Cresset Asset Management LLC Sells 5,188 Shares of Teleflex Incorporated (NYSE:TFX)

Cresset Asset Management LLC reduced its position in Teleflex Incorporated (NYSE:TFX) by 80.3% during the fourth quarter, HoldingsChannel reports. The fund owned 1,270 shares of the medical technology company’s stock after selling 5,188 shares during the quarter. Cresset Asset Management LLC’s holdings in Teleflex were worth $226,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TFX. Norges Bank bought a new stake in Teleflex in the 4th quarter valued at about $100,328,000. Invesco Ltd. raised its stake in Teleflex by 48.1% in the 4th quarter. Invesco Ltd. now owns 1,068,593 shares of the medical technology company’s stock valued at $190,188,000 after acquiring an additional 347,003 shares during the period. Diamond Hill Capital Management Inc. bought a new stake in Teleflex in the 4th quarter valued at about $46,696,000. T. Rowe Price Investment Management Inc. raised its stake in Teleflex by 4.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,173,121 shares of the medical technology company’s stock valued at $1,098,693,000 after acquiring an additional 261,279 shares during the period. Finally, Magnetar Financial LLC raised its stake in Teleflex by 105.2% in the 4th 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 period. 95.62% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TFX has been the topic of a number of research reports. Royal Bank of Canada lowered their price objective on Teleflex from $150.00 to $145.00 and set a “sector perform” rating on the stock in a research note on Friday, May 2nd. Piper Sandler reaffirmed a “neutral” rating and set a $140.00 target price (down previously from $255.00) on shares of Teleflex in a report on Friday, February 28th. Truist Financial reduced their target price on Teleflex from $140.00 to $137.00 and set a “hold” rating for the company in a report on Monday, May 5th. Bank of America lowered Teleflex from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $235.00 to $140.00 in a report on Tuesday, March 4th. Finally, Mizuho set a $155.00 target price on Teleflex in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Teleflex presently has an average rating of “Hold” and an average target price of $164.63.

Teleflex Stock Up 2.1%

TFX stock opened at $129.15 on Monday. The company has a current ratio of 2.42, a quick ratio of 1.39 and a debt-to-equity ratio of 0.37. The company’s 50 day moving average is $132.83 and its 200 day moving average is $162.37. The stock has a market cap of $5.71 billion, a price-to-earnings ratio of 25.67, a price-to-earnings-growth ratio of 1.73 and a beta of 1.17. Teleflex Incorporated has a 1-year low of $120.06 and a 1-year high of $249.91.

Teleflex (NYSE:TFX) last posted its quarterly earnings data on Thursday, May 1st. The medical technology company reported $2.91 earnings per share for the quarter, topping the consensus estimate of $2.88 by $0.03. The company had revenue of $700.67 million for the quarter, compared to analysts’ expectations of $699.37 million. Teleflex had a net margin of 7.85% and a return on equity of 14.19%. Teleflex’s revenue for the quarter was down 5.0% compared to the same quarter last year. During the same period in the prior year, the business earned $3.21 earnings per share. Sell-side analysts predict that Teleflex Incorporated will post 13.98 EPS for the current fiscal year.

Teleflex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Tuesday, May 20th will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 1.05%. The ex-dividend date is Tuesday, May 20th. Teleflex’s dividend payout ratio (DPR) is 42.90%.

Teleflex 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. 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.