Haemonetics (HAE) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Haemonetics (NYSE:HAE) from a hold rating to a buy rating in a research note published on Tuesday, January 9th. They currently have $70.00 price objective on the medical instruments supplier’s stock.

According to Zacks, “Over the past month, Haemonetics has been trading above the broader industry. The company’s continued expansion in newer geographies has helped the company deliver strong results in the recent past. Meanwhile, the company’s strong cash position boosts investors’ confidence. The company is also optimistic about strong market adoption of its NexSys PCS plasmapheresis system which recently received FDA approval. Further, the raised fiscal 2018 adjusted earnings guidance is encouraging. However, we are disappointed with the fact that despite the encouraging growth in the Plasma and Hospitals, the company’s sluggish Blood Center business has been moderating overall growth of late. Also, contraction in gross and operating margin is discouraging.”

HAE has been the topic of a number of other research reports. Craig Hallum restated a hold rating and set a $50.00 price objective (up previously from $40.00) on shares of Haemonetics in a research report on Wednesday, November 8th. Barrington Research increased their price objective on shares of Haemonetics from $48.00 to $57.00 and gave the company an outperform rating in a research report on Wednesday, November 8th. Jefferies Group increased their price objective on shares of Haemonetics from $18.00 to $75.00 and gave the company a buy rating in a research report on Monday, January 8th. Raymond James Financial upgraded shares of Haemonetics from an underperform rating to a market perform rating in a research report on Tuesday, January 2nd. Finally, Morgan Stanley increased their price objective on shares of Haemonetics from $43.00 to $51.00 and gave the company an equal weight rating in a research report on Thursday, November 9th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $58.83.

Haemonetics (NYSE:HAE) traded up $0.18 during trading hours on Tuesday, reaching $64.39. 384,519 shares of the company traded hands, compared to its average volume of 488,985. The company has a market capitalization of $3,437.94, a price-to-earnings ratio of 804.98, a P/E/G ratio of 4.91 and a beta of 0.99. Haemonetics has a 1-year low of $36.44 and a 1-year high of $65.25. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.17 and a quick ratio of 1.51.

Haemonetics (NYSE:HAE) last issued its earnings results on Tuesday, November 7th. The medical instruments supplier reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.07. The firm had revenue of $225.40 million for the quarter, compared to the consensus estimate of $219.12 million. Haemonetics had a net margin of 0.50% and a return on equity of 11.16%. The business’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.38 earnings per share. analysts anticipate that Haemonetics will post 1.69 earnings per share for the current year.

In other news, Director Mark W. Kroll sold 7,118 shares of the stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $63.00, for a total value of $448,434.00. Following the completion of the sale, the director now directly owns 33,881 shares of the company’s stock, valued at $2,134,503. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Susan Bartlett Foote sold 16,926 shares of the stock in a transaction on Friday, November 10th. The stock was sold at an average price of $54.19, for a total transaction of $917,219.94. Following the completion of the sale, the director now directly owns 27,313 shares of the company’s stock, valued at $1,480,091.47. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,486 shares of company stock valued at $3,050,827. 1.20% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Haemonetics by 1.0% in the second quarter. Vanguard Group Inc. now owns 4,743,044 shares of the medical instruments supplier’s stock worth $187,303,000 after purchasing an additional 48,719 shares in the last quarter. Wells Fargo & Company MN grew its stake in Haemonetics by 9.3% during the second quarter. Wells Fargo & Company MN now owns 2,788,122 shares of the medical instruments supplier’s stock valued at $110,104,000 after acquiring an additional 238,294 shares in the last quarter. Victory Capital Management Inc. grew its stake in Haemonetics by 18.7% during the third quarter. Victory Capital Management Inc. now owns 2,414,526 shares of the medical instruments supplier’s stock valued at $108,340,000 after acquiring an additional 381,012 shares in the last quarter. Neuberger Berman Group LLC grew its stake in Haemonetics by 10.2% during the third quarter. Neuberger Berman Group LLC now owns 2,053,458 shares of the medical instruments supplier’s stock valued at $92,139,000 after acquiring an additional 189,797 shares in the last quarter. Finally, HealthCor Management L.P. grew its stake in Haemonetics by 15.9% during the second quarter. HealthCor Management L.P. now owns 1,854,872 shares of the medical instruments supplier’s stock valued at $73,249,000 after acquiring an additional 254,872 shares in 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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