StockNews.com Downgrades Hologic (NASDAQ:HOLX) to Buy

Hologic (NASDAQ:HOLX) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Wednesday.

Several other research firms also recently weighed in on HOLX. Stephens restated an “overweight” rating and set a $92.00 price objective on shares of Hologic in a report on Tuesday, July 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $82.00 price target on shares of Hologic in a research report on Friday, August 16th. Needham & Company LLC reissued a “buy” rating and set a $90.00 price objective on shares of Hologic in a report on Tuesday. JPMorgan Chase & Co. increased their price objective on Hologic from $91.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Finally, Evercore ISI lifted their target price on Hologic from $76.00 to $78.00 and gave the company an “in-line” rating in a research report on Tuesday, July 30th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $87.60.

Hologic Price Performance

HOLX stock opened at $82.40 on Wednesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 3.99 and a quick ratio of 3.32. The company’s 50-day moving average is $80.63 and its 200-day moving average is $77.01. The stock has a market capitalization of $19.23 billion, a PE ratio of 42.04, a price-to-earnings-growth ratio of 2.53 and a beta of 0.98. Hologic has a 1 year low of $64.02 and a 1 year high of $84.67.

Hologic (NASDAQ:HOLX) last announced its quarterly earnings results on Monday, July 29th. The medical equipment provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Hologic had a return on equity of 19.53% and a net margin of 17.59%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.93 earnings per share. Equities research analysts expect that Hologic will post 4.09 EPS for the current fiscal year.

Insider Activity at Hologic

In other Hologic news, CEO Stephen P. Macmillan sold 3,672 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $80.13, for a total value of $294,237.36. Following the sale, the chief executive officer now directly owns 1,157,562 shares in the company, valued at approximately $92,755,443.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Hologic news, CEO Stephen P. Macmillan sold 3,672 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $80.13, for a total value of $294,237.36. Following the transaction, the chief executive officer now directly owns 1,157,562 shares in the company, valued at approximately $92,755,443.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Christiana Stamoulis sold 9,039 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $79.50, for a total value of $718,600.50. Following the transaction, the director now directly owns 45,472 shares of the company’s stock, valued at approximately $3,615,024. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,280 shares of company stock valued at $1,469,973. Corporate insiders own 1.75% of the company’s stock.

Institutional Investors Weigh In On Hologic

A number of large investors have recently added to or reduced their stakes in HOLX. Price T Rowe Associates Inc. MD increased its position in shares of Hologic by 77.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,297,197 shares of the medical equipment provider’s stock valued at $490,931,000 after purchasing an additional 2,753,016 shares during the last quarter. Norges Bank purchased a new stake in Hologic in the fourth quarter worth approximately $217,529,000. The Manufacturers Life Insurance Company boosted its stake in Hologic by 21.6% in the second quarter. The Manufacturers Life Insurance Company now owns 2,535,258 shares of the medical equipment provider’s stock worth $188,243,000 after buying an additional 450,190 shares in the last quarter. Black Creek Investment Management Inc. grew its position in Hologic by 60.9% during the second quarter. Black Creek Investment Management Inc. now owns 2,338,970 shares of the medical equipment provider’s stock valued at $173,669,000 after acquiring an additional 885,524 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Hologic by 5.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,326,992 shares of the medical equipment provider’s stock worth $172,780,000 after acquiring an additional 124,739 shares in the last quarter. Hedge funds and other institutional investors own 94.73% of the company’s stock.

About Hologic

Hologic, Inc develops, manufactures, and supplies diagnostics products, medical imaging systems, and surgical products for women's health through early detection and treatment. The company operates through four segments: Diagnostics, Breast Health, GYN Surgical, and Skeletal Health. It provides Aptima molecular diagnostic assays to detect the infectious microorganisms; Aptima viral load assays for Hepatitis B virus, Hepatitis C virus, human immunodeficiency virus, and human cytomegalo virus; Aptima bacterial vaginosis and candida vaginitis assays for the diagnosis of vaginitis; Aptima SARS-CoV-2 and Panther Fusion SARS-CoV-2 assays to detect SARS-CoV-2; ThinPrep System for cytology applications; and Rapid Fetal Fibronectin Test that assists physicians in assessing the risk of pre-term birth.