ABAXIS, Inc. (NASDAQ:ABAX) has earned a consensus recommendation of “Hold” from the eight ratings firms that are covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and two have given a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $44.67.
Several brokerages have recently issued reports on ABAX. Aegis reiterated a “hold” rating on shares of ABAXIS in a research report on Friday, December 1st. Zacks Investment Research lowered shares of ABAXIS from a “hold” rating to a “sell” rating in a research report on Tuesday. TheStreet upgraded shares of ABAXIS from a “c+” rating to a “b-” rating in a research report on Wednesday, November 29th. Bank of America reiterated an “underperform” rating and issued a $42.00 target price on shares of ABAXIS in a research report on Wednesday, August 23rd. Finally, Canaccord Genuity reiterated a “hold” rating and issued a $47.00 target price (up previously from $46.00) on shares of ABAXIS in a research report on Friday, October 27th.
ABAXIS (ABAX) traded down $1.13 during mid-day trading on Thursday, reaching $47.10. 156,449 shares of the company traded hands, compared to its average volume of 123,088. The firm has a market capitalization of $1,069.03, a price-to-earnings ratio of 39.25 and a beta of 0.86. ABAXIS has a 52 week low of $43.66 and a 52 week high of $55.95.
ABAXIS announced that its Board of Directors has initiated a stock buyback plan on Tuesday, October 24th that authorizes the company to repurchase $21.00 million in outstanding shares. This repurchase authorization authorizes the medical research company to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be given a $0.16 dividend. This is a positive change from ABAXIS’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.64 annualized dividend and a dividend yield of 1.36%. ABAXIS’s dividend payout ratio (DPR) is 53.33%.
Several hedge funds and other institutional investors have recently made changes to their positions in ABAX. Victory Capital Management Inc. lifted its stake in shares of ABAXIS by 17.6% in the second quarter. Victory Capital Management Inc. now owns 2,574 shares of the medical research company’s stock worth $136,000 after buying an additional 386 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in shares of ABAXIS in the second quarter worth about $239,000. Piedmont Investment Advisors LLC purchased a new position in shares of ABAXIS in the second quarter worth about $260,000. Municipal Employees Retirement System of Michigan lifted its stake in shares of ABAXIS by 4.1% in the second quarter. Municipal Employees Retirement System of Michigan now owns 5,320 shares of the medical research company’s stock worth $282,000 after buying an additional 210 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of ABAXIS in the third quarter worth about $257,000. Institutional investors and hedge funds own 97.51% of the company’s stock.
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Abaxis, Inc is a developer, manufacturer and marketer of portable blood analysis systems that are used in medical specialties in human or veterinary patient care to provide clinicians with blood constituent measurements. The Company markets and sells its products around the world through independent distributors and direct sales force.
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