Zacks Investment Research Downgrades BioTelemetry Inc. (BEAT) to Hold
BioTelemetry Inc. (NASDAQ:BEAT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “BioTelemetry, Inc. provides ambulatory outpatient management solutions for monitoring clinical information regarding an individual’s health. It is focused on the diagnosis and monitoring of cardiac arrhythmias, or heart rhythm disorders. BioTelemetry, Inc., formerly known as CardioNet, Inc., is headquartered in Conshohocken, Pennsylvania. “
A number of other research firms have also commented on BEAT. Benchmark Co. raised their price objective on shares of BioTelemetry from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, August 3rd. Lake Street Capital restated a “buy” rating and issued a $24.00 price objective on shares of BioTelemetry in a research report on Wednesday. Finally, Sidoti assumed coverage on shares of BioTelemetry in a research note on Tuesday, September 13th. They issued a “buy” rating and a $27.00 target price on the stock.
Shares of BioTelemetry (NASDAQ:BEAT) opened at 20.17 on Wednesday. BioTelemetry has a 12-month low of $8.74 and a 12-month high of $21.68. The firm’s 50-day moving average is $18.98 and its 200-day moving average is $16.59. The company has a market capitalization of $565.26 million, a price-to-earnings ratio of 42.91 and a beta of 0.73.
BioTelemetry (NASDAQ:BEAT) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. BioTelemetry had a net margin of 7.11% and a return on equity of 25.36%. The company earned $52.68 million during the quarter, compared to analyst estimates of $50.27 million. During the same period last year, the business earned $0.12 earnings per share. BioTelemetry’s revenue was up 17.6% compared to the same quarter last year. On average, equities analysts predict that BioTelemetry will post $0.76 EPS for the current year.
In other BioTelemetry news, SVP Daniel Wisniewski sold 9,025 shares of BioTelemetry stock in a transaction that occurred on Friday, August 19th. The shares were sold at an average price of $20.96, for a total transaction of $189,164.00. Following the transaction, the senior vice president now directly owns 68,501 shares of the company’s stock, valued at $1,435,780.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joseph H. Capper sold 9,049 shares of BioTelemetry stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $20.96, for a total transaction of $189,667.04. Following the transaction, the insider now directly owns 568,857 shares in the company, valued at $11,923,242.72. The disclosure for this sale can be found here. 11.00% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. EAM Investors LLC acquired a new position in BioTelemetry during the second quarter valued at approximately $3,459,000. Sawgrass Asset Management LLC increased its position in BioTelemetry by 141.1% in the second quarter. Sawgrass Asset Management LLC now owns 94,160 shares of the company’s stock valued at $1,535,000 after buying an additional 55,100 shares during the period. California Public Employees Retirement System increased its position in BioTelemetry by 10.9% in the second quarter. California Public Employees Retirement System now owns 160,100 shares of the company’s stock valued at $2,610,000 after buying an additional 15,800 shares during the period. DIAM Co. Ltd. acquired a new position in BioTelemetry during the second quarter valued at approximately $133,000. Finally, Emerald Acquisition Ltd. acquired a new position in BioTelemetry during the second quarter valued at approximately $5,074,000. 78.28% of the stock is currently owned by hedge funds and other institutional investors.
BioTelemetry Company Profile
BioTelemetry, Inc (BioTelemetry), formerly CardioNet, Inc, provides cardiac monitoring services, cardiac monitoring device manufacturing, and centralized cardiac core laboratory services. The Company operates in three segments: patient services, product and research services. The patient services business segment’s principal focus is on the diagnosis and monitoring of cardiac arrhythmias or heart rhythm disorders, through its core Mobile Cardiac Outpatient Telemetry(MCOT), event and Holter services in a healthcare setting.
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