Envista (NYSE:NVST) Shares Gap Down Following Weak Earnings

Posted by Defense World Staff on May 5th, 2023

Shares of Envista Holdings Co. (NYSE:NVST – Get Rating) gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $37.64, but opened at $32.56. Envista shares last traded at $36.18, with a volume of 488,081 shares trading hands.

The company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.03). Envista had a return on equity of 8.52% and a net margin of 9.46%. The firm had revenue of $627.20 million for the quarter, compared to analysts’ expectations of $632.51 million. During the same period in the previous year, the company earned $0.47 earnings per share. The company’s revenue was down .7% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Robert W. Baird raised their price target on shares of Envista from $38.00 to $43.00 and gave the company a “neutral” rating in a research note on Thursday, February 9th. Piper Sandler raised their price target on shares of Envista from $42.00 to $46.00 and gave the company an “overweight” rating in a research note on Monday, February 6th. Finally, TheStreet raised shares of Envista from a “c+” rating to a “b” rating in a research note on Wednesday, February 8th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Envista currently has an average rating of “Moderate Buy” and an average price target of $46.00.

Insider Buying and Selling at Envista

In other Envista news, CFO Howard H. Yu sold 10,016 shares of the stock in a transaction dated Tuesday, February 28th. The shares were sold at an average price of $37.90, for a total value of $379,606.40. Following the completion of the sale, the chief financial officer now owns 45,865 shares in the company, valued at approximately $1,738,283.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.76% of the stock is owned by insiders.

Institutional Trading of Envista

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. State of Michigan Retirement System increased its holdings in shares of Envista by 0.7% during the 4th quarter. State of Michigan Retirement System now owns 41,463 shares of the company’s stock worth $1,396,000 after buying an additional 300 shares during the last quarter. Toroso Investments LLC boosted its position in shares of Envista by 5.2% during the 3rd quarter. Toroso Investments LLC now owns 6,107 shares of the company’s stock worth $200,000 after purchasing an additional 303 shares during the period. Covestor Ltd boosted its position in shares of Envista by 35.0% during the 1st quarter. Covestor Ltd now owns 1,273 shares of the company’s stock worth $62,000 after purchasing an additional 330 shares during the period. Bellevue Group AG boosted its position in shares of Envista by 69.8% during the 3rd quarter. Bellevue Group AG now owns 822 shares of the company’s stock worth $27,000 after purchasing an additional 338 shares during the period. Finally, Raymond James Trust N.A. boosted its position in shares of Envista by 4.8% during the 3rd quarter. Raymond James Trust N.A. now owns 7,645 shares of the company’s stock worth $251,000 after purchasing an additional 351 shares during the period.

Envista Price Performance

The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.91 and a current ratio of 1.15. The stock has a market cap of $5.74 billion, a PE ratio of 25.59, a PEG ratio of 1.80 and a beta of 1.42. The stock’s 50-day moving average is $38.40 and its two-hundred day moving average is $36.62.

About Envista

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Envista Holdings Corporation, together with its subsidiaries, engages in the development, sale, and marketing of dental products in the United States, China, and internationally. The company operates in two segments, Specialty Products & Technologies and Equipment & Consumables. The company's Specialty Products & Technologies segment provides dental implant systems, guided surgery systems, biomaterials, and prefabricated and custom-built prosthetics to oral surgeons, prosthodontists, and periodontists under the Nobel Biocare, Alpha-Bio Tec, Implant Direct, Nobel Procera, and Orascoptic brands; and brackets and wires, tubes and bands, archwires, clear aligners, digital orthodontic treatments, retainers, and other orthodontic laboratory products under the Damon, Insignia, AOA, and Spark brands.