MiniMed Group (NASDAQ:MMED) Hits New 1-Year High – What’s Next?

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

Analyst Upgrades and Downgrades

MMED has been the topic of a number of research analyst reports. Benchmark reaffirmed a “buy” rating on shares of MiniMed Group in a report on Thursday, June 4th. Weiss Ratings raised MiniMed Group from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 20th. Bank of America dropped their price objective on MiniMed Group from $27.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, May 18th. Wells Fargo & Company cut their price objective on MiniMed Group from $26.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, June 4th. Finally, Piper Sandler reiterated a “neutral” rating and set a $16.00 target price on shares of MiniMed Group in a research note on Thursday, June 4th. Thirteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.62.

MiniMed Group Trading Up 4.1%

The company has a 50-day moving average of $16.01. The firm has a market cap of $5.78 billion and a PE ratio of -30.28.

MiniMed Group (NASDAQ:MMED) last issued its quarterly earnings results 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 company had revenue of $837.00 million during the quarter. MiniMed Group’s quarterly revenue was up 15.6% on a year-over-year basis. As a group, sell-side analysts predict that MiniMed Group Inc will post 0.68 earnings per share for the current year.

Institutional Trading of MiniMed Group

Several large investors have recently modified their holdings of MMED. Deutsche Bank AG acquired a new position in MiniMed Group in the second quarter valued at about $420,000. Bank of New York Mellon Corp acquired a new stake in MiniMed Group during the second quarter worth about $1,058,000. Finally, BlackRock Inc. increased its holdings in MiniMed Group by 7,527.5% in the 2nd quarter. BlackRock Inc. now owns 1,996,489 shares of the company’s stock valued at $29,848,000 after buying an additional 1,970,314 shares during the period.

MiniMed Group Company Profile

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.