BioTelemetry, Inc. (BEAT) Coverage Initiated by Analysts at SunTrust Banks, Inc.
Research analysts at SunTrust Banks, Inc. initiated coverage on shares of BioTelemetry, Inc. (NASDAQ:BEAT) in a research note issued on Monday, The Fly reports. The firm set a “buy” rating on the medical research company’s stock.
A number of other research firms also recently issued reports on BEAT. Benchmark Co. started coverage on BioTelemetry in a report on Thursday, June 29th. They issued a “buy” rating and a $38.00 price objective for the company. Dougherty & Co increased their price objective on BioTelemetry from $37.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, August 9th. Lake Street Capital reiterated a “buy” rating and issued a $50.00 price objective (up previously from $35.00) on shares of BioTelemetry in a report on Friday, July 14th. BidaskClub upgraded BioTelemetry from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 16th. Finally, Off Wall Street started coverage on BioTelemetry in a report on Friday, September 15th. They issued a “sell” rating for the company. One analyst has rated the stock with a sell rating, six have issued a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $44.40.
Shares of BioTelemetry (NASDAQ BEAT) traded down 1.77% during mid-day trading on Monday, hitting $30.60. 430,997 shares of the stock traded hands. The firm’s 50-day moving average is $33.56 and its 200-day moving average is $32.27. The stock has a market cap of $990.22 million, a price-to-earnings ratio of 20.54 and a beta of 0.68. BioTelemetry has a 52 week low of $15.25 and a 52 week high of $39.20.
BioTelemetry (NASDAQ:BEAT) last posted its quarterly earnings data on Tuesday, August 8th. The medical research company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. The business had revenue of $58.10 million during the quarter, compared to the consensus estimate of $58.39 million. BioTelemetry had a return on equity of 18.75% and a net margin of 21.03%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.20 earnings per share. On average, analysts forecast that BioTelemetry will post $0.99 earnings per share for the current year.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in BEAT. BlackRock Inc. grew its stake in shares of BioTelemetry by 69,017.8% in the first quarter. BlackRock Inc. now owns 3,509,112 shares of the medical research company’s stock worth $101,587,000 after acquiring an additional 3,504,035 shares during the last quarter. Hood River Capital Management LLC purchased a new stake in shares of BioTelemetry in the second quarter worth $26,694,000. Russell Investments Group Ltd. grew its stake in shares of BioTelemetry by 115.2% in the second quarter. Russell Investments Group Ltd. now owns 970,162 shares of the medical research company’s stock worth $32,453,000 after acquiring an additional 519,267 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of BioTelemetry by 95.9% in the second quarter. Bank of New York Mellon Corp now owns 1,031,594 shares of the medical research company’s stock worth $34,506,000 after acquiring an additional 504,869 shares during the last quarter. Finally, Hodges Capital Management Inc. purchased a new stake in shares of BioTelemetry in the second quarter worth $14,720,000. 77.67% 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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