Electromed (NYSE:ELMD) Announces Share Buyback Plan

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

Analysts Set New Price Targets

ELMD has been the subject of a number of analyst reports. B. Riley initiated coverage on Electromed in a research note on Thursday, February 20th. They set a “buy” rating and a $38.00 price objective for the company. StockNews.com cut Electromed from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 27th.

Electromed Price Performance

Electromed stock traded down $0.73 during midday trading on Monday, reaching $24.70. The company’s stock had a trading volume of 120,942 shares, compared to its average volume of 64,680. The stock’s 50-day simple moving average is $30.85 and its 200-day simple moving average is $26.29. Electromed has a 52-week low of $13.74 and a 52-week high of $35.56. The stock has a market capitalization of $211.36 million, a P/E ratio of 32.93 and a beta of 0.41.

Insider Buying and Selling at Electromed

In other Electromed news, Director Kathleen Skarvan sold 38,954 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $29.28, for a total value of $1,140,573.12. Following the completion of the sale, the director now directly owns 32,622 shares in the company, valued at approximately $955,172.16. This trade represents a 54.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Andrew Summers sold 35,273 shares of the firm’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $28.83, for a total value of $1,016,920.59. Following the completion of the transaction, the director now owns 129,190 shares of the company’s stock, valued at approximately $3,724,547.70. The trade was a 21.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 133,618 shares of company stock worth $3,821,636. 14.00% of the stock is owned by insiders.

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.