Share Repurchase Plan Declared by Koninklijke Philips N.V. (PHG) Board of Directors
Koninklijke Philips N.V. (NYSE:PHG) announced that its Board of Directors has approved a share repurchase program, which authorizes the company to repurchase shares on Wednesday, June 28th, EventVestor reports. This repurchase authorization authorizes the technology company to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
A number of brokerages have recently commented on PHG. BidaskClub lowered shares of Koninklijke Philips N.V. from a “strong-buy” rating to a “buy” rating in a research note on Monday. J P Morgan Chase & Co reiterated a “buy” rating on shares of Koninklijke Philips N.V. in a research note on Monday. Zacks Investment Research lowered shares of Koninklijke Philips N.V. from a “buy” rating to a “sell” rating in a research note on Tuesday, July 11th. Natixis lowered shares of Koninklijke Philips N.V. from a “buy” rating to a “neutral” rating in a research note on Wednesday, June 21st. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $37.00 price target on shares of Koninklijke Philips N.V. in a research note on Monday, July 3rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $35.67.
Shares of Koninklijke Philips N.V. (NYSE PHG) traded up 1.01% during mid-day trading on Tuesday, hitting $38.00. 613,342 shares of the stock were exchanged. Koninklijke Philips N.V. has a 52-week low of $26.04 and a 52-week high of $38.21. The firm has a market cap of $34.97 billion, a price-to-earnings ratio of 18.66 and a beta of 1.34. The stock has a 50-day moving average price of $36.19 and a 200 day moving average price of $33.06.
Koninklijke Philips N.V. (NYSE:PHG) last posted its quarterly earnings data on Monday, July 24th. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by $0.18. Koninklijke Philips N.V. had a net margin of 6.67% and a return on equity of 9.80%. The company had revenue of $4.29 billion for the quarter, compared to analyst estimates of $4.38 billion. During the same quarter last year, the company earned $0.46 EPS. The business’s revenue was up 3.9% compared to the same quarter last year. On average, equities research analysts expect that Koninklijke Philips N.V. will post $1.95 earnings per share for the current year.
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Koninklijke Philips N.V. Company Profile
Koninklijke Philips N.V. is a health technology company. The Company’s segments include Personal Health businesses, Diagnosis & Treatment businesses, Connected Care & Health Informatics businesses, and Lighting. The Company’s Personal Health businesses segment is engaged in the health continuum, delivering integrated, connected solutions that support healthier lifestyles and those living with chronic disease.
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