Hologic Inc. (HOLX) Rating Increased to Buy at Zacks Investment Research
Hologic Inc. (NASDAQ:HOLX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm currently has a $43.00 price target on the stock. Zacks Investment Research’s price target points to a potential upside of 12.74% from the company’s current price.
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.”
HOLX has been the subject of several other research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Hologic in a research report on Thursday, July 28th. Evercore ISI raised Hologic from a “hold” rating to a “buy” rating and raised their target price for the stock from $38.00 to $42.00 in a research report on Thursday, July 28th. Barclays PLC reaffirmed an “equal weight” rating and issued a $42.00 target price on shares of Hologic in a research report on Sunday, July 31st. Morgan Stanley raised their target price on Hologic from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 28th. Finally, Piper Jaffray Cos. set a $40.00 target price on Hologic and gave the stock a “hold” rating in a research report on Monday, July 25th. They noted that the move was a valuation call. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $42.71.
Shares of Hologic (NASDAQ:HOLX) opened at 38.14 on Wednesday. The firm’s 50-day moving average price is $38.32 and its 200-day moving average price is $36.01. The firm has a market cap of $10.58 billion, a price-to-earnings ratio of 42.05 and a beta of 1.03. Hologic has a 52 week low of $31.84 and a 52 week high of $41.66.
Hologic (NASDAQ:HOLX) last issued its earnings results on Wednesday, July 27th. The company reported $0.51 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.03. The business earned $717.40 million during the quarter, compared to analysts’ expectations of $703.66 million. Hologic had a return on equity of 26.25% and a net margin of 9.39%. Hologic’s revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.43 earnings per share. Equities research analysts expect that Hologic will post $1.94 EPS for the current fiscal year.
In other Hologic news, Director Nancy Leaming sold 8,179 shares of the business’s stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $37.00, for a total value of $302,623.00. Following the completion of the sale, the director now owns 67,140 shares of the company’s stock, valued at $2,484,180. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.84% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in HOLX. Glenmede Trust Co. NA boosted its stake in shares of 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 in the last quarter. Commonwealth Equity Services Inc raised 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 last quarter. Pacad Investment Ltd. raised 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 last quarter. Ngam Advisors L.P. raised 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 last quarter. Finally, Prudential Financial Inc. raised 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 last quarter. 94.51% of the stock is owned by institutional investors.
Hologic Company Profile
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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