Zacks: Brokerages Expect Myriad Genetics, Inc. (MYGN) to Announce $0.24 Earnings Per Share

Analysts predict that Myriad Genetics, Inc. (NASDAQ:MYGN) will announce earnings per share of $0.24 for the current quarter, Zacks reports. Six analysts have made estimates for Myriad Genetics’ earnings, with the highest EPS estimate coming in at $0.27 and the lowest estimate coming in at $0.22. Myriad Genetics reported earnings per share of $0.26 during the same quarter last year, which would suggest a negative year-over-year growth rate of 7.7%. The business is expected to report its next earnings report on Tuesday, February 6th.

According to Zacks, analysts expect that Myriad Genetics will report full-year earnings of $1.05 per share for the current year, with EPS estimates ranging from $1.03 to $1.10. For the next fiscal year, analysts anticipate that the company will report earnings of $1.22 per share, with EPS estimates ranging from $1.08 to $1.52. Zacks’ earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for Myriad Genetics.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Tuesday, November 7th. The company reported $0.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.05. The firm had revenue of $190.20 million during the quarter, compared to analysts’ expectations of $183.52 million. Myriad Genetics had a return on equity of 9.54% and a net margin of 13.28%. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.23 EPS.

Several equities analysts have weighed in on MYGN shares. BTIG Research set a $41.00 price objective on Myriad Genetics and gave the company a “buy” rating in a report on Tuesday, January 16th. ValuEngine raised Myriad Genetics from a “hold” rating to a “buy” rating in a report on Friday, November 10th. Stephens set a $45.00 price objective on Myriad Genetics and gave the company a “buy” rating in a report on Wednesday, January 3rd. Barclays reaffirmed an “equal weight” rating and issued a $35.00 price objective (up from $30.00) on shares of Myriad Genetics in a report on Monday. Finally, Zacks Investment Research cut Myriad Genetics from a “strong-buy” rating to a “hold” rating in a report on Friday, December 15th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $30.55.

In other news, VP Richard M. Marsh sold 37,654 shares of the business’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $40.25, for a total transaction of $1,515,573.50. Following the completion of the transaction, the vice president now owns 157,648 shares of the company’s stock, valued at approximately $6,345,332. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Gary A. King sold 3,120 shares of the business’s stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $38.12, for a total value of $118,934.40. Following the transaction, the vice president now directly owns 125,088 shares of the company’s stock, valued at approximately $4,768,354.56. The disclosure for this sale can be found here. Insiders have sold a total of 71,064 shares of company stock valued at $2,679,097 in the last three months. 6.70% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of MYGN. Dimensional Fund Advisors LP increased its holdings in Myriad Genetics by 29.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,430,216 shares of the company’s stock worth $88,636,000 after purchasing an additional 787,396 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Myriad Genetics by 98.2% in the 3rd quarter. Wells Fargo & Company MN now owns 844,339 shares of the company’s stock worth $30,548,000 after purchasing an additional 418,335 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Myriad Genetics by 18.4% in the 4th quarter. Acadian Asset Management LLC now owns 2,205,297 shares of the company’s stock worth $75,743,000 after purchasing an additional 343,196 shares in the last quarter. PDT Partners LLC acquired a new position in Myriad Genetics in the 2nd quarter worth about $8,481,000. Finally, Northern Trust Corp increased its holdings in Myriad Genetics by 31.1% in the 2nd quarter. Northern Trust Corp now owns 1,292,588 shares of the company’s stock worth $33,400,000 after purchasing an additional 306,276 shares in the last quarter.

Shares of Myriad Genetics (MYGN) traded up $0.49 during midday trading on Tuesday, reaching $40.37. The company’s stock had a trading volume of 655,795 shares, compared to its average volume of 700,000. The firm has a market cap of $2,800.00, a PE ratio of 27.28, a PEG ratio of 2.45 and a beta of 0.24. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.06. Myriad Genetics has a 52-week low of $15.15 and a 52-week high of $40.55.

COPYRIGHT VIOLATION NOTICE: This news story was posted by American Banking News and is owned by of American Banking News. If you are accessing this news story on another site, it was copied illegally and republished in violation of United States & international copyright & trademark laws. The correct version of this news story can be viewed at https://www.americanbankingnews.com/2018/01/23/zacks-brokerages-expect-myriad-genetics-inc-mygn-to-announce-0-24-earnings-per-share.html.

About Myriad Genetics

Myriad Genetics, Inc is a molecular diagnostic company. The Company is engaged in the discovery, development and marketing of transformative molecular diagnostic tests. The Company operates through two segments: diagnostics and other. The diagnostics segment provides testing and collaborative development of testing that is designed to assess an individual’s risk for developing disease later in life, identify a patient’s likelihood of responding to drug therapy and guide a patient’s dosing to enable optimal treatment, or assess a patient’s risk of disease progression and disease recurrence.

Get a free copy of the Zacks research report on Myriad Genetics (MYGN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Myriad Genetics (NASDAQ:MYGN)

Receive News & Ratings for Myriad Genetics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Myriad Genetics and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply