Quadrature Capital Ltd has made a significant investment in ICU Medical, Inc., purchasing a new stake during the second quarter of 2023. The institutional investor acquired 6,223 shares of the medical device company, valued at approximately $822,000. This move is part of a broader trend, as several institutional investors have recently adjusted their holdings in ICU Medical.
William Blair Investment Management LLC has also entered the fray, acquiring a new position valued at about $27.9 million during the same quarter. Meanwhile, The Manufacturers Life Insurance Company increased its stake dramatically by 992.1% in the first quarter, adding 118,789 shares to total 130,762 shares valued at $18.2 million. Similarly, MetLife Investment Management LLC raised its holdings by 850.4%, now owning 123,041 shares worth $17.1 million after acquiring an additional 110,095 shares.
Ameriprise Financial Inc. also reported an 18.5% increase in its investment, bringing its total to 693,711 shares valued at $96.3 million. Invesco Ltd. boosted its stake by 80.1%, now owning 203,827 shares worth $28.3 million. Notably, hedge funds and other institutional investors now hold 96.10% of ICU Medical’s stock.
Analysts’ Ratings and Market Performance
Recent analyst reports have varied opinions on ICU Medical’s stock performance. Wall Street Zen downgraded the stock from a “buy” to a “hold” rating on November 15, 2023, while Weiss Ratings maintained a “sell (d-)” rating. In contrast, KeyCorp raised its target price from $173.00 to $175.00, assigning an “overweight” rating. Raymond James Financial reduced its price target from $187.00 to $180.00 but kept a “strong-buy” rating. Piper Sandler also increased its target, moving it from $153.00 to $172.00 with an “overweight” rating.
Currently, one analyst rates the stock as a Strong Buy, three analysts have assigned a Buy rating, one has given a Hold rating, and one has issued a Sell rating. According to MarketBeat.com, ICU Medical has a consensus rating of “Moderate Buy” and an average price target of $181.75.
Company Financials and Recent Earnings
As of November 6, 2023, shares of ICU Medical, listed on NASDAQ under the ticker ICUI, opened at $146.22. The company has a market capitalization of $3.61 billion and a price-to-earnings ratio of -96.20. Its stock has fluctuated between a 52-week low of $107.00 and a high of $175.51.
ICU Medical recently reported its quarterly earnings, revealing earnings per share (EPS) of $2.03, significantly exceeding the consensus estimate of $1.43 by $0.60. The firm generated $533.3 million in revenue during the quarter, surpassing the expected $511.46 million, although this figure represents an 8.9% decline year-over-year. The company’s guidance for fiscal year 2025 is set between $7.350 and $7.650 EPS, with expectations for $4.11 EPS for the current fiscal year.
Insider Activity and Company Overview
In recent insider trading, Director Elisha W. Finney sold 1,285 shares of ICU Medical on November 11, 2023, at an average price of $140.42, totaling approximately $180,439.70. Following this transaction, Finney holds 3,995 shares valued at $560,977.90, marking a 24.34% decrease in ownership. Vice President Virginia Ruth Sanzone also sold 930 shares for about $132,376.20, reducing her ownership by 14.56%.
ICU Medical, Inc., along with its subsidiaries, develops, manufactures, and sells medical devices primarily used in infusion therapy, vascular access, and vital care applications worldwide. Its innovative products cater to a broad range of medical needs, enhancing patient safety and treatment efficacy.
For more detailed information about ICU Medical and its stock performance, interested parties can visit HoldingsChannel.com for the latest updates.
