Hologic’s (HOLX) “Buy” Rating Reaffirmed at Needham & Company LLC
Hologic, Inc. (NASDAQ:HOLX)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a report released on Friday. They currently have a $50.00 price target on the medical equipment provider’s stock. Needham & Company LLC’s target price would suggest a potential upside of 26.39% from the stock’s current price.
The analysts wrote, “FDA’s latest monthly Mammography Quality Standards Act (MQSA) statistics were published on 11/1/17. The number of digital breast tomosynthesis (DBT) units increased by 143 during October which represents a 5.1% Y/Y increase. DBT unit penetration increased to 29.0% from 28.5% last month and facility penetration increased to 44.0% from 42.8% last month. More importantly, DBT units placements were up 5.1% in 10/17 vs. 10/16. Based on this, we think that HOLX’s Breast Health business could see improved growth in F1Q18.””
HOLX has been the topic of several other reports. Bank of America Corporation reiterated a “neutral” rating and set a $48.00 price objective (up from $44.00) on shares of Hologic in a report on Friday, July 21st. Piper Jaffray Companies reiterated a “buy” rating and set a $51.00 price objective on shares of Hologic in a report on Friday, July 14th. Stifel Nicolaus reiterated a “buy” rating on shares of Hologic in a report on Friday, July 14th. BidaskClub lowered shares of Hologic from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Finally, Barclays PLC reiterated an “overweight” rating and set a $53.00 price objective (up from $50.00) on shares of Hologic in a report on Monday, July 17th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $47.77.
Hologic (HOLX) traded up $1.36 during trading hours on Friday, reaching $39.56. 5,260,242 shares of the company’s stock were exchanged, compared to its average volume of 2,716,672. The company has a market cap of $10.78 billion, a PE ratio of 18.83 and a beta of 0.93.
Hologic (NASDAQ:HOLX) last released its earnings results on Wednesday, August 2nd. The medical equipment provider reported $0.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.01. The company had revenue of $806.10 million for the quarter, compared to analyst estimates of $799.70 million. Hologic had a net margin of 25.65% and a return on equity of 23.18%. The firm’s quarterly revenue was up 12.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.51 EPS. analysts forecast that Hologic will post 2.01 earnings per share for the current fiscal year.
In other Hologic news, Director Lawrence M. Levy sold 9,596 shares of the stock in a transaction that occurred on Tuesday, October 10th. The shares were sold at an average price of $36.81, for a total value of $353,228.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lawrence M. Levy sold 7,138 shares of the stock in a transaction that occurred on Monday, October 9th. The shares were sold at an average price of $37.38, for a total transaction of $266,818.44. The disclosure for this sale can be found here. Insiders sold 23,873 shares of company stock valued at $898,754 in the last ninety days. 0.79% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Stratos Wealth Partners LTD. grew its position in shares of Hologic by 0.6% during the second quarter. Stratos Wealth Partners LTD. now owns 4,954 shares of the medical equipment provider’s stock worth $225,000 after buying an additional 30 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of Hologic by 0.4% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,803 shares of the medical equipment provider’s stock worth $944,000 after buying an additional 85 shares in the last quarter. Symphony Asset Management LLC grew its position in shares of Hologic by 0.4% during the second quarter. Symphony Asset Management LLC now owns 28,005 shares of the medical equipment provider’s stock worth $1,271,000 after buying an additional 108 shares in the last quarter. Cutter & CO Brokerage Inc. grew its position in shares of Hologic by 1.7% during the second quarter. Cutter & CO Brokerage Inc. now owns 11,530 shares of the medical equipment provider’s stock worth $523,000 after buying an additional 190 shares in the last quarter. Finally, Curbstone Financial Management Corp grew its position in shares of Hologic by 2.4% during the second quarter. Curbstone Financial Management Corp now owns 8,678 shares of the medical equipment provider’s stock worth $394,000 after buying an additional 200 shares in the last quarter. 95.68% of the stock is owned by institutional investors and hedge funds.
Hologic Company Profile
Hologic, Inc is a developer, manufacturer and supplier of diagnostics products, medical imaging systems and surgical products with an emphasis on women’s health. The Company operates through four segments: Diagnostics, Breast Health, GYN Surgical and Skeletal Health. The diagnostics products include Aptima family of assays, ThinPrep system, the Rapid Fetal Fibronectin Test and Procleix blood screening assays.
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