Bank of New York Mellon Corp Raises Stake in MiMedx Group, Inc (MDXG)

Bank of New York Mellon Corp lifted its stake in shares of MiMedx Group, Inc (NASDAQ:MDXG) by 1.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,346,532 shares of the medical equipment provider’s stock after acquiring an additional 22,024 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.26% of MiMedx Group worth $20,158,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Lourd Capital LLC increased its position in shares of MiMedx Group by 0.4% during the second quarter. Lourd Capital LLC now owns 31,120 shares of the medical equipment provider’s stock worth $466,000 after acquiring an additional 120 shares during the period. Alps Advisors Inc. increased its position in shares of MiMedx Group by 0.3% during the second quarter. Alps Advisors Inc. now owns 56,871 shares of the medical equipment provider’s stock worth $851,000 after acquiring an additional 147 shares during the period. Louisiana State Employees Retirement System increased its position in shares of MiMedx Group by 0.7% during the first quarter. Louisiana State Employees Retirement System now owns 40,800 shares of the medical equipment provider’s stock worth $389,000 after acquiring an additional 300 shares during the period. Arizona State Retirement System increased its position in shares of MiMedx Group by 0.6% during the first quarter. Arizona State Retirement System now owns 52,216 shares of the medical equipment provider’s stock worth $498,000 after acquiring an additional 300 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in shares of MiMedx Group by 0.5% during the first quarter. PNC Financial Services Group Inc. now owns 103,931 shares of the medical equipment provider’s stock worth $992,000 after acquiring an additional 517 shares during the period. 60.35% of the stock is currently owned by institutional investors and hedge funds.

A number of equities analysts have recently commented on MDXG shares. Needham & Company LLC raised their target price on shares of MiMedx Group from $20.00 to $21.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, September 5th. First Analysis lowered shares of MiMedx Group from an “equal weight” rating to an “underweight” rating and set a $11.00 target price on the stock. in a research report on Tuesday, May 23rd. BidaskClub lowered shares of MiMedx Group from a “buy” rating to a “hold” rating in a research report on Wednesday, July 5th. Lake Street Capital raised their target price on shares of MiMedx Group from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, July 28th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $18.00 target price on shares of MiMedx Group in a research report on Sunday, August 20th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $14.83.

MiMedx Group, Inc (MDXG) opened at 13.56 on Friday. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of 71.37 and a beta of 0.98. The company’s 50-day moving average is $15.47 and its 200 day moving average is $13.30. MiMedx Group, Inc has a one year low of $7.64 and a one year high of $17.47.

MiMedx Group (NASDAQ:MDXG) last announced its earnings results on Wednesday, July 26th. The medical equipment provider reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07. MiMedx Group had a net margin of 7.48% and a return on equity of 15.95%. The firm had revenue of $76.40 million for the quarter, compared to the consensus estimate of $74.22 million. During the same period in the prior year, the firm earned $0.05 EPS. The firm’s revenue for the quarter was up 33.3% on a year-over-year basis. Equities analysts expect that MiMedx Group, Inc will post $0.31 EPS for the current year.

MiMedx Group announced that its Board of Directors has authorized a stock repurchase program on Wednesday, July 26th that allows the company to buyback $14.00 million in outstanding shares. This buyback authorization allows the medical equipment provider to purchase up to 0.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

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MiMedx Group Company Profile

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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Institutional Ownership by Quarter for MiMedx Group (NASDAQ:MDXG)

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