Alere Inc. (ALR) Given New $53.00 Price Target at Canaccord Genuity
Alere Inc. (NYSE:ALR) had its price objective reduced by stock analysts at Canaccord Genuity from $56.00 to $53.00 in a report released on Thursday. The firm currently has a “buy” rating on the stock. Canaccord Genuity’s target price suggests a potential upside of 22.69% from the company’s previous close.
A number of other research firms also recently issued reports on ALR. BTIG Research reissued a “buy” rating and issued a $48.00 target price on shares of Alere in a research report on Thursday, August 18th. Leerink Swann reiterated a “buy” rating and issued a $56.00 price target on shares of Alere in a research report on Tuesday, July 12th. Finally, Jefferies Group reiterated a “hold” rating on shares of Alere in a research report on Tuesday, July 12th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $51.75.
Alere (NYSE:ALR) traded down 0.25% during mid-day trading on Thursday, hitting $43.09. The stock had a trading volume of 144,746 shares. Alere has a 12 month low of $31.47 and a 12 month high of $54.13. The company’s market cap is $3.74 billion. The firm’s 50-day moving average is $41.36 and its 200 day moving average is $42.85.
Alere (NYSE:ALR) last released its earnings results on Tuesday, September 6th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.58 by $1.04. Alere had a positive return on equity of 8.40% and a negative net margin of 2.30%. The firm earned $611.10 million during the quarter. During the same period in the prior year, the company earned $0.54 earnings per share. Alere’s revenue was down 2.0% on a year-over-year basis. Equities analysts anticipate that Alere will post $2.08 EPS for the current fiscal year.
A number of large investors have recently bought and sold shares of the stock. IBM Retirement Fund raised its stake in Alere by 1.8% in the second quarter. IBM Retirement Fund now owns 8,732 shares of the company’s stock valued at $364,000 after buying an additional 157 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Alere by 6.5% in the second quarter. Nisa Investment Advisors LLC now owns 3,300 shares of the company’s stock valued at $138,000 after buying an additional 200 shares during the period. American International Group Inc. raised its stake in shares of Alere by 10.2% in the second quarter. American International Group Inc. now owns 2,752 shares of the company’s stock valued at $115,000 after buying an additional 254 shares during the period. Prudential Financial Inc. raised its stake in shares of Alere by 6.1% in the second quarter. Prudential Financial Inc. now owns 5,215 shares of the company’s stock valued at $217,000 after buying an additional 300 shares during the period. Finally, Utah Retirement Systems raised its stake in shares of Alere by 3.3% in the second quarter. Utah Retirement Systems now owns 15,711 shares of the company’s stock valued at $655,000 after buying an additional 500 shares during the period. 92.18% of the stock is owned by institutional investors.
Alere Company Profile
Alere Inc is a provider of health information through diagnostic tests. The Company operates through professional diagnostics, patient self-testing, consumer diagnostics and, corporate and other segments. The professional diagnostics segment includes an array of diagnostic test products and other in vitro diagnostic tests marketed to medical professionals and laboratories for detection of diseases and conditions within its areas of focus.
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