Teleflex (NYSE:TFX) Sets New 52-Week High Following Dividend Announcement

Teleflex Incorporated (NYSE:TFX)’s stock price reached a new 52-week high during mid-day trading on Wednesday after the company announced a dividend. The company traded as high as $147.99 and last traded at $144.9860, with a volume of 20,802 shares trading hands. The stock had previously closed at $139.95.

The newly announced dividend which will be paid on Thursday, December 31st. Stockholders of record on Monday, November 16th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Monday, November 16th. Teleflex’s dividend payout ratio is currently -5.84%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Truist Financial cut their price target on shares of Teleflex from $150.00 to $142.00 and set a “hold” rating on the stock in a report on Wednesday, October 14th. Needham & Company LLC boosted their price objective on shares of Teleflex from $159.00 to $170.00 and gave the stock a “buy” rating in a report on Tuesday, August 25th. Mizuho set a $160.00 price objective on Teleflex in a research report on Friday. Wall Street Zen upgraded Teleflex from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Finally, Zacks Research lowered Teleflex from a “strong-buy” rating to a “hold” rating in a report on Friday, October 23rd. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $155.90.

Teleflex Stock Up 1.3%

The company has a current ratio of 2.60, a quick ratio of 2.12 and a debt-to-equity ratio of 0.94. The firm has a market cap of $6.43 billion, a P/E ratio of -6.52, a PEG ratio of 1.01 and a beta of 0.85. The company’s 50 day simple moving average is $131.88 and its 200-day simple moving average is $125.84.

Teleflex (NYSE:TFX) last announced its quarterly earnings results on Thursday, November 5th. The medical technology company reported $2.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.73. Teleflex had a negative net margin of 39.67% and a positive return on equity of 11.93%. The firm had revenue of $567.80 million for the quarter, compared to the consensus estimate of $565.52 million. During the same quarter last year, the firm posted $3.67 EPS. The business’s quarterly revenue was up .1% compared to the same quarter last year. Research analysts forecast that Teleflex Incorporated will post 7.22 earnings per share for the current fiscal year.

Teleflex News Summary

Here are the key news stories impacting Teleflex this week:

• Positive Sentiment: Teleflex reported adjusted earnings of $2.63 per share, above estimates of about $1.90–$1.92. Revenue of $567.8 million also narrowly exceeded the $565.5 million consensus. Teleflex Q3 results
• Positive Sentiment: The company declared a quarterly dividend of $0.34 per share, equivalent to $1.36 annually and a yield of roughly 0.9%. The dividend provides a modest shareholder return. Teleflex dividend announcement
• Neutral Sentiment: Revenue from continuing operations rose just 0.2% year over year, although it increased 3.0% on a pro forma adjusted constant-currency basis. This points to modest underlying growth. Teleflex Q3 sales
• Negative Sentiment: Reported earnings per share of $2.63 were below the $3.67 reported a year earlier, despite beating current-quarter estimates, which may raise questions about year-over-year earnings momentum. Teleflex Q3 earnings comparison

Hedge Funds Weigh In On Teleflex

Hedge funds and other institutional investors have recently modified their holdings of the company. Maryland State Retirement & Pension System lifted its stake in shares of Teleflex by 40.5% during the 3rd quarter. Maryland State Retirement & Pension System now owns 12,095 shares of the medical technology company’s stock valued at $1,512,000 after buying an additional 3,486 shares in the last quarter. Illinois Municipal Retirement Fund increased its stake in Teleflex by 4.7% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 23,801 shares of the medical technology company’s stock worth $2,976,000 after buying an additional 1,071 shares in the last quarter. Keybank National Association OH purchased a new stake in Teleflex in the 3rd quarter worth $536,000. AlphaCore Capital LLC purchased a new stake in Teleflex in the 3rd quarter worth $358,000. Finally, Fulcrum Asset Management LLP bought a new stake in Teleflex during the third quarter valued at about $343,000. 95.62% of the stock is owned by institutional investors.

Teleflex Company Profile

Teleflex Incorporated is a global medical technology company that develops, manufactures and markets specialty medical devices. Its products are designed to support healthcare professionals in critical care and procedural settings, including vascular access, interventional cardiology and radiology, anesthesia, respiratory care, emergency medicine, surgical applications and urology.

The company’s portfolio includes catheters, access and closure devices, airway-management products, surgical instruments, pain-management devices and other technologies used in hospitals and outpatient facilities.