Zacks Investment Research Downgrades Teleflex Incorporated (TFX) to Hold
Zacks Investment Research lowered shares of Teleflex Incorporated (NYSE:TFX) from a buy rating to a hold rating in a report published on Wednesday morning.
According to Zacks, “Teleflex Inc. designs, develops, manufactures, and supplies single-use medical devices for common diagnostic and therapeutic procedures in critical care and surgical applications worldwide. The company offers its products to hospitals and healthcare providers through its direct sales force and distributors. Teleflex was founded in 1943 and is headquartered in Wayne, Pennsylvania. “
TFX has been the topic of several other reports. Leerink Swann upgraded Teleflex from a market perform rating to an outperform rating and raised their target price for the company from $227.00 to $266.00 in a research report on Thursday, September 7th. Jefferies Group LLC restated a buy rating and issued a $230.00 target price on shares of Teleflex in a research report on Thursday, August 3rd. KeyCorp restated a hold rating on shares of Teleflex in a research report on Wednesday, September 6th. BidaskClub cut Teleflex from a buy rating to a hold rating in a research report on Monday, July 31st. Finally, Barclays PLC restated a buy rating on shares of Teleflex in a research report on Monday, June 26th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. Teleflex presently has an average rating of Buy and a consensus price target of $260.75.
Shares of Teleflex (TFX) opened at 246.05 on Wednesday. Teleflex has a 1-year low of $136.53 and a 1-year high of $248.68. The stock has a market capitalization of $11.08 billion, a P/E ratio of 47.05 and a beta of 1.07. The company has a 50 day moving average price of $228.55 and a 200-day moving average price of $209.38.
Teleflex (NYSE:TFX) last posted its earnings results on Thursday, August 3rd. The medical technology company reported $2.04 EPS for the quarter, beating the consensus estimate of $1.91 by $0.13. Teleflex had a return on equity of 16.12% and a net margin of 12.36%. The firm had revenue of $528.60 million for the quarter, compared to analysts’ expectations of $518.98 million. During the same period last year, the firm earned $1.89 EPS. The firm’s revenue was up 11.6% compared to the same quarter last year. On average, equities research analysts forecast that Teleflex will post $8.28 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Tuesday, August 15th were paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend was Friday, August 11th. Teleflex’s payout ratio is currently 26.00%.
In other Teleflex news, Director Stephen K. M.D. Klasko sold 200 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $208.41, for a total transaction of $41,682.00. Following the completion of the transaction, the director now directly owns 8,080 shares of the company’s stock, valued at approximately $1,683,952.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders have sold 600 shares of company stock valued at $132,408. 2.39% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Toronto Dominion Bank boosted its stake in Teleflex by 14.5% during the 2nd quarter. Toronto Dominion Bank now owns 552 shares of the medical technology company’s stock valued at $115,000 after purchasing an additional 70 shares in the last quarter. Advisory Services Network LLC boosted its stake in Teleflex by 933.8% during the 2nd quarter. Advisory Services Network LLC now owns 827 shares of the medical technology company’s stock valued at $172,000 after purchasing an additional 747 shares in the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. boosted its stake in Teleflex by 200.0% during the 1st quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 900 shares of the medical technology company’s stock valued at $174,000 after purchasing an additional 600 shares in the last quarter. Cornerstone Capital Management Holdings LLC. bought a new position in Teleflex during the 2nd quarter valued at $175,000. Finally, Campbell & CO Investment Adviser LLC bought a new position in Teleflex during the 2nd quarter valued at $200,000. 89.75% of the stock is owned by hedge funds and other institutional investors.
Teleflex Company Profile
Teleflex Incorporated is a provider of medical technology products. The Company designs, develops, manufactures and supplies single-use medical devices used by hospitals and healthcare providers for diagnostic and therapeutic procedures in critical care and surgical applications. The Company operates through six segments: Vascular North America; Anesthesia North America; Surgical North America; Europe, the Middle East and Africa (EMEA); Asia, and Original Equipment Manufacturer (OEM).
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