, June 4th. Wells Fargo & Company reduced their target price on MiniMed Group from $26.00 to $22.00 and set an "overweight" rating for the company in a research note on Thursday, June 4th. Finally, Benchmark reaffirmed a "buy" rating on shares of MiniMed Group in a research note on Thursday, June 4th.

Hedge Funds Weigh In On MiniMed Group

Large investors have recently modified their holdings of the company. BlackRock Inc. grew its position in MiniMed Group by 7,527.5% in the 2nd quarter. BlackRock Inc. now owns 1,996,489 shares of the company's stock valued at $29,848,000 after purchasing an additional 1,970,314 shares during the period. J. Goldman & Co LP bought a new position in shares of MiniMed Group in the second quarter valued at $12,412,000. Readystate Asset Management LP bought a new position in shares of MiniMed Group in the second quarter valued at $4,400,000. Bank of America Corp DE grew its holdings in shares of MiniMed Group by 377.0% during the second quarter. Bank of America Corp DE now owns 238,819 shares of the company's stock valued at $3,570,000 after buying an additional 188,756 shares during the last quarter. Finally, Freestone Grove Partners LP bought a new stake in shares of MiniMed Group during the second quarter worth about $1,745,000.

MiniMed Group Stock Up 0.1%

NASDAQ MMED opened at $19.51 on Friday. The firm has a market capitalization of $5.49 billion and a PE ratio of -28.69. The business's 50 day simple moving average is $17.25. MiniMed Group has a one year low of $10.65 and a one year high of $20.88.

MiniMed Group (NASDAQ:MMED - Get Free Report) last issued its quarterly earnings results on Wednesday, June 3rd. The company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.46). The business had revenue of $837.00 million during the quarter. The firm's revenue for the quarter was up 15.6% compared to the same quarter last year. As a group, sell-side analysts predict that MiniMed Group will post 0.66 earnings per share for the current year.

MiniMed Group Company Profile

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.

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