Barclays Has Lowered Expectations for MiniMed Group (NASDAQ:MMED) Stock Price

MiniMed Group (NASDAQ:MMED) had its price target reduced by equities research analysts at Barclays from $22.00 to $20.00 in a report released on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price target indicates a potential upside of 11.17% from the stock’s current price.

A number of other research analysts have also weighed in on the company. UBS Group raised their target price on MiniMed Group from $25.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, September 2nd. Weiss Ratings upgraded MiniMed Group from a “sell (d-)” rating to a “sell (d)” rating in a report on Wednesday, September 9th. Truist Financial started coverage on MiniMed Group in a report on Thursday, September 24th. They set a “buy” rating and a $29.00 price target for the company. Morgan Stanley increased their price target on MiniMed Group from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, September 3rd. Finally, Wells Fargo & Company raised their price objective on MiniMed Group from $22.00 to $26.00 and gave the company an “overweight” rating in a research note on Wednesday, September 2nd. Fourteen research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.12.

MiniMed Group Stock Performance

MMED traded up $0.11 during midday trading on Friday, reaching $17.99. 5,376,894 shares of the company were exchanged, compared to its average volume of 8,750,697. The company’s fifty day moving average price is $19.61 and its 200 day moving average price is $16.73. The company has a market cap of $5.06 billion and a price-to-earnings ratio of -26.46. MiniMed Group has a one year low of $10.65 and a one year high of $24.43.

Institutional Investors Weigh In On MiniMed Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Marshall Wace LLP bought a new position in shares of MiniMed Group during the 3rd quarter worth approximately $9,151,000. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of MiniMed Group by 358.7% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,720,000 shares of the company’s stock worth $33,488,000 after buying an additional 1,345,000 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of MiniMed Group by 124.7% in the 3rd quarter. First Trust Advisors LP now owns 822,845 shares of the company’s stock worth $16,021,000 after buying an additional 456,577 shares during the last quarter. State Street Corp grew its holdings in shares of MiniMed Group by 73.0% in the third quarter. State Street Corp now owns 697,580 shares of the company’s stock valued at $13,582,000 after acquiring an additional 294,291 shares in the last quarter. Finally, Boston Partners grew its holdings in shares of MiniMed Group by 0.6% in the third quarter. Boston Partners now owns 908,007 shares of the company’s stock valued at $17,695,000 after acquiring an additional 5,648 shares in the last quarter.

MiniMed Group Company Profile

MiniMed Group focuses on diabetes technology, developing products and services to help people manage insulin-dependent diabetes. Its offerings include insulin pumps, continuous glucose monitoring systems, infusion sets and software for tracking glucose and coordinating insulin delivery. The business is known for automated insulin-delivery systems that use glucose readings to help adjust insulin delivery, including products in the MiniMed 780G system line. Its technologies are intended for use by people with diabetes and the clinicians who support their care.