Royal Bank Of Canada Issues Positive Forecast for Teleflex (NYSE:TFX) Stock Price

Key Points

• Royal Bank of Canada has raised its target price for Teleflex stock from $130.00 to $135.00, suggesting a potential upside of 17.54% from the previous close.
• Despite positive forecasts from some analysts, Teleflex stock has seen a decline of 3.9%, trading at $114.86 after midday on Friday.
• Teleflex reported earnings of $3.73 per share, exceeding expectations, with a revenue of $780.90 million, marking a 4.2% year-over-year increase.

Teleflex (NYSE:TFX - Get Free Report) had its target price lifted by equities research analysts at Royal Bank Of Canada from $130.00 to $135.00 in a report issued on Friday,Benzinga reports. The firm currently has a "sector perform" rating on the medical technology company's stock. Royal Bank Of Canada's price target would indicate a potential upside of 17.54% from the company's previous close.

TFX has been the topic of several other reports. Wall Street Zen downgraded Teleflex from a "buy" rating to a "hold" rating in a research report on Sunday, June 29th. Truist Financial dropped their target price on Teleflex from $140.00 to $137.00 and set a "hold" rating on the stock in a report on Monday, May 5th. Wells Fargo & Company reduced their price target on Teleflex from $137.00 to $131.00 and set an "equal weight" rating for the company in a research report on Friday. Morgan Stanley lowered 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, Mizuho lifted their target price on shares of Teleflex from $130.00 to $135.00 and gave the company a "neutral" rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $160.13.

Teleflex Stock Down 3.9%

NYSE:TFX traded down $4.65 during midday trading on Friday, reaching $114.86. 178,176 shares of the stock traded hands, compared to its average volume of 810,753. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.32 and a current ratio of 2.28. The stock has a market capitalization of $5.08 billion, a PE ratio of 36.15, a price-to-earnings-growth ratio of 1.78 and a beta of 1.08. Teleflex has a 12-month low of $108.90 and a 12-month high of $249.90. The business has a 50-day moving average of $118.83 and a two-hundred day moving average of $137.60.

Teleflex (NYSE:TFX - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The medical technology company reported $3.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.36 by $0.37. The business had revenue of $780.90 million during the quarter, compared to analysts' expectations of $771.53 million. Teleflex had a net margin of 4.96% and a return on equity of 14.73%. The business's quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the company posted $3.42 earnings per share. On average, equities analysts forecast that Teleflex will post 13.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Teleflex

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. raised its position in Teleflex by 0.7% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 6,216,763 shares of the medical technology company's stock valued at $859,095,000 after purchasing an additional 43,642 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Teleflex by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 1,138,867 shares of the medical technology company's stock worth $202,161,000 after buying an additional 8,307 shares during the period. Invesco Ltd. increased its position in Teleflex by 48.1% in the 4th quarter. Invesco Ltd. now owns 1,068,593 shares of the medical technology company's stock valued at $190,188,000 after acquiring an additional 347,003 shares during the period. Dimensional Fund Advisors LP lifted its position in Teleflex by 69.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 867,864 shares of the medical technology company's stock worth $119,927,000 after acquiring an additional 355,720 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Teleflex by 38.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 590,529 shares of the medical technology company's stock valued at $105,102,000 after purchasing an additional 162,950 shares during the last quarter. 95.62% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.