Teladoc Health (NYSE:TDOC) Stock Gets Price Target Increase from Wells Fargo & Company

Teladoc Health (NYSE:TDOC) had its price target lifted by equities researchers at Wells Fargo & Company from $6.00 to $8.00 in a report released on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the health services provider’s stock. Wells Fargo & Company‘s price target points to a potential downside of 9.04% from the company’s previous close.

A number of other research analysts have also recently issued reports on TDOC. Deutsche Bank Aktiengesellschaft boosted their target price on Teladoc Health from $10.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, October 30th. Argus downgraded Teladoc Health from a “hold” rating to a “sell” rating in a report on Monday, November 2nd. Oppenheimer raised their price target on Teladoc Health from $7.00 to $10.00 and gave the stock an “outperform” rating in a research report on Monday, November 2nd. Canaccord Genuity Group cut their price objective on Teladoc Health from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. Finally, Truist Financial cut their price objective on Teladoc Health from $9.00 to $8.00 and set a “hold” rating on the stock in a report on Friday, August 14th. Five investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $8.40.

Teladoc Health Price Performance

Shares of NYSE TDOC traded down $0.61 during midday trading on Thursday, reaching $8.79. 5,725,558 shares of the stock were exchanged, compared to its average volume of 4,944,120. The business has a 50-day simple moving average of $6.51 and a two-hundred day simple moving average of $6.54. The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of -10.23 and a beta of 2.00. Teladoc Health has a 12 month low of $4.40 and a 12 month high of $9.89.

Teladoc Health (NYSE:TDOC) last announced its quarterly earnings results on Wednesday, October 28th. The health services provider reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.07. Teladoc Health had a negative net margin of 6.27% and a negative return on equity of 11.63%. The company had revenue of $605.10 million during the quarter, compared to analyst estimates of $588.14 million. During the same quarter in the previous year, the business earned ($0.28) EPS. The firm’s revenue was down 3.4% on a year-over-year basis. Equities research analysts expect that Teladoc Health will post -0.86 earnings per share for the current fiscal year.

Insider Activity at Teladoc Health

In related news, CEO Charles III sold 17,805 shares of the business’s stock in a transaction on Friday, September 11th. The shares were sold at an average price of $6.10, for a total value of $108,610.50. Following the sale, the chief executive officer directly owned 465,535 shares of the company’s stock, valued at approximately $2,839,763.50. The trade was a 3.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Teladoc Health

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allworth Financial LP raised its stake in shares of Teladoc Health by 78.9% in the 3rd quarter. Allworth Financial LP now owns 5,255 shares of the health services provider’s stock valued at $30,000 after purchasing an additional 2,317 shares during the period. AlphaCore Capital LLC bought a new stake in shares of Teladoc Health in the third quarter valued at about $92,000. Fulcrum Asset Management LLP bought a new stake in shares of Teladoc Health in the third quarter valued at about $117,000. Formidable Asset Management LLC boosted its position in shares of Teladoc Health by 6.2% during the third quarter. Formidable Asset Management LLC now owns 27,935 shares of the health services provider’s stock worth $162,000 after buying an additional 1,625 shares during the period. Finally, Platform Technology Partners acquired a new position in shares of Teladoc Health during the third quarter worth about $91,000. 76.82% of the stock is owned by institutional investors and hedge funds.

About Teladoc Health

Teladoc Health, Inc provides virtual healthcare services and technology designed to connect patients with medical professionals remotely. Through its digital platforms, the company supports a range of healthcare needs, including general medical consultations, mental health services, specialty care, and ongoing management of chronic conditions.

Its offerings include telehealth visits with physicians and other licensed providers, behavioral health services through BetterHelp, and chronic care programs that use digital tools and clinical support to help people manage conditions such as diabetes and hypertension.