MiniMed Group Inc $MMED Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its MiniMed Group stake by 377% in the second quarter, acquiring 188,756 additional shares for a total of 238,819 shares valued at approximately $3.57 million.
• Several institutional investors also initiated positions in MiniMed Group during the quarter, including Bank of New York Mellon, Deutsche Bank, and Freestone Grove Partners.
• MiniMed shares opened at $20.04, while analysts maintained a generally positive outlook: 14 rated the stock Buy, with a consensus “Moderate Buy” rating and an average price target of $24.14.

Bank of America Corp DE raised its position in shares of MiniMed Group Inc (NASDAQ:MMED - Free Report) by 377.0% in the second quarter, according to its most recent filing with the SEC. The firm owned 238,819 shares of the company's stock after purchasing an additional 188,756 shares during the quarter. Bank of America Corp DE owned approximately 0.09% of MiniMed Group worth $3,570,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Legal & General Group Plc acquired a new stake in shares of MiniMed Group during the second quarter worth $91,000. The Manufacturers Life Insurance Company acquired a new position in MiniMed Group in the second quarter valued at $185,000. Deutsche Bank AG bought a new stake in MiniMed Group during the second quarter valued at $420,000. Bank of New York Mellon Corp acquired a new stake in MiniMed Group during the 2nd quarter worth about $1,058,000. Finally, Freestone Grove Partners LP acquired a new stake in MiniMed Group during the 2nd quarter worth about $1,745,000.

MiniMed Group Stock Down 2.2%

MiniMed Group stock opened at $20.04 on Wednesday. MiniMed Group Inc has a 52 week low of $10.65 and a 52 week high of $24.43. The company's 50 day moving average price is $20.28 and its two-hundred day moving average price is $16.25. The stock has a market cap of $5.64 billion and a P/E ratio of -29.47.

Analysts Set New Price Targets

Several research firms recently commented on MMED. Mizuho raised their target price on MiniMed Group from $21.00 to $26.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 2nd. BTIG Research raised their price objective on shares of MiniMed Group from $25.00 to $28.00 and gave the stock a "buy" rating in a research report on Tuesday, September 1st. Morgan Stanley lifted their price target on shares of MiniMed Group from $19.00 to $21.00 and gave the company an "overweight" rating in a research note on Thursday, September 3rd. Weiss Ratings raised MiniMed Group from a "sell (d-)" rating to a "sell (d)" rating in a research note on Wednesday, September 9th. Finally, Wells Fargo & Company boosted their price objective on MiniMed Group from $22.00 to $26.00 and gave the company an "overweight" rating in a report on Wednesday, September 2nd. Fourteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, MiniMed Group currently has a consensus rating of "Moderate Buy" and an average target price of $24.14.

About MiniMed Group

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.

Want to see what other hedge funds are holding MMED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MiniMed Group Inc (NASDAQ:MMED - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.