Haemonetics (HAE) Upgraded 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 report sent to investors on Tuesday, January 9th. They currently have $70.00 target price 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.”

Several other analysts have also issued reports on the stock. Jefferies Group upped their target price on shares of Haemonetics from $18.00 to $75.00 and gave the stock a buy rating in a research note 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. Morgan Stanley upgraded shares of Haemonetics from an equal weight rating to an overweight rating and set a $51.00 price target for the company in a research report on Tuesday, January 2nd. Craig Hallum restated a hold rating and set a $50.00 price target (up previously from $40.00) on shares of Haemonetics in a research report on Wednesday, November 8th. Finally, Barrington Research upped their price objective on shares of Haemonetics from $48.00 to $57.00 and gave the company an outperform rating in a report on Wednesday, November 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $58.83.

Shares of Haemonetics (NYSE:HAE) traded down $1.14 during midday trading on Tuesday, hitting $63.45. 220,284 shares of the stock were exchanged, compared to its average volume of 347,416. The company has a quick ratio of 1.51, a current ratio of 2.17 and a debt-to-equity ratio of 0.22. Haemonetics has a 1 year low of $36.44 and a 1 year high of $67.27. The firm has a market cap of $3,351.30, a P/E ratio of 793.22, a P/E/G ratio of 4.79 and a beta of 1.06.

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

In other Haemonetics news, CFO Willaim P. Burke sold 13,193 shares of the stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $54.04, for a total transaction of $712,949.72. Following the transaction, the chief financial officer now directly owns 27,227 shares in the company, valued at $1,471,347.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Dan Goldstein sold 4,691 shares of the firm’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 transaction, the chief accounting officer now owns 3,747 shares in the company, valued at approximately $205,822.71. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,486 shares of company stock worth $3,050,827. Insiders own 1.20% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. American Century Companies Inc. grew its holdings in shares of Haemonetics by 288.3% in the fourth quarter. American Century Companies Inc. now owns 193,013 shares of the medical instruments supplier’s stock worth $11,210,000 after purchasing an additional 143,309 shares during the last quarter. Meeder Asset Management Inc. lifted its stake in Haemonetics by 2,845.3% in the fourth quarter. Meeder Asset Management Inc. now owns 1,885 shares of the medical instruments supplier’s stock worth $110,000 after acquiring an additional 1,821 shares during the period. CIBC Asset Management Inc purchased a new stake in Haemonetics in the fourth quarter worth $210,000. Everence Capital Management Inc. purchased a new stake in Haemonetics in the fourth quarter worth $212,000. Finally, Picton Mahoney Asset Management purchased a new stake in Haemonetics in the fourth quarter worth $1,905,000.

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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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