ICU Medical Inc. (ICUI) Upgraded to Buy at Zacks Investment Research
ICU Medical Inc. (NASDAQ:ICUI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm currently has a $141.00 target price on the stock. Zacks Investment Research’s price target points to a potential upside of 12.37% from the company’s current price.
According to Zacks, “ICU Medical, Inc., together with its wholly-owned subsidiary Budget Medical Products, Inc. is a leader in the development, manufacture and sale of proprietary, disposable medical connection systems for use in intravenous therapy applications. The company’s intravenous connectors are designed to prevent accidental disconnection’s of intravenous lines and to protect healthcare workers and their patients from the spread of infectious diseases such as Hepatitis B and Human Immunodeficiency Virus by significantly reducing the risk of accidental needlesticks. “
Separately, Piper Jaffray Cos. reaffirmed a “neutral” rating and issued a $119.00 target price (up from $115.00) on shares of ICU Medical in a research report on Thursday, August 11th.
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Shares of ICU Medical (NASDAQ:ICUI) traded up 1.19% during trading on Wednesday, reaching $125.48. 85,112 shares of the company were exchanged. ICU Medical has a 52-week low of $85.56 and a 52-week high of $128.93. The stock has a market capitalization of $2.02 billion, a P/E ratio of 37.37 and a beta of 0.49. The stock has a 50-day moving average of $123.56 and a 200 day moving average of $109.63.
ICU Medical (NASDAQ:ICUI) last announced its quarterly earnings data on Monday, August 8th. The company reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.10. The business had revenue of $96.70 million for the quarter, compared to the consensus estimate of $89.66 million. ICU Medical had a net margin of 14.94% and a return on equity of 10.33%. ICU Medical’s quarterly revenue was up 15.4% on a year-over-year basis. During the same quarter last year, the company posted $0.97 earnings per share. On average, equities analysts anticipate that ICU Medical will post $4.54 earnings per share for the current fiscal year.
In other ICU Medical news, Chairman Vivek Jain sold 7,268 shares of ICU Medical stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $124.25, for a total transaction of $903,049.00. Following the completion of the transaction, the chairman now directly owns 48,497 shares of the company’s stock, valued at $6,025,752.25. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Scott E. Lamb sold 1,474 shares of ICU Medical stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $121.61, for a total value of $179,253.14. Following the transaction, the chief financial officer now directly owns 4,705 shares of the company’s stock, valued at $572,175.05. The disclosure for this sale can be found here. Company insiders own 15.90% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC bought a new position in shares of ICU Medical during the second quarter worth about $124,000. Bank of Montreal Can bought a new position in shares of ICU Medical during the second quarter worth about $133,000. PineBridge Investments L.P. boosted its position in shares of ICU Medical by 3.6% in the second quarter. PineBridge Investments L.P. now owns 1,835 shares of the company’s stock worth $207,000 after buying an additional 63 shares during the last quarter. Amalgamated Bank bought a new position in shares of ICU Medical during the second quarter worth about $214,000. Finally, M&T Bank Corp boosted its position in shares of ICU Medical by 3.3% in the first quarter. M&T Bank Corp now owns 2,117 shares of the company’s stock worth $220,000 after buying an additional 67 shares during the last quarter. 89.50% of the stock is owned by institutional investors.
ICU Medical Company Profile
ICU Medical, Inc is engaged in the development, manufacturing and sales of medical devices used in infusion therapy, oncology and critical care applications. The Company’s product line includes needlefree connection devices, closed system transfer devices (CSTD), needlefree closed blood sampling systems, disposable pressure transducer systems and hemodynamic monitoring systems.
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