Freestone Grove Partners LP Acquires Shares of 116,694 MiniMed Group Inc $MMED

Key Points

• Freestone Grove Partners purchased 116,694 shares of MiniMed Group in the second quarter, valued at approximately $1.745 million. Other institutional investors, including BlackRock, also significantly increased their positions.
• MiniMed shares opened at $20.10, near their 52-week high of $20.88, with a market capitalization of approximately $5.66 billion. The company reported quarterly revenue of $837 million, up 15.6% year over year, but missed earnings estimates by $0.46 per share.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $21.62, despite several recent target reductions.

Freestone Grove Partners LP bought a new stake in MiniMed Group Inc (NASDAQ:MMED - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 116,694 shares of the company's stock, valued at approximately $1,745,000.

Several other large investors have also made changes to their positions in the company. BlackRock Inc. raised its holdings in MiniMed Group by 7,527.5% during the 2nd quarter. BlackRock Inc. now owns 1,996,489 shares of the company's stock worth $29,848,000 after purchasing an additional 1,970,314 shares during the last quarter. J. Goldman & Co LP bought a new position in shares of MiniMed Group in the 2nd quarter valued at about $12,412,000. Bank of New York Mellon Corp acquired a new stake in shares of MiniMed Group during the 2nd quarter worth approximately $1,058,000. Deutsche Bank AG acquired a new stake in shares of MiniMed Group during the 2nd quarter worth approximately $420,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of MiniMed Group during the second quarter worth approximately $185,000.

MiniMed Group Price Performance

NASDAQ:MMED opened at $20.10 on Friday. The company's 50-day simple moving average is $17.35. MiniMed Group Inc has a fifty-two week low of $10.65 and a fifty-two week high of $20.88. The company has a market cap of $5.66 billion and a PE ratio of -29.56.

MiniMed Group (NASDAQ:MMED - Get Free Report) last posted its earnings results on Wednesday, June 3rd. The company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.46). The company had revenue of $837.00 million during the quarter. The business's quarterly revenue was up 15.6% compared to the same quarter last year. Equities analysts anticipate that MiniMed Group Inc will post 0.66 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MMED has been the topic of a number of recent research reports. Piper Sandler reaffirmed a "neutral" rating and issued a $16.00 price objective on shares of MiniMed Group in a research note on Thursday, June 4th. Wells Fargo & Company cut their price target on MiniMed Group from $26.00 to $22.00 and set an "overweight" rating on the stock in a research note on Thursday, June 4th. Bank of America reduced their price target on MiniMed Group from $27.00 to $20.00 and set a "buy" rating on the stock in a research report on Monday, May 18th. Weiss Ratings raised MiniMed Group from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, July 20th. Finally, Benchmark reiterated a "buy" rating on shares of MiniMed Group in a report on Thursday, June 4th. Thirteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $21.62.

MiniMed Group Profile

We are a scaled global medical technology company that develops, manufactures, and markets a comprehensive suite of solutions for the management of diabetes. Since our founding more than 40 years ago, we have pioneered groundbreaking innovation and served the needs of our customers across the globe in service of our mission to make every day a better day for people with diabetes. Today, we are the only player in the market that commercializes all parts of an integrated diabetes management system.

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