Hologic (NASDAQ:HOLX) Given New $89.00 Price Target at Royal Bank of Canada

Hologic (NASDAQ:HOLX) had its target price hoisted by equities research analysts at Royal Bank of Canada from $86.00 to $89.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the medical equipment provider’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 10.57% from the stock’s current price.

Several other equities research analysts have also commented on HOLX. StockNews.com lowered Hologic from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 27th. Needham & Company LLC restated a “buy” rating and issued a $90.00 price target on shares of Hologic in a report on Tuesday, October 15th. Citigroup downgraded shares of Hologic from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $95.00 to $85.00 in a research note on Tuesday, October 1st. Stephens reissued an “overweight” rating and issued a $92.00 target price on shares of Hologic in a research note on Tuesday, July 30th. Finally, Evercore ISI upped their price target on shares of Hologic from $78.00 to $82.00 and gave the stock an “in-line” rating in a research report on Tuesday, October 1st. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $89.25.

Hologic Trading Up 2.1 %

Shares of HOLX stock opened at $80.49 on Tuesday. The firm’s 50-day simple moving average is $81.05 and its 200-day simple moving average is $78.11. The company has a debt-to-equity ratio of 0.51, a current ratio of 3.99 and a quick ratio of 3.32. Hologic has a 1-year low of $66.93 and a 1-year high of $84.67. The firm has a market cap of $18.70 billion, a P/E ratio of 24.17, a PEG ratio of 3.03 and a beta of 0.98.

Hologic (NASDAQ:HOLX) last posted its quarterly earnings results on Monday, November 4th. The medical equipment provider reported $1.01 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.01. Hologic had a net margin of 19.59% and a return on equity of 20.11%. The company had revenue of $987.90 million for the quarter, compared to the consensus estimate of $978.25 million. During the same quarter last year, the firm posted $0.89 earnings per share. Hologic’s revenue was up 4.5% on a year-over-year basis. As a group, equities analysts forecast that Hologic will post 4.36 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD grew its stake in 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 in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Hologic by 21.6% during 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. raised its holdings in Hologic by 60.9% in 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 in the last quarter. Dimensional Fund Advisors LP raised its holdings in Hologic by 5.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,326,992 shares of the medical equipment provider’s stock valued at $172,780,000 after acquiring an additional 124,739 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Hologic by 4.0% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,271,603 shares of the medical equipment provider’s stock valued at $168,666,000 after acquiring an additional 87,176 shares during the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

Hologic Company Profile

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.