Hologic Inc. (NASDAQ:HOLX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage presently has a $43.00 target price on the stock. Zacks Investment Research’s target price indicates a potential upside of 12.74% from the stock’s previous close.
According to Zacks, “We are looking forward to the FDA’s recent approval for the expanded use of Hologic’s Aptima Zika virus diagnostic assay which should boost the company’s revenue in the coming months. We are also impressed to note that despite incurring higher operating expenses, Hologic’s operating margin expanded. This reflects the company’s ability to generate additional operating leverage, even after making a handful of investments. Hologic’s raised 2016 outlook makes us further optimistic. Moreover the recently authorized share repurchase program worth $500 million is indicative of the strong cash position Hologic currently holds. However, Hologic witnessed a slump in its blood screening business in the last reported fiscal third quarter, as per management’s expectation, owing to higher orders received in the prior-year period. Tough competition, particularly in the tomosynthesis market, continues to be a concern.”
Several other equities research analysts also recently issued reports on the stock. Barclays PLC upgraded shares of Hologic from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $42.00 to $44.00 in a research note on Friday, September 23rd. Piper Jaffray Cos. set a $44.00 target price on shares of Hologic and gave the company a “hold” rating in a research note on Sunday, August 28th. RBC Capital Markets reiterated a “sector perform” rating and issued a $39.00 target price (up from $37.00) on shares of Hologic in a research note on Monday, August 1st. Royal Bank Of Canada raised their target price on shares of Hologic from $37.00 to $39.00 and gave the company a “sector perform” rating in a research note on Monday, August 1st. Finally, Canaccord Genuity set a $45.00 target price on shares of Hologic and gave the company a “buy” rating in a research note on Thursday, July 28th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $42.71.
Shares of Hologic (NASDAQ:HOLX) opened at 38.14 on Wednesday. The firm’s 50-day moving average price is $38.32 and its 200-day moving average price is $36.01. The firm has a market capitalization of $10.58 billion, a P/E ratio of 42.05 and a beta of 1.03. Hologic has a 12-month low of $31.84 and a 12-month high of $41.66.
Hologic (NASDAQ:HOLX) last issued its earnings results on Wednesday, July 27th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.03. Hologic had a net margin of 9.39% and a return on equity of 26.25%. The business earned $717.40 million during the quarter, compared to the consensus estimate of $703.66 million. During the same period last year, the business posted $0.43 EPS. Hologic’s revenue was up 3.4% on a year-over-year basis. Equities analysts predict that Hologic will post $1.94 earnings per share for the current fiscal year.
In related news, Director Nancy Leaming sold 8,179 shares of Hologic stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $37.00, for a total value of $302,623.00. Following the transaction, the director now directly owns 67,140 shares of the company’s stock, valued at $2,484,180. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.84% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Hologic during the second quarter worth $339,000. Kentucky Retirement Systems bought a new stake in shares of Hologic during the second quarter worth $714,000. Mason Street Advisors LLC bought a new stake in shares of Hologic during the second quarter worth $1,131,000. Public Employees Retirement System of Ohio raised its stake in shares of Hologic by 5.5% in the second quarter. Public Employees Retirement System of Ohio now owns 98,865 shares of the company’s stock worth $3,421,000 after buying an additional 5,182 shares in the last quarter. Finally, Calvert Investment Management Inc. raised its stake in shares of Hologic by 0.8% in the second quarter. Calvert Investment Management Inc. now owns 15,244 shares of the company’s stock worth $527,000 after buying an additional 122 shares in the last quarter. Hedge funds and other institutional investors own 94.51% of the company’s stock.
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. Its Diagnostics products include its Aptima family of assays, which run on its advanced instrumentation systems (Panther and Tigris); ThinPrep system; the Rapid Fetal Fibronectin Test, and Procleix blood screening assays.
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