Hologic (NASDAQ:HOLX) Reaches New 52-Week High After Strong Earnings

Posted by Defense World Staff on May 3rd, 2023

Hologic logo Hologic, Inc. (NASDAQ:HOLX – Get Rating)’s stock price hit a new 52-week high during mid-day trading on Monday after the company announced better than expected quarterly earnings. The company traded as high as $86.98 and last traded at $86.98, with a volume of 776 shares traded. The stock had previously closed at $86.01.

The medical equipment provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.18. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $957.53 million. Hologic had a return on equity of 25.12% and a net margin of 22.17%. The firm’s revenue was down 28.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.07 EPS.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Mizuho raised their target price on Hologic from $92.00 to $95.00 in a report on Tuesday. Cowen raised their target price on Hologic from $86.00 to $95.00 and gave the company an “outperform” rating in a report on Thursday, February 2nd. Raymond James raised their target price on Hologic from $95.00 to $100.00 in a report on Tuesday. JPMorgan Chase & Co. raised their target price on Hologic from $95.00 to $105.00 in a report on Tuesday. Finally, SVB Leerink raised their price objective on Hologic from $90.00 to $93.00 and gave the stock an “outperform” rating in a research report on Thursday, February 2nd. Eight research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $86.00.

Insider Buying and Selling

In related news, insider Benjamin Jordan Cohn sold 9,128 shares of the firm’s stock in a transaction on Tuesday, February 7th. The stock was sold at an average price of $85.28, for a total transaction of $778,435.84. Following the completion of the sale, the insider now directly owns 14,298 shares of the company’s stock, valued at approximately $1,219,333.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.66% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hologic

Hedge funds and other institutional investors have recently bought and sold shares of the business. Strs Ohio increased its holdings in Hologic by 1.6% during the 4th quarter. Strs Ohio now owns 31,655 shares of the medical equipment provider’s stock valued at $2,368,000 after purchasing an additional 504 shares in the last quarter. Utah Retirement Systems increased its stake in shares of Hologic by 0.5% in the 3rd quarter. Utah Retirement Systems now owns 44,059 shares of the medical equipment provider’s stock valued at $2,843,000 after buying an additional 200 shares during the period. Bessemer Group Inc. increased its stake in shares of Hologic by 367.4% in the 3rd quarter. Bessemer Group Inc. now owns 10,812 shares of the medical equipment provider’s stock valued at $697,000 after buying an additional 8,499 shares during the period. New York State Common Retirement Fund increased its stake in shares of Hologic by 5.6% in the 4th quarter. New York State Common Retirement Fund now owns 311,855 shares of the medical equipment provider’s stock valued at $23,330,000 after buying an additional 16,609 shares during the period. Finally, Westpac Banking Corp increased its stake in shares of Hologic by 77.4% in the 4th quarter. Westpac Banking Corp now owns 93,392 shares of the medical equipment provider’s stock valued at $6,987,000 after buying an additional 40,747 shares during the period. 95.17% of the stock is owned by institutional investors and hedge funds.

Hologic Price Performance

The company has a 50 day moving average price of $81.28 and a 200 day moving average price of $77.95. The company has a market capitalization of $20.70 billion, a price-to-earnings ratio of 21.42, a PEG ratio of 1.49 and a beta of 1.00. The company has a current ratio of 4.21, a quick ratio of 3.50 and a debt-to-equity ratio of 0.55.

Hologic Company Profile

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Hologic, Inc engages in the development, manufacture, and supply of diagnostics products, medical imaging systems, and surgical products dedicated to serve the healthcare needs of women. It operates through the following segments: Breast Health, Diagnostics, GYN Surgical, and Skeletal Health. The Breast Health segment includes a portfolio of solutions for breast cancer care for radiology, pathology, and surgery.