Teleflex Incorporated (NYSE:TFX) shot up 9.5% during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $269.17 and last traded at $263.49. 978,220 shares traded hands during trading, an increase of 215% from the average session volume of 310,311 shares. The stock had previously closed at $240.74.
The medical technology company reported $2.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.41 by $0.11. Teleflex had a return on equity of 17.32% and a net margin of 3.78%. The business had revenue of $609.70 million for the quarter, compared to analysts’ expectations of $609.05 million. During the same quarter in the prior year, the firm posted $2.12 EPS. The firm’s quarterly revenue was up 14.0% on a year-over-year basis.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Thursday, November 15th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 0.52%. Teleflex’s payout ratio is currently 16.19%.
TFX has been the topic of several recent analyst reports. Morgan Stanley lowered their price target on Teleflex from $310.00 to $295.00 and set an “overweight” rating on the stock in a report on Friday, August 3rd. Needham & Company LLC raised Teleflex from a “buy” rating to a “strong-buy” rating and raised their price target for the company from $279.00 to $300.00 in a report on Monday, September 10th. TheStreet cut Teleflex from a “b” rating to a “c+” rating in a report on Friday, August 3rd. Barclays initiated coverage on Teleflex in a report on Monday, October 15th. They issued an “equal weight” rating and a $266.00 price target on the stock. Finally, ValuEngine raised Teleflex from a “hold” rating to a “buy” rating in a report on Thursday, September 13th. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $286.67.
In other news, Director Andrew A. Krakauer acquired 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 8th. The shares were bought at an average cost of $237.56 per share, with a total value of $237,560.00. Following the acquisition, the director now owns 1,002 shares in the company, valued at approximately $238,035.12. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas E. Powell sold 5,200 shares of the firm’s stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $240.02, for a total value of $1,248,104.00. Following the transaction, the chief financial officer now directly owns 15,351 shares in the company, valued at $3,684,547.02. The disclosure for this sale can be found here. In the last ninety days, insiders sold 98,491 shares of company stock worth $25,016,762. Insiders own 2.56% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Parallel Advisors LLC raised its holdings in shares of Teleflex by 200.0% during the 2nd quarter. Parallel Advisors LLC now owns 450 shares of the medical technology company’s stock valued at $120,000 after buying an additional 300 shares in the last quarter. First Hawaiian Bank purchased a new position in shares of Teleflex during the 3rd quarter valued at about $156,000. Qube Research & Technologies Ltd purchased a new position in shares of Teleflex during the 2nd quarter valued at about $168,000. First Light Asset Management LLC purchased a new position in shares of Teleflex during the 2nd quarter valued at about $210,000. Finally, Dupont Capital Management Corp raised its holdings in shares of Teleflex by 80.5% during the 2nd quarter. Dupont Capital Management Corp now owns 832 shares of the medical technology company’s stock valued at $223,000 after buying an additional 371 shares in the last quarter. 88.92% of the stock is currently owned by institutional investors.
The firm has a market cap of $11.11 billion, a price-to-earnings ratio of 31.37, a PEG ratio of 1.70 and a beta of 1.12. The company has a quick ratio of 1.45, a current ratio of 2.21 and a debt-to-equity ratio of 0.88.
Teleflex Company Profile (NYSE:TFX)
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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