Ameriprise Financial Inc. raised its holdings in MiMedx Group, Inc (NASDAQ:MDXG) by 25.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 659,098 shares of the medical equipment provider’s stock after purchasing an additional 135,760 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.61% of MiMedx Group worth $9,866,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the business. TIAA CREF Investment Management LLC raised its position in MiMedx Group by 13.9% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 412,179 shares of the medical equipment provider’s stock valued at $6,170,000 after purchasing an additional 50,183 shares during the last quarter. Teachers Advisors LLC raised its position in MiMedx Group by 7.4% in the 2nd quarter. Teachers Advisors LLC now owns 230,032 shares of the medical equipment provider’s stock valued at $3,444,000 after purchasing an additional 15,891 shares during the last quarter. Alliancebernstein L.P. raised its position in MiMedx Group by 55.6% in the 2nd quarter. Alliancebernstein L.P. now owns 254,100 shares of the medical equipment provider’s stock valued at $3,804,000 after purchasing an additional 90,800 shares during the last quarter. Wells Fargo & Company MN raised its position in MiMedx Group by 43.8% in the 2nd quarter. Wells Fargo & Company MN now owns 677,537 shares of the medical equipment provider’s stock valued at $10,143,000 after purchasing an additional 206,406 shares during the last quarter. Finally, Schroder Investment Management Group bought a new position in MiMedx Group in the 2nd quarter valued at $508,000. Hedge funds and other institutional investors own 60.37% of the company’s stock.
Several equities analysts have issued reports on MDXG shares. Piper Jaffray Companies reiterated a “buy” rating and issued a $18.00 price objective on shares of MiMedx Group in a research report on Sunday, August 20th. Needham & Company LLC boosted their target price on MiMedx Group from $20.00 to $21.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, September 5th. Zacks Investment Research downgraded MiMedx Group from a “hold” rating to a “sell” rating in a research report on Tuesday. Lake Street Capital boosted their target price on MiMedx Group from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, July 28th. Finally, BidaskClub upgraded MiMedx Group from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. Three analysts have rated the stock with a sell rating, one has given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $14.83.
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Shares of MiMedx Group, Inc (NASDAQ:MDXG) opened at 13.21 on Friday. The company has a market cap of $1.42 billion, a P/E ratio of 69.53 and a beta of 0.91. MiMedx Group, Inc has a 52-week low of $7.64 and a 52-week high of $17.47. The stock’s 50 day moving average price is $13.70 and its 200-day moving average price is $13.81.
MiMedx Group (NASDAQ:MDXG) last announced its quarterly earnings results on Wednesday, July 26th. The medical equipment provider reported $0.07 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.07. MiMedx Group had a return on equity of 15.95% and a net margin of 7.48%. The company had revenue of $76.40 million during the quarter, compared to analysts’ expectations of $74.22 million. During the same period in the prior year, the company earned $0.05 EPS. MiMedx Group’s revenue was up 33.3% compared to the same quarter last year. Equities analysts expect that MiMedx Group, Inc will post $0.31 EPS for the current year.
MiMedx Group declared that its Board of Directors has approved a share buyback plan on Wednesday, July 26th that permits the company to repurchase $14.00 million in shares. This repurchase authorization permits the medical equipment provider to purchase up to 0.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.
About MiMedx Group
MiMedx Group, Inc is an integrated developer, processor and marketer of regenerative biomaterial products and bioimplants human placental tissue, skin and bone. The Company’s Regenerative Biomaterials segment includes the design, manufacture, and marketing of products and tissue processing services for the Wound Care, Surgical, Sports Medicine, Ophthalmic and Dental market categories.
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