Charles Schwab Investment Management Inc. Sells 24,940 Shares of STAAR Surgical Company $STAA

Key Points

• Charles Schwab Investment Management Inc. reduced its holdings in STAAR Surgical by 5.6%, now owning 419,350 shares valued at approximately $7.39 million.
• US Bancorp DE significantly increased its position in STAAR Surgical by 1,693.0%, acquiring 2,044 shares worth $36,000.
• STAAR Surgical's board has authorized a $30 million share repurchase plan, which indicates management's belief that the shares are undervalued.

Charles Schwab Investment Management Inc. lowered its position in STAAR Surgical Company (NASDAQ:STAA - Free Report) by 5.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 419,350 shares of the medical instruments supplier's stock after selling 24,940 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.85% of STAAR Surgical worth $7,393,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Jupiter Asset Management Ltd. increased its stake in shares of STAAR Surgical by 50.1% in the first quarter. Jupiter Asset Management Ltd. now owns 566,079 shares of the medical instruments supplier's stock valued at $9,980,000 after buying an additional 188,830 shares during the period. US Bancorp DE increased its stake in shares of STAAR Surgical by 1,693.0% in the first quarter. US Bancorp DE now owns 2,044 shares of the medical instruments supplier's stock valued at $36,000 after buying an additional 1,930 shares during the period. XTX Topco Ltd acquired a new position in shares of STAAR Surgical in the first quarter valued at approximately $561,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of STAAR Surgical by 29.6% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,076 shares of the medical instruments supplier's stock valued at $248,000 after buying an additional 3,217 shares during the period. Finally, Linden Thomas Advisory Services LLC boosted its holdings in STAAR Surgical by 3.0% in the first quarter. Linden Thomas Advisory Services LLC now owns 20,978 shares of the medical instruments supplier's stock valued at $370,000 after acquiring an additional 603 shares during the last quarter. Institutional investors and hedge funds own 96.70% of the company's stock.

STAAR Surgical Stock Performance

Shares of STAAR Surgical stock traded down $0.04 on Monday, reaching $27.36. 506,411 shares of the company's stock were exchanged, compared to its average volume of 3,400,947. STAAR Surgical Company has a 52 week low of $13.50 and a 52 week high of $38.60. The firm's 50-day moving average is $21.64 and its two-hundred day moving average is $19.00. The company has a market capitalization of $1.36 billion, a P/E ratio of -14.18 and a beta of 0.74.

STAAR Surgical declared that its Board of Directors has initiated a share repurchase program on Friday, May 16th that permits the company to repurchase $30.00 million in outstanding shares. This repurchase authorization permits the medical instruments supplier to purchase up to 3.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

STAA has been the topic of several analyst reports. Mizuho upped their target price on STAAR Surgical from $17.00 to $18.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Canaccord Genuity Group upped their target price on STAAR Surgical from $20.00 to $28.00 and gave the company a "hold" rating in a report on Wednesday, August 6th. Needham & Company LLC reiterated a "hold" rating on shares of STAAR Surgical in a report on Wednesday, May 21st. Stifel Nicolaus set a $28.00 target price on STAAR Surgical and gave the company a "hold" rating in a report on Thursday, August 7th. Finally, Piper Sandler upgraded STAAR Surgical to a "hold" rating in a report on Wednesday, June 18th. Ten research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $20.67.

STAAR Surgical Company Profile

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and companion delivery systems to deliver the lenses into the eye. The company provides implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia.