Teleflex Incorporated (NYSE:TFX) Shares Sold by PNC Financial Services Group Inc.

Posted by Wayne Rhoads on May 26th, 2023

PNC Financial Services Group Inc. lowered its position in Teleflex Incorporated (NYSE:TFX – Get Rating) by 5.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,933 shares of the medical technology company’s stock after selling 1,144 shares during the period. PNC Financial Services Group Inc.’s holdings in Teleflex were worth $5,475,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. General Partner Inc. purchased a new stake in shares of Teleflex during the 4th quarter worth $28,000. Lazard Asset Management LLC increased its stake in Teleflex by 9,000.0% in the 3rd quarter. Lazard Asset Management LLC now owns 182 shares of the medical technology company’s stock valued at $36,000 after purchasing an additional 180 shares in the last quarter. Ellevest Inc. raised its holdings in Teleflex by 39.6% during the fourth quarter. Ellevest Inc. now owns 254 shares of the medical technology company’s stock worth $63,000 after purchasing an additional 72 shares during the last quarter. Romano Brothers AND Company purchased a new stake in Teleflex during the fourth quarter worth $69,000. Finally, Signaturefd LLC grew its holdings in Teleflex by 79.0% in the fourth quarter. Signaturefd LLC now owns 417 shares of the medical technology company’s stock valued at $104,000 after purchasing an additional 184 shares during the last quarter. Hedge funds and other institutional investors own 93.82% of the company’s stock.

Insider Buying and Selling at Teleflex

In related news, Director Stuart A. Randle sold 3,021 shares of the stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $245.71, for a total value of $742,289.91. Following the completion of the transaction, the director now owns 4,847 shares in the company, valued at approximately $1,190,956.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.41% of the stock is currently owned by insiders.

Analysts Set New Price Targets

TFX has been the topic of several recent research reports. Wolfe Research downgraded shares of Teleflex from an “outperform” rating to a “peer perform” rating in a report on Wednesday, April 26th. Needham & Company LLC restated a “buy” rating and issued a $291.00 target price on shares of Teleflex in a report on Friday, February 24th. Mizuho raised their target price on shares of Teleflex from $220.00 to $250.00 in a research report on Tuesday, April 18th. Raymond James boosted their price target on Teleflex from $231.00 to $259.00 and gave the company an “outperform” rating in a report on Friday, February 24th. Finally, Truist Financial raised their price objective on Teleflex from $250.00 to $264.00 and gave the stock a “hold” rating in a report on Monday, April 17th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $271.75.

Teleflex Stock Performance

Shares of NYSE:TFX opened at $233.17 on Friday. The company has a market cap of $10.94 billion, a P/E ratio of 30.40, a PEG ratio of 2.48 and a beta of 1.00. The business’s 50-day simple moving average is $254.65 and its 200 day simple moving average is $244.02. Teleflex Incorporated has a one year low of $182.65 and a one year high of $290.95. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.41 and a current ratio of 2.48.

Teleflex (NYSE:TFX – Get Rating) last announced its earnings results on Thursday, May 4th. The medical technology company reported $3.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.97 by $0.12. Teleflex had a return on equity of 15.80% and a net margin of 12.68%. The business had revenue of $710.90 million for the quarter, compared to analyst estimates of $687.11 million. During the same period in the previous year, the company earned $2.88 earnings per share. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, sell-side analysts forecast that Teleflex Incorporated will post 13.29 earnings per share for the current fiscal year.

Teleflex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Monday, May 15th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date of this dividend is Friday, May 12th. Teleflex’s dividend payout ratio is presently 17.73%.

About Teleflex

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Teleflex, Inc provides medical technology products which enables healthcare providers to improve patient outcomes and enhance patient and provider safety. The firm designs, develops, manufactures and supplies single-use medical devices used by hospitals and healthcare providers for common diagnostic and therapeutic procedures in critical care and surgical applications.