Zacks Investment Research upgraded shares of Teleflex (NYSE:TFX) from a hold rating to a buy rating in a research report sent to investors on Friday, Zacks.com reports. Zacks Investment Research currently has $338.00 price target on the medical technology company’s stock.
According to Zacks, “Teleflex exited the first quarter of 2019 on a solid note with better-than-expected earnings and revenues figures. The promising performance was driven by strong growth in Interventional Urology, Interventional Access and OEM. Geographically, Asia and Americas both registered strong constant currency revenue growth. We currently look forward to Urolift’s impending limited launch Japan following its Shonn approval. This apart, Teleflex announced a major reimbursement milestone for Urolift of receiving a positive coverage decision from health insurer Humana. Vascular solutions synergy is progressing well. Management also seems to be confident about its recently completed Essential Medical buyout. On the flip side, escalating operating expenses are putting pressure on the bottom line. Tough competition and pricing pressure also weigh on the stock. Overall, in the past three months, shares of Teleflex consistently outperformed its industry.”
A number of other research analysts have also recently issued reports on the stock. Needham & Company LLC cut shares of Teleflex from a strong-buy rating to a buy rating and set a $325.00 target price for the company. in a report on Wednesday, April 24th. Barclays increased their target price on shares of Teleflex from $287.00 to $309.00 and gave the company an equal weight rating in a report on Monday, April 15th. Raymond James raised their price objective on shares of Teleflex from $320.00 to $348.00 and gave the stock a strong-buy rating in a research note on Wednesday, March 27th. UBS Group raised their price objective on shares of Teleflex to $350.00 and gave the stock a buy rating in a research note on Friday, March 22nd. Finally, Morgan Stanley raised their price objective on shares of Teleflex from $305.00 to $315.00 and gave the stock an overweight rating in a research note on Tuesday, February 26th. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of Buy and an average target price of $326.50.
Teleflex (NYSE:TFX) last issued its earnings results on Thursday, May 2nd. The medical technology company reported $2.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.17 by $0.07. Teleflex had a net margin of 7.50% and a return on equity of 18.62%. The company had revenue of $613.60 million during the quarter, compared to analysts’ expectations of $608.27 million. During the same period last year, the company posted $2.15 earnings per share. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. As a group, sell-side analysts predict that Teleflex will post 11.05 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.46%. Teleflex’s dividend payout ratio (DPR) is 13.74%.
In other news, Director Benson Smith sold 8,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $300.15, for a total transaction of $2,551,275.00. Following the completion of the transaction, the director now directly owns 84,913 shares of the company’s stock, valued at approximately $25,486,636.95. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John C. Heinmiller acquired 1,250 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were acquired at an average cost of $285.00 per share, with a total value of $356,250.00. Following the completion of the purchase, the director now owns 634 shares in the company, valued at $180,690. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 38,376 shares of company stock valued at $11,381,818. Corporate insiders own 2.36% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of TFX. LPL Financial LLC acquired a new stake in Teleflex during the third quarter worth approximately $234,000. Nordea Investment Management AB boosted its position in Teleflex by 32.6% during the third quarter. Nordea Investment Management AB now owns 1,763 shares of the medical technology company’s stock worth $469,000 after acquiring an additional 433 shares during the last quarter. Legal & General Group Plc boosted its position in Teleflex by 0.4% during the third quarter. Legal & General Group Plc now owns 212,411 shares of the medical technology company’s stock worth $56,521,000 after acquiring an additional 933 shares during the last quarter. State of Alaska Department of Revenue boosted its position in Teleflex by 1.8% during the fourth quarter. State of Alaska Department of Revenue now owns 4,986 shares of the medical technology company’s stock worth $1,287,000 after acquiring an additional 87 shares during the last quarter. Finally, First Hawaiian Bank boosted its position in Teleflex by 34.2% during the fourth quarter. First Hawaiian Bank now owns 789 shares of the medical technology company’s stock worth $204,000 after acquiring an additional 201 shares during the last quarter. 91.94% of the stock is owned by institutional investors and hedge funds.
Teleflex Company Profile
Teleflex Incorporated designs, develops, manufactures, and supplies single-use medical devices for common diagnostic and therapeutic procedures in critical care and surgical applications worldwide. It offers vascular access products that comprise Arrow branded catheters and related devices, including catheter positioning systems for use in the administration of intravenous medications and other therapies, the measurement of blood pressure, and the withdrawal of blood samples through a single puncture site; and devices for treating coronary and peripheral vascular disease.
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