37,750 Shares in Electromed, Inc. $ELMD Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 37,750 Electromed shares during the second quarter, valued at approximately $1.6 million and representing about 0.46% of the company. Institutional investors collectively own 40.82% of ELMD.
• Analyst sentiment remains positive, with three Buy ratings and one Hold rating. Electromed has a consensus “Moderate Buy” rating and an average price target of $43.75.
• ELMD opened at $28.50, with a market capitalization of approximately $238.4 million and a 52-week trading range of $23.01 to $47.40.

Bank of America Corp DE purchased a new stake in shares of Electromed, Inc. (NYSE:ELMD - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 37,750 shares of the company's stock, valued at approximately $1,597,000. Bank of America Corp DE owned approximately 0.46% of Electromed as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Electromed in the second quarter worth $19,696,000. Punch & Associates Investment Management Inc. boosted its position in shares of Electromed by 6.6% during the fourth quarter. Punch & Associates Investment Management Inc. now owns 187,020 shares of the company's stock valued at $5,446,000 after buying an additional 11,500 shares during the last quarter. Hunter Associates Investment Management LLC boosted its position in shares of Electromed by 25.1% during the first quarter. Hunter Associates Investment Management LLC now owns 150,800 shares of the company's stock valued at $3,529,000 after buying an additional 30,250 shares during the last quarter. Lazard Asset Management LLC increased its holdings in Electromed by 10.8% in the 1st quarter. Lazard Asset Management LLC now owns 95,213 shares of the company's stock worth $2,229,000 after buying an additional 9,269 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Electromed in the 2nd quarter worth about $1,947,000. 40.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on ELMD. Morgan Stanley set a $50.00 target price on shares of Electromed in a research note on Wednesday, August 26th. Zacks Research lowered shares of Electromed from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 13th. Finally, Lake Street Capital boosted their price objective on shares of Electromed from $36.00 to $47.00 and gave the company a "buy" rating in a report on Wednesday, August 26th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.75.

Electromed Trading Up 1.0%

NYSE ELMD opened at $28.50 on Friday. Electromed, Inc. has a 12 month low of $23.01 and a 12 month high of $47.40. The stock has a market cap of $238.43 million, a price-to-earnings ratio of 38.00 and a beta of 0.46. The company's 50 day moving average is $33.83 and its two-hundred day moving average is $33.49.

Electromed Company Profile

Electromed, Inc is a medical device company that develops, manufactures and distributes airway clearance systems. Its principal product is the SmartVest Airway Clearance System, an external high-frequency chest wall oscillation device designed to help mobilize pulmonary secretions and improve airway clearance.

The company's products are used in the management of respiratory conditions that may impair the body's ability to clear mucus, including cystic fibrosis, bronchiectasis and certain neuromuscular disorders.

Want to see what other hedge funds are holding ELMD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Electromed, Inc. (NYSE:ELMD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.