DnB Asset Management AS Lowers Stock Position in Teleflex Incorporated (NYSE:TFX)

DnB Asset Management AS lowered its stake in shares of Teleflex Incorporated (NYSE:TFX) by 6.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,411 shares of the medical technology company’s stock after selling 565 shares during the quarter. DnB Asset Management AS’s holdings in Teleflex were worth $1,497,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Norges Bank purchased a new stake in Teleflex during the fourth quarter valued at about $100,328,000. Diamond Hill Capital Management Inc. purchased a new stake in Teleflex in the fourth quarter worth approximately $46,696,000. Magnetar Financial LLC grew its position in Teleflex by 105.2% during the fourth quarter. Magnetar Financial LLC now owns 421,340 shares of the medical technology company’s stock valued at $74,990,000 after acquiring an additional 215,961 shares during the last quarter. Cooke & Bieler LP raised its stake in shares of Teleflex by 22.1% during the fourth quarter. Cooke & Bieler LP now owns 1,078,557 shares of the medical technology company’s stock worth $191,962,000 after acquiring an additional 195,150 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of Teleflex by 2.8% in the 3rd quarter. Janus Henderson Group PLC now owns 5,376,452 shares of the medical technology company’s stock valued at $1,329,704,000 after purchasing an additional 147,147 shares in the last quarter. 95.62% of the stock is owned by institutional investors.

Analysts Set New Price Targets

TFX has been the topic of a number of recent research reports. StockNews.com cut Teleflex from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Royal Bank of Canada cut Teleflex from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $220.00 to $155.00 in a research note on Friday, February 28th. Bank of America downgraded shares of Teleflex from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $235.00 to $140.00 in a research note on Tuesday, March 4th. Truist Financial cut their price target on shares of Teleflex from $200.00 to $149.00 and set a “hold” rating on the stock in a report on Monday, March 3rd. Finally, Piper Sandler reiterated a “neutral” rating and set a $140.00 target price (down from $255.00) on shares of Teleflex in a report on Friday, February 28th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Teleflex currently has a consensus rating of “Hold” and a consensus price target of $182.63.

Teleflex Stock Performance

Teleflex stock opened at $140.12 on Wednesday. Teleflex Incorporated has a fifty-two week low of $128.55 and a fifty-two week high of $249.91. The stock has a market cap of $6.50 billion, a price-to-earnings ratio of 27.86, a PEG ratio of 1.73 and a beta of 1.21. The stock’s 50 day simple moving average is $157.48 and its two-hundred day simple moving average is $188.50. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.39 and a current ratio of 2.42.

Teleflex (NYSE:TFX) last issued its quarterly earnings results on Thursday, February 27th. The medical technology company reported $3.89 earnings per share for the quarter, topping the consensus estimate of $3.86 by $0.03. The company had revenue of $795.40 million for the quarter, compared to analysts’ expectations of $813.24 million. Teleflex had a return on equity of 14.19% and a net margin of 7.85%. As a group, analysts expect that Teleflex Incorporated will post 13.98 earnings per share for the current fiscal year.

Teleflex Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, March 7th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.36 dividend on an annualized basis and a yield of 0.97%. Teleflex’s dividend payout ratio (DPR) is currently 95.77%.

About Teleflex

Teleflex Incorporated designs, develops, manufactures, and supplies single-use medical devices for common diagnostic and therapeutic procedures in critical care and surgical applications worldwide. The company provides vascular access products that comprise Arrow branded catheters, catheter navigation and tip positioning systems, and intraosseous access systems for the administration of intravenous therapies, the measurement of blood pressure, and the withdrawal of blood samples through a single puncture site.