J. Goldman & Co LP Takes Position in MiniMed Group Inc $MMED

Key Points

• J. Goldman & Co LP acquired 830,218 MiniMed Group shares during the second quarter, valued at approximately $12.4 million and representing a 0.30% stake.
• Several institutional investors also initiated or increased positions, most notably BlackRock, which boosted its holdings by 7,527.5% to nearly 2.0 million shares.
• MiniMed reported quarterly revenue of $837 million, up 15.6% year over year, but missed EPS expectations. Analysts maintain a “Moderate Buy” consensus with an average price target of $21.62, while shares opened at $18.92 after a reported 5.1% decline.

J. Goldman & Co LP purchased a new stake in shares of MiniMed Group Inc (NASDAQ:MMED - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 830,218 shares of the company's stock, valued at approximately $12,412,000. J. Goldman & Co LP owned 0.30% of MiniMed Group at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Bank of New York Mellon Corp bought a new position in shares of MiniMed Group in the 2nd quarter worth approximately $1,058,000. Legal & General Group Plc purchased a new position in shares of MiniMed Group in the 2nd quarter valued at approximately $91,000. The Manufacturers Life Insurance Company bought a new stake in shares of MiniMed Group during the second quarter valued at approximately $185,000. Deutsche Bank AG purchased a new stake in MiniMed Group in the second quarter worth $420,000. Finally, BlackRock Inc. raised its holdings in MiniMed Group by 7,527.5% in the second 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 in the last quarter.

MiniMed Group Stock Down 5.1%

Shares of MMED opened at $18.92 on Wednesday. MiniMed Group Inc has a twelve month low of $10.65 and a twelve month high of $20.88. The company has a market capitalization of $5.32 billion and a P/E ratio of -27.82. The firm's 50 day moving average price is $17.05.

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

Analysts Set New Price Targets

MMED has been the topic of a number of research reports. Wells Fargo & Company dropped their target price on shares of MiniMed Group from $26.00 to $22.00 and set an "overweight" rating on the stock in a report on Thursday, June 4th. Weiss Ratings raised shares of MiniMed Group from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, July 20th. UBS Group started coverage on shares of MiniMed Group in a research note on Tuesday, July 28th. They set a "buy" rating and a $25.00 price objective on the stock. Piper Sandler reaffirmed a "neutral" rating and set a $16.00 target price on shares of MiniMed Group in a research note on Thursday, June 4th. 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 given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $21.62.

MiniMed Group Company 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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