Barclays PLC upgraded shares of Hologic Inc. (NASDAQ:HOLX) from an equal weight rating to an overweight rating in a research note published on Friday morning. They currently have $44.00 price objective on the stock, up from their previous price objective of $42.00.
“stronger for longer” versus its previous expectations.The brokerage, who also upped the price target by $2 to $44, believes the breast health business will be able to sustain its L-MSD growth with a longer 3D mammography tail, service growth from 3D conversions, and new product launches such as Affirm.”Our FDA mammography market model improves our conviction in the durability of placements and Hologic share gains,” analyst Jack Meehan wrote in a note.In addition, the Meehan said the company’s Panther system strengthened its leadership position at the high-end of MDx workflows and can drive L-MSD growth for the entire diagnostics business alone.Related Link: New 5-Year Contraceptive Coming To U.S. Adds To Long-Acting, Reversible Contraceptives List”The launch of the Fusion PCR sidecar in 2017/2018 will add additional flexibility to the instrument, which could lead to higher consumable pull-through, as the company expands its US menu beyond sexual health into virology,” Meehan highlighted. Importantly, the analyst feels that Panther is “PAMA-proof” for upcoming Dx reimbursement changes, and could be an aggregator of share in a consolidating lab market. Further, the analyst expects at least HSD growth for the GYN Surgical unit from MyoSure strength.”We believe that at current levels shares offer an attractive entry point, flat YTD versus the S&P 500 up 6 percent and our coverage universe up 15 percent,,” the firm’s analyst wrote.
Several other analysts also recently weighed in on HOLX. Morgan Stanley reiterated a hold rating on shares of Hologic in a research note on Saturday, June 4th. Piper Jaffray Cos. set a $44.00 price target on Hologic and gave the company a hold rating in a research note on Sunday, August 28th. BTIG Research reiterated a buy rating and set a $44.00 price target on shares of Hologic in a research note on Thursday, July 28th. RBC Capital Markets reiterated a sector perform rating and set a $39.00 price target (up previously from $37.00) on shares of Hologic in a research note on Monday, August 1st. Finally, Leerink Swann reiterated a buy rating and set a $46.00 price target on shares of Hologic in a research note on Thursday, July 28th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $42.47.
Hologic (NASDAQ:HOLX) traded down 0.689% during mid-day trading on Friday, reaching $38.185. The company’s stock had a trading volume of 113,587 shares. The firm’s 50 day moving average is $38.35 and its 200-day moving average is $35.91. The company has a market cap of $10.59 billion, a PE ratio of 42.100 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 posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.03. The business had revenue of $717.40 million for the quarter, compared to the consensus estimate of $703.66 million. Hologic had a return on equity of 26.25% and a net margin of 9.39%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.43 EPS. Equities analysts anticipate that Hologic will post $1.94 earnings per share for the current fiscal year.
In other news, Director Nancy Leaming sold 8,179 shares of the firm’s stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $37.00, for a total value of $302,623.00. Following the transaction, the director now owns 67,140 shares in the company, valued at $2,484,180. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.84% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Hologic during the second quarter valued at approximately $339,000. Kentucky Retirement Systems bought a new stake in Hologic during the second quarter valued at approximately $714,000. Mason Street Advisors LLC bought a new stake in Hologic during the second quarter valued at approximately $1,131,000. Public Employees Retirement System of Ohio boosted its stake in Hologic by 5.5% in the second quarter. Public Employees Retirement System of Ohio now owns 98,865 shares of the company’s stock valued at $3,421,000 after buying an additional 5,182 shares in the last quarter. Finally, Calvert Investment Management Inc. boosted its stake in Hologic by 0.8% in the second quarter. Calvert Investment Management Inc. now owns 15,244 shares of the company’s stock valued at $527,000 after buying an additional 122 shares in the last quarter. Institutional investors and hedge funds own 94.51% of the company’s stock.
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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