PNC Financial Services Group Inc. Grows Position in Tandem Diabetes Care, Inc. (NASDAQ:TNDM)

PNC Financial Services Group Inc. raised its stake in shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM) by 79.4% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 5,788 shares of the medical device company’s stock after purchasing an additional 2,562 shares during the period. PNC Financial Services Group Inc.’s holdings in Tandem Diabetes Care were worth $171,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Tandem Diabetes Care by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 7,021,906 shares of the medical device company’s stock valued at $207,708,000 after buying an additional 18,571 shares in the last quarter. Jennison Associates LLC lifted its holdings in Tandem Diabetes Care by 14.9% during the fourth quarter. Jennison Associates LLC now owns 1,290,590 shares of the medical device company’s stock valued at $38,176,000 after purchasing an additional 167,675 shares in the last quarter. GW&K Investment Management LLC purchased a new position in Tandem Diabetes Care during the fourth quarter valued at approximately $36,288,000. Jacobs Levy Equity Management Inc. boosted its position in shares of Tandem Diabetes Care by 0.3% in the third quarter. Jacobs Levy Equity Management Inc. now owns 793,488 shares of the medical device company’s stock worth $16,481,000 after purchasing an additional 2,633 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Tandem Diabetes Care by 8.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 396,741 shares of the medical device company’s stock worth $11,736,000 after purchasing an additional 29,730 shares in the last quarter.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on TNDM shares. Redburn Atlantic began coverage on shares of Tandem Diabetes Care in a report on Thursday, May 30th. They issued a “buy” rating and a $60.00 target price for the company. Piper Sandler reaffirmed an “overweight” rating and issued a $50.00 price objective (up previously from $35.00) on shares of Tandem Diabetes Care in a research note on Friday, May 3rd. Lake Street Capital lifted their target price on Tandem Diabetes Care from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, May 22nd. Leerink Partnrs upgraded Tandem Diabetes Care from a “market perform” rating to an “outperform” rating in a research note on Thursday, April 25th. Finally, SVB Leerink upgraded shares of Tandem Diabetes Care from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $34.00 to $45.00 in a research report on Thursday, April 25th. Two investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Tandem Diabetes Care has a consensus rating of “Moderate Buy” and an average price target of $51.25.

Tandem Diabetes Care Trading Up 1.7 %

TNDM opened at $39.82 on Thursday. Tandem Diabetes Care, Inc. has a 12 month low of $13.82 and a 12 month high of $53.69. The company has a current ratio of 3.81, a quick ratio of 3.01 and a debt-to-equity ratio of 1.43. The stock has a 50-day moving average of $44.85 and a 200 day moving average of $34.17. The firm has a market cap of $2.57 billion, a P/E ratio of -18.35 and a beta of 1.28.

Tandem Diabetes Care (NASDAQ:TNDM) last issued its earnings results on Thursday, May 2nd. The medical device company reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.17. The business had revenue of $191.67 million for the quarter, compared to the consensus estimate of $173.06 million. Tandem Diabetes Care had a negative net margin of 18.37% and a negative return on equity of 34.38%. As a group, research analysts forecast that Tandem Diabetes Care, Inc. will post -1.71 EPS for the current year.

Insider Transactions at Tandem Diabetes Care

In related news, Director Dick Allen sold 5,000 shares of the company’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $51.68, for a total transaction of $258,400.00. Following the transaction, the director now directly owns 24,396 shares of the company’s stock, valued at approximately $1,260,785.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.20% of the company’s stock.

About Tandem Diabetes Care

Tandem Diabetes Care, Inc, a medical device company, designs, develops, and commercializes technology solutions for people living with diabetes in the United States and internationally. The company's flagship product is the t:slim X2 insulin delivery system, a pump platform for managing insulin delivery and display continuous glucose monitoring sensor information directly on the pump home screen; and Tandem Mobi insulin pump, an automated insulin delivery system.