Bank of Nova Scotia Sells 6,230 Shares of Teleflex Incorporated (NYSE:TFX)

Key Points

• Bank of Nova Scotia reduced its stake in Teleflex Incorporated by 48.6%, selling 6,230 shares to lower its ownership to 6,600 shares valued at $912,000.
• Despite the reduction from Bank of Nova Scotia, other institutional investors have increased their holdings significantly, with T. Rowe Price and Invesco raising their stakes by 4.4% and 48.1% respectively in the last quarter.
• Teleflex announced a quarterly dividend of $0.34 per share, yielding 1.2%, with a payment date set for September 15th following an ex-dividend date of August 15th.

Bank of Nova Scotia reduced its holdings in Teleflex Incorporated (NYSE:TFX - Free Report) by 48.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,600 shares of the medical technology company's stock after selling 6,230 shares during the period. Bank of Nova Scotia's holdings in Teleflex were worth $912,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. increased its stake in Teleflex by 12.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 17,801 shares of the medical technology company's stock valued at $2,460,000 after buying an additional 1,952 shares during the last quarter. Alberta Investment Management Corp increased its stake in Teleflex by 112.4% in the 1st quarter. Alberta Investment Management Corp now owns 24,000 shares of the medical technology company's stock valued at $3,317,000 after buying an additional 12,700 shares during the last quarter. US Bancorp DE increased its stake in shares of Teleflex by 8.0% during the 1st quarter. US Bancorp DE now owns 6,440 shares of the medical technology company's stock worth $890,000 after purchasing an additional 475 shares during the last quarter. Goodman Financial Corp increased its stake in shares of Teleflex by 1.8% during the 1st quarter. Goodman Financial Corp now owns 76,495 shares of the medical technology company's stock worth $10,571,000 after purchasing an additional 1,330 shares during the last quarter. Finally, Natixis Advisors LLC increased its stake in shares of Teleflex by 60.6% during the 1st quarter. Natixis Advisors LLC now owns 21,160 shares of the medical technology company's stock worth $2,924,000 after purchasing an additional 7,982 shares during the last quarter. 95.62% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Teleflex

In other Teleflex news, Director Andrew A. Krakauer acquired 1,000 shares of the business's stock in a transaction on Tuesday, August 5th. The stock was purchased at an average price of $115.25 per share, with a total value of $115,250.00. Following the acquisition, the director directly owned 7,192 shares of the company's stock, valued at approximately $828,878. This trade represents a 16.15% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stuart A. Randle acquired 1,000 shares of the business's stock in a transaction on Tuesday, August 5th. The stock was acquired at an average cost of $115.86 per share, with a total value of $115,860.00. Following the acquisition, the director directly owned 7,547 shares in the company, valued at approximately $874,395.42. This trade represents a 15.27% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 5,500 shares of company stock worth $633,590. Company insiders own 1.40% of the company's stock.

Teleflex Stock Performance

TFX stock traded up $3.08 during mid-day trading on Friday, hitting $118.57. 701,177 shares of the company were exchanged, compared to its average volume of 582,619. The business has a 50 day simple moving average of $118.09 and a 200-day simple moving average of $134.60. The company has a current ratio of 2.41, a quick ratio of 1.44 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $5.24 billion, a PE ratio of 27.90, a price-to-earnings-growth ratio of 1.65 and a beta of 1.08. Teleflex Incorporated has a 1-year low of $108.90 and a 1-year high of $249.90.

Teleflex (NYSE:TFX - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The medical technology company reported $3.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.36 by $0.37. The firm had revenue of $780.90 million during the quarter, compared to the consensus estimate of $771.53 million. Teleflex had a net margin of 6.31% and a return on equity of 15.08%. The business's revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period last year, the business posted $3.42 earnings per share. On average, equities analysts forecast that Teleflex Incorporated will post 13.98 earnings per share for the current year.

Teleflex Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 15th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.36 dividend on an annualized basis and a yield of 1.1%. Teleflex's payout ratio is currently 32.00%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TFX. Truist Financial lowered their price objective on shares of Teleflex from $140.00 to $137.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. Mizuho boosted their price objective on shares of Teleflex from $130.00 to $135.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Wall Street Zen upgraded shares of Teleflex from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Wells Fargo & Company lowered their price objective on shares of Teleflex from $137.00 to $131.00 and set an "equal weight" rating on the stock in a research note on Friday, August 1st. Finally, Royal Bank Of Canada boosted their price objective on shares of Teleflex from $130.00 to $135.00 and gave the stock a "sector perform" rating in a research note on Friday, August 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Teleflex has a consensus rating of "Hold" and an average price target of $141.57.

Teleflex Company Profile

Teleflex Incorporated designs, develops, manufactures, and supplies single-use medical devices for common diagnostic and therapeutic procedures in critical care and surgical applications worldwide. The company provides vascular access products that comprise Arrow branded catheters, catheter navigation and tip positioning systems, and intraosseous access systems for the administration of intravenous therapies, the measurement of blood pressure, and the withdrawal of blood samples through a single puncture site.