California Public Employees Retirement System grew its position in shares of Teladoc Health, Inc. (NYSE:TDOC) by 11.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 710,870 shares of the health services provider’s stock after acquiring an additional 70,780 shares during the quarter. California Public Employees Retirement System owned 0.45% of Teladoc Health worth $118,211,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. FORA Capital LLC acquired a new position in Teladoc Health during the 1st quarter worth approximately $2,869,000. Virtu Financial LLC acquired a new stake in shares of Teladoc Health in the 1st quarter valued at approximately $5,346,000. Prudential Financial Inc. boosted its holdings in shares of Teladoc Health by 19.7% in the 1st quarter. Prudential Financial Inc. now owns 28,650 shares of the health services provider’s stock valued at $5,207,000 after buying an additional 4,712 shares during the last quarter. Spence Asset Management boosted its holdings in shares of Teladoc Health by 0.8% in the 2nd quarter. Spence Asset Management now owns 93,373 shares of the health services provider’s stock valued at $15,527,000 after buying an additional 734 shares during the last quarter. Finally, Capital Advisors Inc. OK boosted its holdings in shares of Teladoc Health by 11.9% in the 2nd quarter. Capital Advisors Inc. OK now owns 73,681 shares of the health services provider’s stock valued at $12,252,000 after buying an additional 7,855 shares during the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.
TDOC has been the subject of several recent analyst reports. Barclays cut their price objective on Teladoc Health from $240.00 to $170.00 and set an “equal weight” rating for the company in a report on Wednesday, July 28th. Citigroup dropped their price target on Teladoc Health from $260.00 to $225.00 and set a “buy” rating on the stock in a research note on Wednesday, July 28th. Oppenheimer dropped their price target on Teladoc Health from $250.00 to $220.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 28th. Argus cut Teladoc Health from a “buy” rating to a “hold” rating in a research report on Monday, August 2nd. Finally, KeyCorp lowered their price objective on Teladoc Health from $220.00 to $180.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 28th. Twelve equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $217.75.
Teladoc Health (NYSE:TDOC) last issued its quarterly earnings data on Tuesday, July 27th. The health services provider reported ($0.86) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.59) by ($0.27). Teladoc Health had a negative return on equity of 1.29% and a negative net margin of 46.86%. The company had revenue of $503.14 million for the quarter, compared to the consensus estimate of $499.85 million. During the same quarter last year, the business earned ($0.34) earnings per share. Teladoc Health’s revenue was up 108.7% compared to the same quarter last year. On average, sell-side analysts predict that Teladoc Health, Inc. will post -3.53 earnings per share for the current fiscal year.
In other news, CEO Jason N. Gorevic sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 3rd. The stock was sold at an average price of $150.12, for a total transaction of $1,501,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO David William Sides sold 3,420 shares of the firm’s stock in a transaction dated Friday, July 30th. The stock was sold at an average price of $154.38, for a total value of $527,979.60. Following the transaction, the chief operating officer now owns 14,451 shares of the company’s stock, valued at $2,230,945.38. The disclosure for this sale can be found here. Insiders have sold 17,470 shares of company stock valued at $2,609,504 over the last 90 days. 6.47% of the stock is owned by corporate insiders.
About Teladoc Health
Teladoc Health, Inc engages in the provision of telehealthcare services using a technology platform via mobile devices, the Internet, video and phone. Its portfolio of services and solutions covers medical subspecialties from non-urgent, episodic needs like flu and upper respiratory infections, to chronic, complicated medical conditions like cancer and congestive heart failure.
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