Maryland State Retirement & Pension System Raises Holdings in Teleflex Incorporated (NYSE:TFX)

Key Points

• The Maryland State Retirement & Pension System significantly increased its stake in Teleflex Incorporated by 485.5% in Q1, owning 15,739 shares valued at $2.175 million by the end of the quarter.
• Teleflex announced a quarterly dividend of $0.34 per share, with an annualized payout of $1.36, representing a yield of 1.1%.
• Following recent earnings, analysts have adjusted their price targets for Teleflex, with an average target of $141.57 and ratings ranging from sell to strong buy.

Maryland State Retirement & Pension System increased its position in shares of Teleflex Incorporated (NYSE:TFX - Free Report) by 485.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,739 shares of the medical technology company's stock after buying an additional 13,051 shares during the period. Maryland State Retirement & Pension System's holdings in Teleflex were worth $2,175,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. ASR Vermogensbeheer N.V. purchased a new position in shares of Teleflex during the first quarter valued at $223,000. Corbyn Investment Management Inc. MD increased its stake in shares of Teleflex by 2.4% during the first quarter. Corbyn Investment Management Inc. MD now owns 19,764 shares of the medical technology company's stock valued at $2,731,000 after buying an additional 460 shares during the period. Costello Asset Management INC purchased a new position in shares of Teleflex during the first quarter valued at $28,000. PNC Financial Services Group Inc. increased its stake in shares of Teleflex by 12.3% during the first 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 period. Finally, Alberta Investment Management Corp grew its stake in Teleflex by 112.4% in the first quarter. Alberta Investment Management Corp now owns 24,000 shares of the medical technology company's stock valued at $3,317,000 after purchasing an additional 12,700 shares during the last quarter. Hedge funds and other institutional investors own 95.62% of the company's stock.

Teleflex Stock Performance

Shares of Teleflex stock traded down $2.45 on Monday, reaching $115.96. 726,596 shares of the stock were exchanged, compared to its average volume of 806,319. The company has a quick ratio of 1.44, a current ratio of 2.41 and a debt-to-equity ratio of 0.42. Teleflex Incorporated has a twelve month low of $108.90 and a twelve month high of $249.90. The firm has a market capitalization of $5.12 billion, a price-to-earnings ratio of 27.28, a PEG ratio of 1.65 and a beta of 1.08. The business has a 50 day moving average price of $118.02 and a two-hundred day moving average price of $133.82.

Teleflex (NYSE:TFX - Get Free Report) last released its earnings results on Thursday, July 31st. The medical technology company reported $3.73 EPS for the quarter, topping analysts' consensus estimates 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 return on equity of 15.08% and a net margin of 6.31%. The company's revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.42 earnings per share. Analysts anticipate that Teleflex Incorporated will post 13.98 earnings per share for the current fiscal year.

Teleflex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 15th will be given a $0.34 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.2%. Teleflex's payout ratio is 32.00%.

Insiders Place Their Bets

In other Teleflex news, CEO Liam Kelly acquired 1,500 shares of the business's stock in a transaction dated Tuesday, August 5th. The stock was acquired at an average cost of $115.07 per share, for a total transaction of $172,605.00. Following the completion of the transaction, the chief executive officer directly owned 45,267 shares of the company's stock, valued at $5,208,873.69. This represents a 3.43% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew A. Krakauer acquired 1,000 shares of the business's stock in a transaction dated Tuesday, August 5th. The stock was acquired at an average price of $115.25 per share, with a total value of $115,250.00. Following the completion of the transaction, the director directly owned 7,192 shares of the company's stock, valued at approximately $828,878. This represents a 16.15% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders bought 5,500 shares of company stock valued at $633,590. 1.40% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Morgan Stanley cut their target price on Teleflex from $191.00 to $173.00 and set an "overweight" rating on the stock in a research note on Monday, May 5th. Royal Bank Of Canada lifted their target price on Teleflex from $130.00 to $135.00 and gave the company a "sector perform" rating in a research note on Friday, August 1st. Wall Street Zen upgraded Teleflex from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Truist Financial cut their target price on Teleflex from $140.00 to $137.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. Finally, Wells Fargo & Company lowered their price target on Teleflex from $137.00 to $131.00 and set an "equal weight" rating for the company in a report on Friday, August 1st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Teleflex has a consensus rating of "Hold" and an average target price of $141.57.

Teleflex 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.