MiniMed Group (NASDAQ:MMED) Reaches New 52-Week High – Here’s Why

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

Analysts Set New Price Targets

A number of research firms recently commented on MMED. Benchmark restated a “buy” rating on shares of MiniMed Group in a report on Thursday, June 4th. 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 research report on Monday, May 18th. 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. Weiss Ratings upgraded shares of MiniMed Group from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 20th. Finally, 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. Thirteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $21.62.

MiniMed Group Price Performance

The firm has a market cap of $6.16 billion and a P/E ratio of -32.21. The firm has a fifty day moving average of $17.47.

MiniMed Group (NASDAQ:MMED) last announced its quarterly earnings data on Wednesday, June 3rd. The company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.46). The firm had revenue of $837.00 million for the quarter. MiniMed Group’s revenue for the quarter was up 15.6% on a year-over-year basis. Research analysts predict that MiniMed Group Inc will post 0.66 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MMED. California State Teachers Retirement System bought a new stake in shares of MiniMed Group in the second quarter valued at about $89,000. Legal & General Group Plc bought a new position in MiniMed Group during the second quarter valued at about $91,000. The Manufacturers Life Insurance Company bought a new position in MiniMed Group during the second quarter valued at about $185,000. Punch & Associates Investment Management Inc. bought a new stake in shares of MiniMed Group in the 2nd quarter worth approximately $292,000. Finally, Washington Growth Strategies LLC acquired a new stake in shares of MiniMed Group during the 2nd quarter worth approximately $397,000.

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.