Bank of America Corp DE Has $7.16 Million Stock Position in Tandem Diabetes Care, Inc. $TNDM

Key Points

• Bank of America cut its Tandem Diabetes Care stake by 46.9% in the first quarter, selling 329,279 shares and retaining 373,224 shares worth approximately $7.16 million.
• Tandem reported quarterly revenue of $254.56 million, up 5.8% year over year, and an adjusted loss of $0.31 per share that narrowly beat analyst expectations. Analysts expect the company to remain unprofitable this fiscal year.
• Analyst sentiment is mixed, with the stock carrying an overall “Hold” rating and an average price target of $28.98; recent targets range from $15.50 to $26.00.

Bank of America Corp DE lowered its position in Tandem Diabetes Care, Inc. (NASDAQ:TNDM - Free Report) by 46.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 373,224 shares of the medical device company's stock after selling 329,279 shares during the period. Bank of America Corp DE owned 0.54% of Tandem Diabetes Care worth $7,155,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Tandem Diabetes Care by 3.9% in the 4th quarter. Vanguard Group Inc. now owns 7,341,356 shares of the medical device company's stock worth $161,363,000 after purchasing an additional 278,042 shares in the last quarter. Jennison Associates LLC increased its position in shares of Tandem Diabetes Care by 42.3% during the fourth quarter. Jennison Associates LLC now owns 2,021,376 shares of the medical device company's stock worth $44,430,000 after acquiring an additional 601,260 shares in the last quarter. Freestone Grove Partners LP bought a new stake in shares of Tandem Diabetes Care during the third quarter worth about $22,706,000. Goldman Sachs Group Inc. raised its holdings in shares of Tandem Diabetes Care by 17.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,683,400 shares of the medical device company's stock worth $37,001,000 after acquiring an additional 252,028 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in shares of Tandem Diabetes Care by 11.6% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,653,708 shares of the medical device company's stock worth $36,349,000 after acquiring an additional 171,755 shares during the last quarter.

Tandem Diabetes Care Stock Down 2.9%

TNDM stock opened at $21.58 on Wednesday. The stock has a 50-day simple moving average of $18.19 and a two-hundred day simple moving average of $19.12. Tandem Diabetes Care, Inc. has a twelve month low of $11.46 and a twelve month high of $29.65. The firm has a market capitalization of $1.50 billion, a PE ratio of -23.20 and a beta of 1.54. The company has a quick ratio of 2.65, a current ratio of 3.18 and a debt-to-equity ratio of 4.62.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The medical device company reported ($0.31) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.32) by $0.01. Tandem Diabetes Care had a negative net margin of 6.08% and a negative return on equity of 45.97%. The firm had revenue of $254.56 million for the quarter, compared to the consensus estimate of $254.99 million. During the same period in the prior year, the firm posted ($0.78) earnings per share. The company's revenue for the quarter was up 5.8% on a year-over-year basis. On average, equities analysts predict that Tandem Diabetes Care, Inc. will post -0.65 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on the company. Citigroup reissued a "neutral" rating and set a $21.00 price objective (up from $17.00) on shares of Tandem Diabetes Care in a report on Friday, August 7th. Weiss Ratings lowered Tandem Diabetes Care from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, June 11th. Royal Bank Of Canada restated an "outperform" rating and issued a $26.00 target price (down from $30.00) on shares of Tandem Diabetes Care in a report on Friday, August 7th. Mizuho cut their target price on Tandem Diabetes Care from $24.00 to $20.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 15th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Tandem Diabetes Care in a report on Tuesday, June 23rd. They set a "hold" rating and a $15.50 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $28.98.

Tandem Diabetes Care Profile

Tandem Diabetes Care, Inc NASDAQ: TNDM, headquartered in San Diego, California, is a medical device company focused on the design, development and commercialization of innovative insulin delivery systems for people with insulin-dependent diabetes. Founded in 2006, the company introduced its first product, the t:slim® Insulin Pump, in 2011 and has since built a portfolio of next-generation pumps featuring touchscreen interfaces, remote software updates and integrated continuous glucose monitoring (CGM) capabilities.

The company's flagship offering, the t:slim X2® Insulin Pump, is engineered to work with leading CGM sensors and features automated insulin delivery algorithms that adjust basal insulin rates based on real-time glucose trends.

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