Meridian Bioscience Inc. (NASDAQ:VIVO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
According to Zacks, “Meridian is a fully integrated life sciences company that manufactures, markets and distributes a broad range of innovative diagnostic test kits, purified reagents and related products and offers biopharmaceutical enabling technologies. Utilizing a variety of methods, these products provide accuracy, simplicity and speed in the early diagnosis and treatment of common medical conditions, such as gastrointestinal, viral, urinary and respiratory infections. “
VIVO has been the topic of a number of other reports. Canaccord Genuity reaffirmed a “hold” rating and set a $20.00 price target on shares of Meridian Bioscience in a research report on Monday, August 1st. Hilliard Lyons cut shares of Meridian Bioscience from a “buy” rating to a “hold” rating in a research report on Friday, July 29th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $21.25.
Shares of Meridian Bioscience (NASDAQ:VIVO) traded down 0.46% during mid-day trading on Wednesday, reaching $19.59. 14,506 shares of the company traded hands. Meridian Bioscience has a 52 week low of $16.86 and a 52 week high of $21.49. The stock’s 50-day moving average is $19.32 and its 200-day moving average is $19.68. The company has a market capitalization of $824.46 million, a P/E ratio of 23.32 and a beta of 1.06.
Meridian Bioscience (NASDAQ:VIVO) last released its earnings results on Thursday, July 28th. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by $0.01. Meridian Bioscience had a net margin of 17.95% and a return on equity of 21.51%. The company earned $50.70 million during the quarter, compared to analysts’ expectations of $52.85 million. During the same quarter in the previous year, the firm posted $0.22 earnings per share. Meridian Bioscience’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, equities analysts predict that Meridian Bioscience will post $0.86 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of VIVO. BlackRock Inc. boosted its position in Meridian Bioscience by 40.5% in the second quarter. BlackRock Inc. now owns 5,415 shares of the company’s stock worth $105,000 after buying an additional 1,560 shares during the last quarter. Bartlett & Co. LLC boosted its position in Meridian Bioscience by 18.6% in the second quarter. Bartlett & Co. LLC now owns 5,739 shares of the company’s stock worth $112,000 after buying an additional 900 shares during the last quarter. Teacher Retirement System of Texas boosted its position in Meridian Bioscience by 13.7% in the second quarter. Teacher Retirement System of Texas now owns 5,880 shares of the company’s stock worth $115,000 after buying an additional 708 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in Meridian Bioscience by 1,405.3% in the second quarter. Tower Research Capital LLC TRC now owns 6,006 shares of the company’s stock worth $117,000 after buying an additional 5,607 shares during the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in Meridian Bioscience during the second quarter worth approximately $127,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.
About Meridian Bioscience
Meridian Bioscience, Inc (Meridian) is an integrated life science company. The Company is engaged in developing, manufacturing, selling and distribution of clinical diagnostic test kits, for certain gastrointestinal, viral, respiratory and parasitic infectious diseases; the manufacture and distribution of bulk antigens, antibodies, polymerase chain reaction (PCR)/ quantitative polymerase chain reaction (qPCR) reagents, nucleotides, competent cells and bioresearch reagents used by researchers and other diagnostic manufacturers, and the contract development and manufacture of proteins and other biologicals under cyclic guanosine monophosphate (cGMP) conditions for use by biopharmaceutical and biotechnology companies engaged in research for new drugs and vaccines.
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