Ballast Asset Management LP Buys 240,100 Shares of MiniMed Group Inc $MMED

Key Points

• Ballast Asset Management opened a 240,100-share position in MiniMed Group in the third quarter, worth about $4.675 million and representing roughly 2% of its portfolio.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $24.25; 14 analysts rate the stock Buy, four Hold, and one Sell.
• Several other institutional investors also disclosed new MiniMed positions in the second and third quarters.

Ballast Asset Management LP bought a new stake in MiniMed Group Inc (NASDAQ:MMED - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 240,100 shares of the company's stock, valued at approximately $4,675,000. MiniMed Group makes up about 2.0% of Ballast Asset Management LP's portfolio, making the stock its 19th largest holding. Ballast Asset Management LP owned about 0.09% of MiniMed Group at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Parkside Financial Bank & Trust acquired a new stake in MiniMed Group in the second quarter valued at about $28,000. Legal & General Group Plc purchased a new stake in MiniMed Group in the 2nd quarter valued at approximately $91,000. State of Wyoming acquired a new position in MiniMed Group during the 3rd quarter worth approximately $167,000. The Manufacturers Life Insurance Company acquired a new position in MiniMed Group during the 2nd quarter worth approximately $185,000. Finally, State of Alaska Department of Revenue purchased a new position in shares of MiniMed Group during the 3rd quarter worth approximately $227,000.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on MMED shares. Weiss Ratings raised MiniMed Group from a "sell (d-)" rating to a "sell (d)" rating in a report on Wednesday, September 9th. UBS Group upped their price objective on MiniMed Group from $25.00 to $28.00 and gave the stock a "buy" rating in a report on Wednesday, September 2nd. Truist Financial started coverage on MiniMed Group in a research report on Thursday, September 24th. They issued a "buy" rating and a $29.00 price objective for the company. Bank of America raised their target price on MiniMed Group from $24.00 to $28.00 and gave the company a "buy" rating in a report on Wednesday, September 2nd. Finally, Barclays began coverage on shares of MiniMed Group in a research report on Wednesday, October 7th. They set an "equal weight" rating and a $22.00 target price on the stock. Fourteen research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $24.25.

MiniMed Group Stock Performance

Shares of MMED opened at $17.88 on Tuesday. The firm's 50-day moving average is $19.98 and its two-hundred day moving average is $16.70. MiniMed Group Inc has a twelve month low of $10.65 and a twelve month high of $24.43.

About MiniMed Group

MiniMed Group focuses on diabetes technology, developing products and services to help people manage insulin-dependent diabetes. Its offerings include insulin pumps, continuous glucose monitoring systems, infusion sets and software for tracking glucose and coordinating insulin delivery.

The business is known for automated insulin-delivery systems that use glucose readings to help adjust insulin delivery, including products in the MiniMed 780G system line. Its technologies are intended for use by people with diabetes and the clinicians who support their care.

MiniMed's operations trace to Medtronic's diabetes business, which developed and marketed diabetes-management products internationally.

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