Parkman Healthcare Partners LLC Sells 90,878 Shares of MiniMed Group Inc $MMED

Key Points

• Parkman Healthcare Partners cut its MiniMed Group stake by 28.6%, selling 90,878 shares and retaining 226,446 shares worth approximately $3.39 million.
• Institutional activity was mixed: BlackRock increased its holdings by 7,527.5% to nearly 2 million shares, while several other major investors initiated new positions.
• MiniMed shares opened at $19.94, near their 52-week high, despite the company missing quarterly earnings estimates; analysts maintain a “Moderate Buy” consensus with an average price target of $21.62.

Parkman Healthcare Partners LLC lessened its holdings in shares of MiniMed Group Inc (NASDAQ:MMED - Free Report) by 28.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 226,446 shares of the company's stock after selling 90,878 shares during the period. Parkman Healthcare Partners LLC owned 0.08% of MiniMed Group worth $3,385,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Bank of New York Mellon Corp purchased a new stake in MiniMed Group in the second quarter worth about $1,058,000. Deutsche Bank AG bought a new stake in shares of MiniMed Group in the 2nd quarter worth approximately $420,000. BlackRock Inc. grew its stake in shares of MiniMed Group by 7,527.5% in the 2nd quarter. BlackRock Inc. now owns 1,996,489 shares of the company's stock worth $29,848,000 after buying an additional 1,970,314 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in MiniMed Group during the 2nd quarter valued at approximately $185,000. Finally, Legal & General Group Plc bought a new position in MiniMed Group during the 2nd quarter valued at approximately $91,000.

MiniMed Group Stock Performance

Shares of NASDAQ:MMED opened at $19.94 on Tuesday. MiniMed Group Inc has a 1 year low of $10.65 and a 1 year high of $20.88. The company has a market capitalization of $5.60 billion and a P/E ratio of -29.32. The firm's fifty day simple moving average is $16.96.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. UBS Group assumed coverage on MiniMed Group in a research note on Tuesday, July 28th. They issued a "buy" rating and a $25.00 target price on the stock. Wells Fargo & Company dropped their price target on shares of MiniMed Group from $26.00 to $22.00 and set an "overweight" rating on the stock in a research note on Thursday, June 4th. Piper Sandler restated a "neutral" rating and set a $16.00 price objective on shares of MiniMed Group in a research note on Thursday, June 4th. Weiss Ratings upgraded shares of 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 investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average 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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