Public Sector Pension Investment Board Grows Stake in Teleflex Incorporated (NYSE:TFX)

Key Points

• Public Sector Pension Investment Board significantly increased its stake in Teleflex Incorporated by 2,440.9%, acquiring 141,501 additional shares to hold a total of 147,298 shares valued at approximately $20.4 million.
• Multiple analysts have raised their price targets for Teleflex, with Royal Bank of Canada and Mizuho both increasing their targets to $135, while Morgan Stanley reduced their target from $191 to $173.
• Insider trading activity saw Director Jaewon Ryu and Director Stuart A. Randle buying shares at prices of $115.00 and $115.86, indicating confidence in the company's stock.

Public Sector Pension Investment Board grew its holdings in shares of Teleflex Incorporated (NYSE:TFX - Free Report) by 2,440.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 147,298 shares of the medical technology company's stock after buying an additional 141,501 shares during the quarter. Public Sector Pension Investment Board owned 0.33% of Teleflex worth $20,355,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Cerity Partners LLC increased its holdings in shares of Teleflex by 25.8% during the fourth quarter. Cerity Partners LLC now owns 16,822 shares of the medical technology company's stock valued at $3,266,000 after purchasing an additional 3,448 shares during the period. Bank of Nova Scotia raised its stake in shares of Teleflex by 15.7% in the 4th quarter. Bank of Nova Scotia now owns 12,830 shares of the medical technology company's stock valued at $2,283,000 after acquiring an additional 1,744 shares in the last quarter. Sterling Capital Management LLC increased its position in Teleflex by 55.5% in the 4th quarter. Sterling Capital Management LLC now owns 2,791 shares of the medical technology company's stock worth $497,000 after buying an additional 996 shares during the period. Barclays PLC increased its position in shares of Teleflex by 20.9% during the fourth quarter. Barclays PLC now owns 108,689 shares of the medical technology company's stock valued at $19,344,000 after purchasing an additional 18,782 shares during the period. Finally, Mariner LLC increased its position in shares of Teleflex by 7.9% during the fourth quarter. Mariner LLC now owns 5,430 shares of the medical technology company's stock valued at $966,000 after purchasing an additional 396 shares during the period. 95.62% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Mizuho increased their target price on Teleflex from $130.00 to $135.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Wall Street Zen raised Teleflex from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Wells Fargo & Company decreased their price target on Teleflex from $137.00 to $131.00 and set an "equal weight" rating on the stock in a research note on Friday, August 1st. Morgan Stanley reduced their price objective on Teleflex from $191.00 to $173.00 and set an "overweight" rating on the stock in a research report on Monday, May 5th. Finally, Royal Bank Of Canada boosted their price objective on Teleflex from $130.00 to $135.00 and gave the stock a "sector perform" rating in a research report on Friday, August 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $141.57.

Teleflex Price Performance

Shares of TFX stock traded down $0.16 on Friday, reaching $121.00. The company's stock had a trading volume of 319,135 shares, compared to its average volume of 796,386. 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 12-month low of $108.90 and a 12-month high of $249.90. The company has a market capitalization of $5.35 billion, a P/E ratio of 28.47, a PEG ratio of 1.71 and a beta of 1.08. The stock's 50 day simple moving average is $117.97 and its 200-day simple moving average is $133.22.

Teleflex (NYSE:TFX - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The medical technology company reported $3.73 earnings per share for the quarter, beating analysts' consensus estimates of $3.36 by $0.37. Teleflex had a return on equity of 15.08% and a net margin of 6.31%. The business had revenue of $780.90 million for the quarter, compared to the consensus estimate of $771.53 million. During the same quarter last year, the business posted $3.42 earnings per share. The company's revenue for the quarter was up 4.2% on a year-over-year basis. As a group, equities analysts predict that Teleflex Incorporated will post 13.98 earnings per share for the current fiscal year.

Teleflex Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 15th will be paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, August 15th. Teleflex's dividend payout ratio (DPR) is 32.00%.

Insider Activity

In other Teleflex news, Director Stuart A. Randle bought 1,000 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The shares were bought at an average cost of $115.86 per share, with a total value of $115,860.00. Following the completion of the purchase, the director directly owned 7,547 shares of the company's stock, valued at $874,395.42. This trade represents a 15.27% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Andrew A. Krakauer bought 1,000 shares of Teleflex stock in a transaction on Tuesday, August 5th. The shares were purchased at an average price of $115.25 per share, for a total transaction of $115,250.00. Following the acquisition, the director directly owned 7,192 shares in the company, valued at approximately $828,878. This trade represents a 16.15% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 5,500 shares of company stock valued at $633,590. Company insiders own 1.40% of the company's stock.

Teleflex Company 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.