Armistice Capital LLC Acquires 1,275,000 Shares of Smith & Nephew SNATS, Inc. $SNN

Key Points

• Armistice Capital LLC increased its stake in Smith & Nephew SNATS, Inc. by 258.1% during the first quarter, owning 1,769,000 shares valued at approximately $50.19 million.
• Several hedge funds, including Hexagon Capital Partners and Bessemer Group, also significantly raised their holdings in Smith & Nephew SNATS, showcasing a growing institutional interest.
• Smith & Nephew SNATS received a "strong-buy" upgrade from Wall Street Zen, with a revised price target of $36.00, reflecting positive analyst sentiment towards the stock.

Armistice Capital LLC increased its position in Smith & Nephew SNATS, Inc. (NYSE:SNN - Free Report) by 258.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,769,000 shares of the medical equipment provider's stock after purchasing an additional 1,275,000 shares during the quarter. Smith & Nephew SNATS accounts for 0.8% of Armistice Capital LLC's portfolio, making the stock its 21st largest position. Armistice Capital LLC owned 0.40% of Smith & Nephew SNATS worth $50,187,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. J. Goldman & Co LP acquired a new position in Smith & Nephew SNATS during the 4th quarter worth $47,700,000. Northern Trust Corp grew its holdings in Smith & Nephew SNATS by 169.9% during the fourth quarter. Northern Trust Corp now owns 508,392 shares of the medical equipment provider's stock worth $12,496,000 after acquiring an additional 320,054 shares during the period. Point72 Asset Management L.P. acquired a new position in Smith & Nephew SNATS during the fourth quarter worth about $6,132,000. D. E. Shaw & Co. Inc. raised its holdings in Smith & Nephew SNATS by 340.6% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 166,587 shares of the medical equipment provider's stock worth $4,095,000 after buying an additional 128,780 shares during the period. Finally, Causeway Capital Management LLC raised its holdings in Smith & Nephew SNATS by 26.3% during the 1st quarter. Causeway Capital Management LLC now owns 607,357 shares of the medical equipment provider's stock worth $17,231,000 after buying an additional 126,469 shares during the period. 25.64% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SNN has been the subject of several research reports. Wall Street Zen upgraded shares of Smith & Nephew SNATS from a "buy" rating to a "strong-buy" rating in a report on Saturday. Canaccord Genuity Group boosted their target price on Smith & Nephew SNATS from $28.00 to $36.00 and gave the stock a "hold" rating in a report on Monday, August 18th. Six investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $36.00.

Smith & Nephew SNATS Trading Up 1.2%

NYSE SNN traded up $0.46 during trading hours on Wednesday, hitting $37.36. The company's stock had a trading volume of 538,338 shares, compared to its average volume of 837,086. The company has a quick ratio of 1.40, a current ratio of 3.00 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $16.36 billion, a P/E ratio of 17.30, a PEG ratio of 1.03 and a beta of 0.71. The stock has a fifty day moving average of $33.12 and a 200 day moving average of $29.82. Smith & Nephew SNATS, Inc. has a twelve month low of $23.69 and a twelve month high of $37.65.

Smith & Nephew SNATS Cuts Dividend

The company also recently announced a semi-annual dividend, which will be paid on Friday, November 7th. Investors of record on Friday, October 3rd will be given a $0.285 dividend. This represents a yield of 210.0%. The ex-dividend date of this dividend is Friday, October 3rd. Smith & Nephew SNATS's dividend payout ratio (DPR) is currently 41.20%.

About Smith & Nephew SNATS

Smith & Nephew plc engages in the development, manufacture, marketing, and sale of medical devices. It operates through the following segments: Orthopaedics, Sports Medicine and ENT, and Advanced Wound Management. The Orthopaedics and Sports Medicine and ENT segment consists of the following businesses: knee implants, hip implants, other reconstruction, trauma, sports medicine joint repair, arthroscopic enabling technologies, and ENT.