Bank of New York Mellon Corp Invests $89.33 Million in Smith & Nephew SNATS, Inc. $SNN

Key Points

• Bank of New York Mellon acquired 1.42 million shares of Smith & Nephew SNATS in the second quarter, worth approximately $89.3 million and representing about 0.34% of the company.
• Analyst sentiment is mixed, with two Buy, six Hold, and two Sell ratings; the stock carries a consensus Hold rating and a $30.93 target price.
• SNN shares opened at $29.64, near the lower end of their 12-month range, while institutional investors collectively own 25.64% of the company. The company also declared a $0.312 dividend, though the reported 205% yield appears inconsistent with the share price.

Bank of New York Mellon Corp bought a new position in shares of Smith & Nephew SNATS, Inc. (NYSE:SNN - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,424,185 shares of the medical equipment provider's stock, valued at approximately $89,325,000. Bank of New York Mellon Corp owned approximately 0.34% of Smith & Nephew SNATS at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. State of Wyoming purchased a new position in shares of Smith & Nephew SNATS in the 2nd quarter valued at $241,000. Clearstead Trust LLC purchased a new stake in shares of Smith & Nephew SNATS in the 2nd quarter valued at about $25,000. Parallel Advisors LLC boosted its position in shares of Smith & Nephew SNATS by 20.0% in the 1st quarter. Parallel Advisors LLC now owns 2,322 shares of the medical equipment provider's stock valued at $74,000 after purchasing an additional 387 shares during the period. Sunbelt Securities Inc. acquired a new stake in shares of Smith & Nephew SNATS in the 1st quarter valued at about $92,000. Finally, Parvin Asset Management LLC grew its stake in Smith & Nephew SNATS by 8.5% during the 1st quarter. Parvin Asset Management LLC now owns 36,944 shares of the medical equipment provider's stock worth $1,174,000 after buying an additional 2,894 shares during the last quarter. Hedge funds and other institutional investors own 25.64% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SNN. Zacks Research cut shares of Smith & Nephew SNATS from a "hold" rating to a "strong sell" rating in a report on Friday, August 7th. The Goldman Sachs Group reissued a "buy" rating on shares of Smith & Nephew SNATS in a research report on Monday, May 25th. Kepler Capital Markets lowered shares of Smith & Nephew SNATS from a "buy" rating to a "hold" rating in a research note on Thursday, June 4th. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of Smith & Nephew SNATS in a report on Thursday, August 6th. Finally, Weiss Ratings downgraded shares of Smith & Nephew SNATS from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, June 11th. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Smith & Nephew SNATS currently has an average rating of "Hold" and a consensus target price of $30.93.

Smith & Nephew SNATS Price Performance

Shares of Smith & Nephew SNATS stock opened at $29.64 on Tuesday. The company has a 50-day moving average of $30.30 and a two-hundred day moving average of $31.82. Smith & Nephew SNATS, Inc. has a 12-month low of $28.56 and a 12-month high of $38.79. The company has a quick ratio of 1.11, a current ratio of 2.14 and a debt-to-equity ratio of 0.62.

Smith & Nephew SNATS Announces Dividend

The company also recently disclosed a dividend, which will be paid on Friday, November 6th. Stockholders of record on Friday, October 2nd will be paid a $0.312 dividend. This represents a dividend yield of 205.0%. The ex-dividend date of this dividend is Friday, October 2nd.

About Smith & Nephew SNATS

Smith & Nephew plc is a global medical technology company specializing in the design, development and manufacture of advanced surgical devices, orthopaedic reconstruction implants, trauma and extremities products, sports medicine solutions and wound care therapies. Founded in 1856 in Hull, United Kingdom, the company has grown through both organic innovation and strategic acquisitions to offer a broad portfolio that addresses patient needs across joint replacement, minimally invasive surgery and wound healing.

In its orthopaedics business, Smith & Nephew provides hip and knee replacement systems, modular joint revision implants and biologic solutions for bone repair.

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