BlackRock Inc. Buys New Position in Electromed, Inc. $ELMD

Key Points

• BlackRock initiated a significant Electromed position in the second quarter, buying 465,619 shares worth approximately $19.7 million, or about 5.62% of the company.
• Other institutional investors also increased their holdings, contributing to institutional and hedge-fund ownership of approximately 40.82% of Electromed’s stock.
• Analysts remain broadly positive, with three Buy ratings and one Hold rating, an overall “Moderate Buy” consensus, and an average price target of $43.75 versus the reported share price of $28.24.

BlackRock Inc. purchased a new position in shares of Electromed, Inc. (NYSE:ELMD - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 465,619 shares of the company's stock, valued at approximately $19,696,000. BlackRock Inc. owned about 5.62% of Electromed as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Millennium Management LLC lifted its stake in Electromed by 362.7% in the first quarter. Millennium Management LLC now owns 194,519 shares of the company's stock valued at $4,641,000 after buying an additional 152,480 shares during the last quarter. Invesco Ltd. purchased a new position in shares of Electromed during the fourth quarter worth approximately $3,017,000. Geode Capital Management LLC increased its holdings in shares of Electromed by 128.3% in the 2nd quarter. Geode Capital Management LLC now owns 155,540 shares of the company's stock valued at $3,421,000 after acquiring an additional 87,401 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Electromed in the 2nd quarter valued at $1,947,000. Finally, Punch & Associates Investment Management Inc. raised its position in Electromed by 20.1% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 224,520 shares of the company's stock valued at $5,256,000 after purchasing an additional 37,500 shares during the last quarter. Institutional investors and hedge funds own 40.82% of the company's stock.

Electromed Price Performance

NYSE:ELMD opened at $28.24 on Thursday. The firm has a market cap of $236.26 million, a price-to-earnings ratio of 37.65 and a beta of 0.51. The firm's fifty day moving average price is $40.43 and its 200 day moving average price is $33.00. Electromed, Inc. has a 1-year low of $23.01 and a 1-year high of $47.40.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Electromed

In other news, CEO James L. Cunniff sold 9,700 shares of Electromed stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $36.50, for a total value of $354,050.00. Following the sale, the chief executive officer owned 147,751 shares of the company's stock, valued at $5,392,911.50. The trade was a 6.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 10.50% of the stock is currently owned by insiders.

Electromed Company Profile

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.

Want to see what other hedge funds are holding ELMD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Electromed, Inc. (NYSE:ELMD - Free Report).

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