Teladoc Health (NYSE:TDOC) Sees Strong Trading Volume After Analyst Upgrade

Shares of Teladoc Health, Inc. (NYSE:TDOC) saw strong trading volume on Thursday after Bank of America raised their price target on the stock from $10.50 to $11.50. Bank of America currently has a neutral rating on the stock. 7,652,971 shares traded hands during trading, an increase of 92% from the previous session’s volume of 3,995,410 shares.The stock last traded at $12.27 and had previously closed at $11.00.

A number of other brokerages have also recently issued reports on TDOC. Piper Sandler reissued an “overweight” rating and set a $13.00 price objective (up previously from $11.00) on shares of Teladoc Health in a report on Wednesday, December 4th. TD Cowen dropped their price objective on Teladoc Health from $9.00 to $8.00 and set a “hold” rating on the stock in a report on Thursday, October 31st. Oppenheimer dropped their price objective on Teladoc Health from $14.00 to $12.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. The Goldman Sachs Group started coverage on Teladoc Health in a report on Friday, November 15th. They set a “buy” rating and a $14.00 price objective on the stock. Finally, Barclays raised their price target on Teladoc Health from $10.00 to $12.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Fourteen investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $11.97.

Insider Activity

In related news, insider Carlos Nueno sold 2,389 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $11.93, for a total transaction of $28,500.77. Following the transaction, the insider now directly owns 2,890 shares in the company, valued at $34,477.70. This trade represents a 45.25 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.95% of the company’s stock.

Hedge Funds Weigh In On Teladoc Health

Several institutional investors and hedge funds have recently bought and sold shares of TDOC. Millennium Management LLC grew its position in shares of Teladoc Health by 11.8% in the 2nd quarter. Millennium Management LLC now owns 409,669 shares of the health services provider’s stock worth $4,007,000 after buying an additional 43,260 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Teladoc Health by 195.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 95,307 shares of the health services provider’s stock worth $932,000 after buying an additional 63,028 shares during the last quarter. SG Americas Securities LLC grew its position in shares of Teladoc Health by 41.2% in the 3rd quarter. SG Americas Securities LLC now owns 76,891 shares of the health services provider’s stock worth $706,000 after buying an additional 22,424 shares during the last quarter. CWM LLC grew its position in shares of Teladoc Health by 219.1% in the 3rd quarter. CWM LLC now owns 13,557 shares of the health services provider’s stock worth $124,000 after buying an additional 9,309 shares during the last quarter. Finally, Wedmont Private Capital bought a new stake in shares of Teladoc Health in the 3rd quarter worth approximately $120,000. 76.82% of the stock is currently owned by institutional investors.

Teladoc Health Trading Up 9.0 %

The stock has a market capitalization of $2.07 billion, a P/E ratio of -2.08 and a beta of 1.04. The stock has a 50-day moving average price of $10.03 and a two-hundred day moving average price of $9.11. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.69 and a current ratio of 1.73.

About Teladoc Health

Teladoc Health, Inc provides virtual healthcare services worldwide. The company operates through Teladoc Health Integrated Care and BetterHelp segments. The Integrated Care segment offers virtual medical services, including general medical, expert medical, specialty medical, chronic condition management, and mental health, as well as enabling technologies and enterprise telehealth solutions for hospitals and health systems.