Zacks Investment Research upgraded shares of Hologic Inc. (NASDAQ:HOLX) from a hold rating to a buy rating in a research report released on Wednesday morning. The firm currently has $43.00 target price on the stock.
According to Zacks, “We are looking forward to the FDA’s recent approval for the expanded use of Hologic’s Aptima Zika virus diagnostic assay which should boost the company’s revenue in the coming months. We are also impressed to note that despite incurring higher operating expenses, Hologic’s operating margin expanded. This reflects the company’s ability to generate additional operating leverage, even after making a handful of investments. Hologic’s raised 2016 outlook makes us further optimistic. Moreover the recently authorized share repurchase program worth $500 million is indicative of the strong cash position Hologic currently holds. However, Hologic witnessed a slump in its blood screening business in the last reported fiscal third quarter, as per management’s expectation, owing to higher orders received in the prior-year period. Tough competition, particularly in the tomosynthesis market, continues to be a concern.”
A number of other research analysts also recently issued reports on HOLX. Piper Jaffray Cos. set a $40.00 price target on shares of Hologic and gave the stock a hold rating in a research note on Monday, July 25th. They noted that the move was a valuation call. Barclays PLC upgraded shares of Hologic from an equal weight rating to an overweight rating and lifted their price target for the stock from $42.00 to $44.00 in a research note on Friday, September 23rd. Evercore ISI upgraded shares of Hologic from a hold rating to a buy rating and lifted their price target for the stock from $38.00 to $42.00 in a research note on Thursday, July 28th. Canaccord Genuity set a $45.00 price target on shares of Hologic and gave the stock a buy rating in a research note on Thursday, July 28th. Finally, Jefferies Group lifted their price target on shares of Hologic from $42.00 to $43.00 and gave the stock a buy rating in a research note on Thursday, July 28th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Hologic currently has a consensus rating of Buy and an average price target of $42.71.
Shares of Hologic (NASDAQ:HOLX) opened at 38.83 on Wednesday. The stock has a 50 day moving average of $38.32 and a 200-day moving average of $36.04. Hologic has a 1-year low of $31.84 and a 1-year high of $41.66. The firm has a market cap of $10.77 billion, a price-to-earnings ratio of 42.81 and a beta of 1.00.
Hologic (NASDAQ:HOLX) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. The firm earned $717.40 million during the quarter, compared to analysts’ expectations of $703.66 million. Hologic had a net margin of 9.39% and a return on equity of 26.25%. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.43 earnings per share. Equities analysts anticipate that Hologic will post $1.94 EPS for the current fiscal year.
In other news, Director Nancy Leaming sold 8,179 shares of the company’s stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $37.00, for a total transaction of $302,623.00. Following the transaction, the director now directly owns 67,140 shares of the company’s stock, valued at approximately $2,484,180. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.84% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Glenmede Trust Co. NA boosted its position in Hologic by 259.8% in the first quarter. Glenmede Trust Co. NA now owns 18,710 shares of the company’s stock worth $644,000 after buying an additional 13,510 shares during the period. Commonwealth Equity Services Inc boosted its position in Hologic by 13.5% in the first quarter. Commonwealth Equity Services Inc now owns 63,633 shares of the company’s stock worth $2,195,000 after buying an additional 7,585 shares during the period. Pacad Investment Ltd. boosted its position in Hologic by 83.9% in the first quarter. Pacad Investment Ltd. now owns 51,949 shares of the company’s stock worth $1,792,000 after buying an additional 23,697 shares during the period. Ngam Advisors L.P. boosted its position in Hologic by 11.7% in the first quarter. Ngam Advisors L.P. now owns 134,353 shares of the company’s stock worth $4,636,000 after buying an additional 14,115 shares during the period. Finally, Prudential Financial Inc. boosted its position in Hologic by 20.3% in the first quarter. Prudential Financial Inc. now owns 2,627,461 shares of the company’s stock worth $90,648,000 after buying an additional 444,115 shares during the period. 94.51% of the stock is currently owned by institutional investors and hedge funds.
Hologic, Inc is a developer, manufacturer and supplier of diagnostics products, medical imaging systems and surgical products with an emphasis on women’s health. The Company operates through four segments: Diagnostics, Breast Health, GYN Surgical and Skeletal Health. Its Diagnostics products include its Aptima family of assays, which run on its advanced instrumentation systems (Panther and Tigris); ThinPrep system; the Rapid Fetal Fibronectin Test, and Procleix blood screening assays.
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