MiniMed Group Inc $MMED Shares Newly Acquired by State Street Corp

Key Points

• State Street Corp acquired 403,289 shares of MiniMed Group in the second quarter, worth approximately $6.03 million and representing about 0.14% of the company. Several other institutional investors also initiated positions.
• MMED opened at $19.98, with a 12-month range of $10.65 to $24.43, a market capitalization of roughly $5.62 billion, and a negative price-to-earnings ratio of -29.38.
• Analyst sentiment is favorable: 14 analysts rate the stock a Buy, two rate it Hold, and one rates it Sell. The consensus rating is Moderate Buy, with an average price target of $24.14.

State Street Corp bought a new position in MiniMed Group Inc (NASDAQ:MMED - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 403,289 shares of the company's stock, valued at approximately $6,029,000. State Street Corp owned approximately 0.14% of MiniMed Group as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of MMED. Parkside Financial Bank & Trust purchased a new stake in shares of MiniMed Group during the 2nd quarter worth about $28,000. Legal & General Group Plc bought a new stake in MiniMed Group in the second quarter worth approximately $91,000. The Manufacturers Life Insurance Company acquired a new position in shares of MiniMed Group during the 2nd quarter worth $185,000. WINTON GROUP Ltd bought a new position in shares of MiniMed Group during the 2nd quarter valued at $273,000. Finally, Punch & Associates Investment Management Inc. acquired a new stake in shares of MiniMed Group in the 2nd quarter valued at $292,000.

MiniMed Group Stock Performance

MMED opened at $19.98 on Friday. MiniMed Group Inc has a twelve month low of $10.65 and a twelve month high of $24.43. The firm has a market cap of $5.62 billion and a price-to-earnings ratio of -29.38. The firm's 50-day simple moving average is $20.14 and its 200-day simple moving average is $16.23.

Analyst Ratings Changes

A number of research analysts have recently commented on MMED shares. Truist Financial started coverage on MiniMed Group in a report on Thursday. They set a "buy" rating and a $29.00 price objective on the stock. Bank of America increased their price target on MiniMed Group from $24.00 to $28.00 and gave the company a "buy" rating in a report on Wednesday, September 2nd. Morgan Stanley boosted their price objective on shares of MiniMed Group from $19.00 to $21.00 and gave the stock an "overweight" rating in a research note on Thursday, September 3rd. Weiss Ratings upgraded shares of MiniMed Group from a "sell (d-)" rating to a "sell (d)" rating in a report on Wednesday, September 9th. Finally, BTIG Research upped their price target on shares of MiniMed Group from $25.00 to $28.00 and gave the company a "buy" rating in a report on Tuesday, September 1st. Fourteen investment 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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.

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.