Bank of New York Mellon Corp Makes New Investment in Electromed, Inc. $ELMD

Key Points

• Bank of New York Mellon acquired 46,022 Electromed shares worth approximately $1.95 million, representing a 0.56% stake. Institutional investors collectively own 40.82% of the company.
• Electromed shares opened at $27.51, below their 50-day moving average of $39.33 and 12-month high of $47.40. The company has a market capitalization of approximately $230 million and a P/E ratio of 36.68.
• Analysts maintain a favorable outlook, with a consensus rating of “Moderate Buy” and an average price target of $43.75; three analysts rate the stock a Buy and one rates it a Hold.

Bank of New York Mellon Corp acquired a new position in shares of Electromed, Inc. (NYSE:ELMD - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 46,022 shares of the company's stock, valued at approximately $1,947,000. Bank of New York Mellon Corp owned 0.56% of Electromed as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Kestra Advisory Services LLC acquired a new stake in Electromed during the fourth quarter worth $29,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Electromed in the 2nd quarter valued at approximately $83,000. New York State Common Retirement Fund acquired a new position in shares of Electromed in the 2nd quarter worth approximately $103,000. SG Americas Securities LLC lifted its position in shares of Electromed by 51.5% during the 1st quarter. SG Americas Securities LLC now owns 5,905 shares of the company's stock worth $138,000 after buying an additional 2,007 shares during the period. Finally, Occudo Quantitative Strategies LP bought a new position in shares of Electromed during the 4th quarter worth approximately $204,000. Institutional investors own 40.82% of the company's stock.

Electromed Stock Performance

Shares of ELMD opened at $27.51 on Wednesday. The firm's 50 day moving average price is $39.33 and its two-hundred day moving average price is $33.09. The firm has a market cap of $230.15 million, a P/E ratio of 36.68 and a beta of 0.46. Electromed, Inc. has a twelve month low of $23.01 and a twelve month high of $47.40.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ELMD shares. Morgan Stanley set a $50.00 target price on shares of Electromed in a research report on Wednesday, August 26th. B. Riley Financial increased their target price on Electromed from $38.00 to $40.00 and gave the stock a "buy" rating in a report on Wednesday, May 13th. Zacks Research lowered shares of Electromed from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. Finally, Lake Street Capital increased their price objective on Electromed from $36.00 to $47.00 and gave the company a "buy" rating in a research report on Wednesday, August 26th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Electromed presently has a consensus rating of "Moderate Buy" and an average target price of $43.75.

About Electromed

Electromed Inc NYSE: ELMD develops and manufactures sleep therapy products designed to support individuals with breathing disorders such as obstructive sleep apnea. The company's core business activities include the design, production and distribution of continuous positive airway pressure (CPAP) and bilevel positive airway pressure (BiPAP) accessories. Electromed's focus on supplying both disposable and reusable components allows durable medical equipment providers to offer comprehensive therapy solutions to patients.

The company's product portfolio encompasses masks, mask cushions, headgear, tubing, filters and humidification components.

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