Truist Financial Corp lowered its stake in Smith & Nephew plc (NYSE:SNN – Free Report) by 25.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,523 shares of the medical equipment provider’s stock after selling 5,611 shares during the period. Truist Financial Corp’s holdings in Smith & Nephew were worth $533,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in SNN. Bank of America Corp DE grew its stake in shares of Smith & Nephew by 15.6% during the first quarter. Bank of America Corp DE now owns 1,019,990 shares of the medical equipment provider’s stock worth $28,468,000 after purchasing an additional 137,423 shares during the period. Lazard Asset Management LLC raised its holdings in shares of Smith & Nephew by 3.5% during the first quarter. Lazard Asset Management LLC now owns 954,239 shares of the medical equipment provider’s stock worth $30,440,000 after acquiring an additional 31,912 shares during the period. Envestnet Asset Management Inc. raised its position in Smith & Nephew by 519.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 826,910 shares of the medical equipment provider’s stock valued at $4,505,000 after buying an additional 693,516 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Smith & Nephew by 691.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 803,232 shares of the medical equipment provider’s stock worth $25,623,000 after purchasing an additional 701,806 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Smith & Nephew by 2,242.5% in the 1st quarter. JPMorgan Chase & Co. now owns 658,642 shares of the medical equipment provider’s stock valued at $18,382,000 after buying an additional 630,525 shares during the last quarter. Institutional investors own 8.65% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on SNN. UBS Group raised shares of Smith & Nephew from a “sell” rating to a “neutral” rating in a report on Tuesday, August 8th. JPMorgan Chase & Co. upgraded Smith & Nephew from a “neutral” rating to an “overweight” rating in a research note on Friday, November 3rd. HSBC upgraded shares of Smith & Nephew from a “hold” rating to a “buy” rating in a research note on Tuesday, October 31st. Stifel Nicolaus assumed coverage on Smith & Nephew in a research report on Friday, October 13th. They set a “hold” rating on the stock. Finally, StockNews.com cut shares of Smith & Nephew from a “strong-buy” rating to a “buy” rating in a research report on Monday, October 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,240.00.
Smith & Nephew Price Performance
Smith & Nephew stock opened at $24.33 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.83 and a current ratio of 2.19. Smith & Nephew plc has a 52-week low of $21.52 and a 52-week high of $33.08. The stock’s 50 day moving average price is $24.29 and its two-hundred day moving average price is $28.22.
About Smith & Nephew
Smith & Nephew plc, together with its subsidiaries, develops, manufactures, markets, and sells medical devices and services in the United Kingdom and internationally. The company operates through three segments: Orthopaedics, Sports Medicine & ENT, and Advanced Wound Management. The company offers knee implant products for knee replacement procedures; hip implants for revision procedures; and trauma and extremities products that include internal and external devices used in the stabilization of severe fractures and deformity correction procedures.
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