Meridian Bioscience Inc. (VIVO) Rating Increased to Hold at Zacks Investment Research
Meridian Bioscience Inc. (NASDAQ:VIVO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Meridian is a fully integrated life sciences company that manufactures, markets and distributes a broad range of innovative diagnostic test kits, purified reagents and related products and offers biopharmaceutical enabling technologies. Utilizing a variety of methods, these products provide accuracy, simplicity and speed in the early diagnosis and treatment of common medical conditions, such as gastrointestinal, viral, urinary and respiratory infections. “
Separately, BidaskClub downgraded Meridian Bioscience from a “buy” rating to a “hold” rating in a report on Thursday, July 6th. Two equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $14.33.
Meridian Bioscience (VIVO) opened at 14.20 on Thursday. The stock has a market capitalization of $599.28 million, a PE ratio of 28.40 and a beta of 0.84. The stock’s 50 day moving average price is $14.00 and its 200 day moving average price is $14.27. Meridian Bioscience has a 1-year low of $10.75 and a 1-year high of $19.75.
Meridian Bioscience (NASDAQ:VIVO) last issued its quarterly earnings results on Thursday, July 27th. The company reported $0.16 earnings per share for the quarter, hitting the consensus estimate of $0.16. The firm had revenue of $50.14 million for the quarter, compared to the consensus estimate of $49.13 million. Meridian Bioscience had a return on equity of 16.93% and a net margin of 10.77%. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.21 earnings per share. On average, equities research analysts predict that Meridian Bioscience will post $0.67 earnings per share for the current fiscal year.
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In other news, Chairman John A. Kraeutler acquired 7,000 shares of Meridian Bioscience stock in a transaction on Thursday, August 24th. The shares were bought at an average cost of $13.67 per share, for a total transaction of $95,690.00. Following the acquisition, the chairman now directly owns 345,230 shares of the company’s stock, valued at approximately $4,719,294.10. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.30% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Karp Capital Management Corp purchased a new position in Meridian Bioscience during the 1st quarter worth $507,000. Highbridge Capital Management LLC purchased a new position in Meridian Bioscience during the 1st quarter worth $1,279,000. Citadel Advisors LLC increased its holdings in Meridian Bioscience by 142.8% during the 1st quarter. Citadel Advisors LLC now owns 166,326 shares of the company’s stock worth $2,295,000 after purchasing an additional 97,822 shares during the period. Prudential Financial Inc. increased its holdings in Meridian Bioscience by 280.6% during the 2nd quarter. Prudential Financial Inc. now owns 273,330 shares of the company’s stock worth $4,305,000 after purchasing an additional 201,519 shares during the period. Finally, Aperio Group LLC increased its holdings in Meridian Bioscience by 40.0% during the 2nd quarter. Aperio Group LLC now owns 51,385 shares of the company’s stock worth $809,000 after purchasing an additional 14,682 shares during the period. Institutional investors own 87.27% of the company’s stock.
About Meridian Bioscience
Meridian Bioscience, Inc is a life science company engaged in the development, manufacture, sale and distribution of diagnostic test kits for gastrointestinal, viral, respiratory and parasitic infectious diseases, and elevated blood lead levels, and the manufacture and distribution of bulk antigens, antibodies, polymerase chain reaction (PCR)/quantitative PCR (qPCR) reagents, nucleotides, competent cells and bioresearch reagents used by researchers and other diagnostic manufacturers.
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