Granite Bay Wealth Management LLC Purchases Shares of 113,581 Teladoc Health, Inc. (NYSE:TDOC)

Granite Bay Wealth Management LLC acquired a new position in shares of Teladoc Health, Inc. (NYSE:TDOC) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 113,581 shares of the health services provider’s stock, valued at approximately $1,111,000. Granite Bay Wealth Management LLC owned approximately 0.07% of Teladoc Health at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Rubric Capital Management LP acquired a new stake in shares of Teladoc Health in the 2nd quarter valued at $45,267,000. Point72 Asset Management L.P. raised its holdings in Teladoc Health by 221.9% during the 2nd quarter. Point72 Asset Management L.P. now owns 5,303,123 shares of the health services provider’s stock worth $51,865,000 after purchasing an additional 3,655,436 shares during the last quarter. Clearline Capital LP lifted its position in Teladoc Health by 395.6% during the 2nd quarter. Clearline Capital LP now owns 4,364,201 shares of the health services provider’s stock valued at $42,682,000 after purchasing an additional 3,483,665 shares during the period. Vanguard Group Inc. lifted its position in Teladoc Health by 11.8% during the 4th quarter. Vanguard Group Inc. now owns 17,515,127 shares of the health services provider’s stock valued at $377,451,000 after purchasing an additional 1,855,480 shares during the period. Finally, Norges Bank acquired a new stake in shares of Teladoc Health during the 4th quarter worth approximately $9,714,000. Institutional investors own 76.82% of the company’s stock.

Teladoc Health Stock Performance

Shares of NYSE TDOC opened at $9.18 on Tuesday. The stock has a market capitalization of $1.57 billion, a PE ratio of -6.51 and a beta of 0.90. Teladoc Health, Inc. has a 52 week low of $6.76 and a 52 week high of $22.54. The stock has a 50 day moving average price of $7.93 and a 200 day moving average price of $10.58. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.62 and a current ratio of 1.66.

Teladoc Health (NYSE:TDOC) last posted its quarterly earnings results on Wednesday, July 31st. The health services provider reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.08. Teladoc Health had a negative net margin of 38.54% and a negative return on equity of 10.25%. The firm had revenue of $642.44 million for the quarter, compared to analyst estimates of $649.34 million. Analysts predict that Teladoc Health, Inc. will post -1.18 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on TDOC shares. Needham & Company LLC restated a “hold” rating on shares of Teladoc Health in a report on Thursday, August 1st. TD Cowen decreased their price objective on Teladoc Health from $15.00 to $9.00 and set a “hold” rating for the company in a research note on Thursday, August 1st. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 target price on shares of Teladoc Health in a research note on Tuesday, August 20th. Evercore ISI reduced their target price on Teladoc Health from $14.00 to $10.00 and set an “in-line” rating on the stock in a report on Tuesday, July 9th. Finally, Piper Sandler reduced their price objective on shares of Teladoc Health from $25.00 to $10.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 6th. Fifteen analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $12.31.

Insider Activity at Teladoc Health

In other Teladoc Health news, COO Michael Willem Waters sold 6,053 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $8.14, for a total transaction of $49,271.42. Following the transaction, the chief operating officer now owns 74,214 shares of the company’s stock, valued at $604,101.96. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Teladoc Health news, COO Michael Willem Waters sold 6,053 shares of Teladoc Health stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $8.14, for a total transaction of $49,271.42. Following the completion of the transaction, the chief operating officer now directly owns 74,214 shares of the company’s stock, valued at $604,101.96. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Laizer Kornwasser sold 10,879 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $8.14, for a total transaction of $88,555.06. Following the completion of the transaction, the chief executive officer now owns 99,929 shares in the company, valued at $813,422.06. The disclosure for this sale can be found here. In the last ninety days, insiders sold 57,377 shares of company stock worth $438,054. Insiders own 0.95% of the company’s stock.

Teladoc Health Company Profile

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.