Verition Fund Management LLC Takes $779,000 Position in Smith & Nephew plc (NYSE:SNN)

Posted by Defense World Staff on Mar 5th, 2023

Verition Fund Management LLC bought a new position in Smith & Nephew plc (NYSE:SNN – Get Rating) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 33,543 shares of the medical equipment provider’s stock, valued at approximately $779,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SeaCrest Wealth Management LLC bought a new position in Smith & Nephew during the second quarter valued at approximately $59,000. Quadrant Capital Group LLC lifted its stake in shares of Smith & Nephew by 243.5% in the 3rd quarter. Quadrant Capital Group LLC now owns 3,030 shares of the medical equipment provider’s stock valued at $70,000 after purchasing an additional 2,148 shares during the last quarter. Ellevest Inc. lifted its stake in shares of Smith & Nephew by 406.4% in the 3rd quarter. Ellevest Inc. now owns 3,651 shares of the medical equipment provider’s stock valued at $85,000 after purchasing an additional 2,930 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Smith & Nephew by 14.6% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,721 shares of the medical equipment provider’s stock valued at $86,000 after purchasing an additional 474 shares during the last quarter. Finally, Zions Bancorporation N.A. lifted its stake in shares of Smith & Nephew by 44.6% in the 1st quarter. Zions Bancorporation N.A. now owns 3,337 shares of the medical equipment provider’s stock valued at $106,000 after purchasing an additional 1,029 shares during the last quarter. 9.11% of the stock is owned by hedge funds and other institutional investors.

Smith & Nephew Trading Up 2.1 %

Smith & Nephew stock opened at $29.39 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.25 and a quick ratio of 0.96. Smith & Nephew plc has a 1-year low of $21.77 and a 1-year high of $34.12. The business has a fifty day moving average price of $28.23 and a 200-day moving average price of $25.96.

Smith & Nephew Increases Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Wednesday, May 17th. Stockholders of record on Friday, March 31st will be given a $0.462 dividend. This is a boost from Smith & Nephew’s previous semi-annual dividend of $0.29. The ex-dividend date of this dividend is Thursday, March 30th. This represents a dividend yield of 2.6%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. UBS Group raised their price objective on Smith & Nephew from GBX 970 ($11.71) to GBX 1,000 ($12.07) in a research note on Wednesday, February 22nd. Barclays decreased their price target on Smith & Nephew from GBX 1,500 ($18.10) to GBX 1,480 ($17.86) in a research note on Wednesday, February 22nd. StockNews.com raised Smith & Nephew from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, February 22nd. Citigroup began coverage on Smith & Nephew in a research note on Monday, December 12th. They set a “buy” rating for the company. Finally, Liberum Capital raised Smith & Nephew from a “hold” rating to a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Smith & Nephew presently has an average rating of “Moderate Buy” and a consensus target price of $1,240.00.

Smith & Nephew Profile

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Smith & Nephew plc engages in the development, manufacture, marketing, and sale of medical devices. It operates through the following segments: Orthopaedics; Sports Medicine and ENT; and Advanced Wound Management. The Orthopaedics and Sports Medicine and ENT segment consists of the following businesses: knee implants, hip implants, other reconstruction, trauma, sports medicine joint repair, arthroscopic enabling technologies and ENT.