Ballast Asset Management LP Makes New $4.67 Million Investment in MiniMed Group Inc $MMED

Ballast Asset Management LP bought a new stake in MiniMed Group Inc (NASDAQ:MMED) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 240,100 shares of the company’s stock, valued at approximately $4,675,000. MiniMed Group comprises approximately 2.0% of Ballast Asset Management LP’s investment portfolio, making the stock its 19th largest holding.

A number of other hedge funds have also made changes to their positions in MMED. State Street Corp acquired a new position in shares of MiniMed Group during the 2nd quarter worth $6,029,000. Bank of America Corp DE grew its stake 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 valued at $3,570,000 after acquiring an additional 188,756 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in MiniMed Group in the 2nd quarter valued at about $1,058,000. Freestone Grove Partners LP acquired a new stake in MiniMed Group in the 2nd quarter valued at about $1,745,000. Finally, J. Goldman & Co LP purchased a new position in MiniMed Group during the 2nd quarter valued at about $12,412,000.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Mizuho lifted their target price on shares of MiniMed Group from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Thursday, October 8th. Citigroup upped their price target on shares of MiniMed Group from $23.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, September 2nd. BTIG Research increased their price target on shares of MiniMed Group from $25.00 to $28.00 and gave the company a “buy” rating in a research report on Tuesday, September 1st. Barclays began coverage on shares of MiniMed Group in a research note on Wednesday, October 7th. They set an “equal weight” rating and a $22.00 price objective for the company. Finally, Morgan Stanley lifted their price objective on MiniMed Group from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. Fourteen research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $24.25.

MiniMed Group Stock Performance

Shares of NASDAQ:MMED opened at $17.88 on Tuesday. MiniMed Group Inc has a 52-week low of $10.65 and a 52-week high of $24.43. The stock’s fifty day simple moving average is $19.98 and its 200-day simple moving average is $16.70.

About MiniMed Group

MiniMed Group focuses on diabetes technology, developing products and services to help people manage insulin-dependent diabetes. Its offerings include insulin pumps, continuous glucose monitoring systems, infusion sets and software for tracking glucose and coordinating insulin delivery.

The business is known for automated insulin-delivery systems that use glucose readings to help adjust insulin delivery, including products in the MiniMed 780G system line. Its technologies are intended for use by people with diabetes and the clinicians who support their care.

MiniMed’s operations trace to Medtronic’s diabetes business, which developed and marketed diabetes-management products internationally.