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

Shares of MiniMed Group Inc (NASDAQ:MMED) reached a new 52-week high on Wednesday . The stock traded as high as $20.61 and last traded at $20.55, with a volume of 807216 shares. The stock had previously closed at $19.78.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Piper Sandler restated a “neutral” rating and issued a $16.00 price target on shares of MiniMed Group in a report on Thursday, June 4th. Weiss Ratings upgraded MiniMed Group from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 20th. UBS Group began coverage on MiniMed Group in a research note on Tuesday, July 28th. They set a “buy” rating and a $25.00 target price for the company. Bank of America dropped their target price on shares of MiniMed Group from $27.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, May 18th. Finally, Benchmark reaffirmed a “buy” rating on shares of MiniMed Group in a research note on Thursday, June 4th. Thirteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $21.62.

MiniMed Group Stock Performance

The stock has a market capitalization of $5.78 billion and a PE ratio of -30.28. The firm’s 50 day moving average price is $16.01.

MiniMed Group (NASDAQ:MMED) last posted its quarterly earnings data on Wednesday, June 3rd. The company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.46). The firm had revenue of $837.00 million during the quarter. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. On average, equities research analysts anticipate that MiniMed Group Inc will post 0.68 earnings per share for the current year.

Hedge Funds Weigh In On MiniMed Group

Several hedge funds have recently made changes to their positions in MMED. Deutsche Bank AG bought a new position in MiniMed Group in the second quarter valued at approximately $420,000. Bank of New York Mellon Corp bought a new position in shares of MiniMed Group in the second quarter valued at $1,058,000. Finally, BlackRock Inc. increased its holdings in MiniMed Group by 7,527.5% during the second quarter. BlackRock Inc. now owns 1,996,489 shares of the company’s stock worth $29,848,000 after buying an additional 1,970,314 shares during the last quarter.

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.