Haemonetics (NYSE:HAE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The brokerage presently has a $78.00 price objective on the medical instruments supplier’s stock. Zacks Investment Research‘s target price points to a potential upside of 13.54% from the company’s previous close.
According to Zacks, “Haemonetics exited third-quarter fiscal 2018 on a promising note with earnings and revenues beating the Zacks Consensus Estimate. Continued momentum in new business generation and geographical expansion have helped the company deliver strong results in the quarter. The company’s strong cash position boosts investors’ confidence. The expansion in both gross and operating margin buoys optimism. The raised fiscal 2018 adjusted earnings guidance is also impressive. Over the past month, Haemonetics has been trading above the broader industry.However, we are disappointed with the fact that despite encouraging growth at the Plasma and Hospitals segment, the company’s sluggish Blood Center business moderated overall growth in the reporting cycle.”
A number of other equities analysts also recently commented on the company. Morgan Stanley raised Haemonetics from an “equal weight” rating to an “overweight” rating and set a $51.00 price objective for the company in a research report on Tuesday, January 2nd. Raymond James Financial raised Haemonetics from an “underperform” rating to a “market perform” rating in a research report on Tuesday, January 2nd. Jefferies Group boosted their price objective on Haemonetics from $18.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, January 8th. Craig Hallum reissued a “hold” rating and set a $50.00 price objective (up from $40.00) on shares of Haemonetics in a research report on Wednesday, November 8th. Finally, Barrington Research boosted their price objective on Haemonetics from $48.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $71.33.
Haemonetics (NYSE:HAE) last announced its quarterly earnings data on Tuesday, February 6th. The medical instruments supplier reported $0.62 EPS for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.18. Haemonetics had a positive return on equity of 12.39% and a negative net margin of 1.94%. The business had revenue of $234.04 million during the quarter, compared to the consensus estimate of $227.79 million. During the same period in the previous year, the company posted $0.43 earnings per share. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. analysts forecast that Haemonetics will post 1.87 EPS for the current year.
Haemonetics announced that its board has authorized a stock repurchase program on Tuesday, February 6th that allows the company to buyback $260.00 million in shares. This buyback authorization allows the medical instruments supplier to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, CAO Dan Goldstein sold 4,691 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $54.93, for a total transaction of $257,676.63. Following the completion of the sale, the chief accounting officer now owns 3,747 shares in the company, valued at $205,822.71. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Mark W. Kroll sold 7,118 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $63.00, for a total value of $448,434.00. Following the sale, the director now owns 33,881 shares of the company’s stock, valued at approximately $2,134,503. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,560 shares of company stock valued at $2,133,607. 1.20% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company lifted its stake in Haemonetics by 1.2% during the second quarter. The Manufacturers Life Insurance Company now owns 39,906 shares of the medical instruments supplier’s stock worth $1,575,000 after purchasing an additional 488 shares during the last quarter. UBS Asset Management Americas Inc. lifted its stake in Haemonetics by 2.7% in the second quarter. UBS Asset Management Americas Inc. now owns 28,153 shares of the medical instruments supplier’s stock valued at $1,112,000 after buying an additional 742 shares during the last quarter. American International Group Inc. lifted its stake in Haemonetics by 1.8% in the fourth quarter. American International Group Inc. now owns 42,271 shares of the medical instruments supplier’s stock valued at $2,455,000 after buying an additional 743 shares during the last quarter. Rothschild Asset Management Inc. lifted its stake in Haemonetics by 1.5% in the third quarter. Rothschild Asset Management Inc. now owns 89,178 shares of the medical instruments supplier’s stock valued at $4,001,000 after buying an additional 1,320 shares during the last quarter. Finally, Cardinal Capital Management lifted its stake in Haemonetics by 10.0% in the third quarter. Cardinal Capital Management now owns 15,029 shares of the medical instruments supplier’s stock valued at $674,000 after buying an additional 1,363 shares during the last quarter.
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Haemonetics Company Profile
Haemonetics Corporation (Haemonetics) is a healthcare company. The Company provides various products to customers involved in the processing, handling and analysis of blood. The Company’s segments include Japan, EMEA, North America Plasma and All Other. Haemonetics provides plasma collection systems and software, which enable plasma fractionators to make pharmaceuticals.
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