Alliancebernstein L.P. Acquires 90,800 Shares of MiMedx Group, Inc (MDXG)
Alliancebernstein L.P. boosted its holdings in shares of MiMedx Group, Inc (NASDAQ:MDXG) by 55.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 254,100 shares of the medical equipment provider’s stock after acquiring an additional 90,800 shares during the period. Alliancebernstein L.P. owned 0.24% of MiMedx Group worth $3,804,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Wells Fargo & Company MN lifted its position in MiMedx Group by 43.8% during the 2nd quarter. Wells Fargo & Company MN now owns 677,537 shares of the medical equipment provider’s stock valued at $10,143,000 after acquiring an additional 206,406 shares during the period. Schroder Investment Management Group bought a new stake in MiMedx Group during the 2nd quarter valued at about $508,000. Atlantic Trust Group LLC increased its stake in MiMedx Group by 1.5% during the 2nd quarter. Atlantic Trust Group LLC now owns 1,452,474 shares of the medical equipment provider’s stock valued at $21,744,000 after purchasing an additional 21,429 shares in the last quarter. Kestrel Investment Management Corp bought a new stake in MiMedx Group during the 2nd quarter valued at about $10,210,000. Finally, Principal Financial Group Inc. increased its stake in MiMedx Group by 1.9% during the 2nd quarter. Principal Financial Group Inc. now owns 794,780 shares of the medical equipment provider’s stock valued at $11,898,000 after purchasing an additional 15,048 shares in the last quarter. 60.35% of the stock is owned by institutional investors.
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MDXG has been the subject of a number of analyst reports. Needham & Company LLC raised their price objective on shares of MiMedx Group from $20.00 to $21.00 and gave the company a “strong-buy” rating in a research note on Tuesday, September 5th. BidaskClub lowered shares of MiMedx Group from a “buy” rating to a “hold” rating in a research note on Wednesday, July 5th. Lake Street Capital lifted their price target on shares of MiMedx Group from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Friday, July 28th. Piper Jaffray Companies reiterated a “buy” rating and issued a $18.00 price target on shares of MiMedx Group in a research note on Sunday, August 20th. Finally, Zacks Investment Research lowered shares of MiMedx Group from a “hold” rating to a “sell” rating in a research note on Wednesday. Three analysts have rated the stock with a sell rating, one has assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $14.83.
Shares of MiMedx Group, Inc (NASDAQ:MDXG) opened at 12.13 on Friday. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of 63.84 and a beta of 0.91. The company’s 50-day moving average is $14.22 and its 200 day moving average is $13.71. MiMedx Group, Inc has a 12 month low of $7.64 and a 12 month high of $17.47.
MiMedx Group (NASDAQ:MDXG) last issued its quarterly earnings results on Wednesday, July 26th. The medical equipment provider reported $0.07 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.07. MiMedx Group had a net margin of 7.48% and a return on equity of 15.95%. The company had revenue of $76.40 million for the quarter, compared to the consensus estimate of $74.22 million. During the same quarter in the prior year, the company earned $0.05 EPS. MiMedx Group’s quarterly revenue was up 33.3% on a year-over-year basis. On average, equities research analysts anticipate that MiMedx Group, Inc will post $0.31 earnings per share for the current year.
MiMedx Group announced that its Board of Directors has approved a share repurchase program on Wednesday, July 26th that permits the company to buyback $14.00 million in outstanding shares. This buyback authorization permits the medical equipment provider to reacquire up to 0.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
MiMedx Group Company Profile
MiMedx Group, Inc is an integrated developer, processor and marketer of regenerative biomaterial products and bioimplants human placental tissue, skin and bone. The Company’s Regenerative Biomaterials segment includes the design, manufacture, and marketing of products and tissue processing services for the Wound Care, Surgical, Sports Medicine, Ophthalmic and Dental market categories.
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