Electromed (NYSE:ELMD) Board of Directors Announces Share Buyback Program

Electromed (NYSE:ELMD) announced that its Board of Directors has initiated a share repurchase program on Monday, March 10th, RTT News reports. The company plans to buyback $5.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. StockNews.com downgraded shares of Electromed from a “strong-buy” rating to a “buy” rating in a research note on Monday. B. Riley assumed coverage on Electromed in a research note on Thursday, February 20th. They set a “buy” rating and a $38.00 target price for the company.

Electromed Price Performance

Shares of Electromed stock opened at $25.20 on Thursday. Electromed has a one year low of $13.74 and a one year high of $35.56. The firm has a market cap of $215.64 million, a price-to-earnings ratio of 33.60 and a beta of 0.41. The stock’s 50-day moving average is $30.67 and its 200 day moving average is $26.35.

Insider Activity at Electromed

In other Electromed news, Director Kathleen Skarvan sold 8,640 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $32.25, for a total value of $278,640.00. Following the completion of the sale, the director now owns 71,576 shares in the company, valued at approximately $2,308,326. This trade represents a 10.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Andrew Summers sold 35,273 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $28.83, for a total transaction of $1,016,920.59. Following the completion of the sale, the director now owns 129,190 shares of the company’s stock, valued at approximately $3,724,547.70. This trade represents a 21.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 133,618 shares of company stock valued at $3,821,636 in the last three months. Corporate insiders own 14.00% of the company’s stock.

About Electromed

Electromed, Inc develops, manufactures, markets, and sells airway clearance therapy and related products that apply high frequency chest wall oscillation (HFCWO) therapy in pulmonary care for patients of various ages in the United States and internationally. The company offers SmartVest airway clearance system for patients with compromised pulmonary functions, including bronchiectasis and cystic fibrosis, as well as neuromuscular conditions, such as cerebral palsy and amyotrophic lateral sclerosis; SmartVest SQL System; SmartVest Clearway System that consists of an inflatable therapy garment, a programmable air pulse generator, and a patented single-hose that delivers air pulses from the generator to the garment to create oscillatory pressure on the chest wall; and SmartVest Connect, a wireless technology that allows data connection between physicians and patients to track therapy performance and collaborate in treatment decisions.