MiniMed Group (NASDAQ:MMED) Reaches New 12-Month High - Still a Buy?

Key Points

• MiniMed Group shares reached a new 52-week high of $21.86 and were recently trading near $21.09, up 8.1%, giving the company a market capitalization of about $6.16 billion.
• Analyst sentiment remains favorable, with 13 Buy ratings, two Holds, and one Sell; the stock has a “Moderate Buy” consensus rating and an average price target of $21.62, though several firms recently lowered their targets.
• The company reported a quarterly loss of $0.68 per share, missing the $0.22 consensus estimate, while revenue rose 15.6% year over year to $837 million. Institutional investors, including BlackRock and Bank of America, increased their positions during the second quarter.

MiniMed Group Inc (NASDAQ:MMED - Get Free Report) shares hit a new 52-week high on Tuesday . The company traded as high as $21.86 and last traded at $21.0940, with a volume of 387936 shares. The stock had previously closed at $20.26.

Analyst Ratings Changes

Several research analysts have commented on the stock. Bank of America decreased their target price on shares of MiniMed Group from $27.00 to $20.00 and set a "buy" rating for the company in a report on Monday, May 18th. Wells Fargo & Company cut their price target on shares of MiniMed Group from $26.00 to $22.00 and set an "overweight" rating on the stock in a report on Thursday, June 4th. Weiss Ratings upgraded shares of MiniMed Group from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, July 20th. Piper Sandler reaffirmed a "neutral" rating and issued a $16.00 price objective on shares of MiniMed Group in a research note on Thursday, June 4th. Finally, UBS Group began coverage on shares of MiniMed Group in a research report on Tuesday, July 28th. They set a "buy" rating and a $25.00 price objective on the stock. Thirteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $21.62.

MiniMed Group Stock Up 8.1%

The stock has a 50-day moving average price of $17.47. The firm has a market cap of $6.16 billion and a PE ratio of -32.21.

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 firm had revenue of $837.00 million during the quarter. The firm's revenue for the quarter was up 15.6% on a year-over-year basis. As a group, equities analysts expect that MiniMed Group Inc will post 0.66 earnings per share for the current year.

Institutional Investors Weigh In On MiniMed Group

Institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its stake in shares of MiniMed Group by 7,527.5% in the second quarter. BlackRock Inc. now owns 1,996,489 shares of the company's stock worth $29,848,000 after acquiring an additional 1,970,314 shares during the last quarter. J. Goldman & Co LP purchased a new position in MiniMed Group in the second quarter valued at about $12,412,000. Readystate Asset Management LP purchased a new position in MiniMed Group in the second quarter valued at about $4,400,000. Bank of America Corp DE increased its position in MiniMed Group by 377.0% in the 2nd quarter. Bank of America Corp DE now owns 238,819 shares of the company's stock worth $3,570,000 after purchasing an additional 188,756 shares during the last quarter. Finally, Freestone Grove Partners LP purchased a new stake in shares of MiniMed Group during the 2nd quarter worth about $1,745,000.

MiniMed Group Company 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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