Zacks Investment Research Downgrades BioTelemetry Inc. (BEAT) to Hold
BioTelemetry Inc. (NASDAQ:BEAT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “BioTelemetry, Inc. provides ambulatory outpatient management solutions for monitoring clinical information regarding an individual’s health. It is focused on the diagnosis and monitoring of cardiac arrhythmias, or heart rhythm disorders. BioTelemetry, Inc., formerly known as CardioNet, Inc., is headquartered in Conshohocken, Pennsylvania. “
A number of other brokerages also recently issued reports on BEAT. Lake Street Capital reiterated a “buy” rating and set a $24.00 price objective on shares of BioTelemetry in a research note on Wednesday. Benchmark Co. boosted their price objective on BioTelemetry from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Finally, Sidoti began coverage on BioTelemetry in a research note on Tuesday, September 13th. They set a “buy” rating and a $27.00 price objective for the company.
BioTelemetry (NASDAQ:BEAT) opened at 20.17 on Wednesday. The stock has a 50 day moving average of $18.98 and a 200 day moving average of $16.59. The company has a market cap of $565.26 million, a PE ratio of 42.91 and a beta of 0.73. BioTelemetry has a one year low of $8.74 and a one year high of $21.68.
BioTelemetry (NASDAQ:BEAT) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $0.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.03. The company earned $52.68 million during the quarter, compared to the consensus estimate of $50.27 million. BioTelemetry had a return on equity of 25.36% and a net margin of 7.11%. The firm’s revenue was up 17.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.12 EPS. On average, analysts anticipate that BioTelemetry will post $0.76 earnings per share for the current fiscal year.
In other BioTelemetry news, insider Joseph H. Capper sold 26,847 shares of the company’s stock in a transaction that occurred on Tuesday, September 13th. The stock was sold at an average price of $18.23, for a total value of $489,420.81. Following the completion of the transaction, the insider now directly owns 189,838 shares in the company, valued at approximately $3,460,746.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joseph H. Capper sold 22,298 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $20.85, for a total value of $464,913.30. Following the completion of the transaction, the chief executive officer now owns 546,559 shares of the company’s stock, valued at $11,395,755.15. The disclosure for this sale can be found here. 11.00% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of BEAT. DIAM Co. Ltd. purchased a new stake in shares of BioTelemetry during the second quarter valued at about $133,000. Acrospire Investment Management LLC boosted its stake in shares of BioTelemetry by 147.9% in the second quarter. Acrospire Investment Management LLC now owns 8,214 shares of the company’s stock valued at $134,000 after buying an additional 4,900 shares during the period. Springbok Capital Management LLC purchased a new stake in shares of BioTelemetry during the first quarter valued at about $146,000. Bank of Montreal Can purchased a new stake in shares of BioTelemetry during the second quarter valued at about $164,000. Finally, BlackRock Inc. boosted its stake in shares of BioTelemetry by 691.2% in the second quarter. BlackRock Inc. now owns 11,448 shares of the company’s stock valued at $187,000 after buying an additional 10,001 shares during the period. Institutional investors and hedge funds own 78.28% of the company’s stock.
BioTelemetry Company Profile
BioTelemetry, Inc (BioTelemetry), formerly CardioNet, Inc, provides cardiac monitoring services, cardiac monitoring device manufacturing, and centralized cardiac core laboratory services. The Company operates in three segments: patient services, product and research services. The patient services business segment’s principal focus is on the diagnosis and monitoring of cardiac arrhythmias or heart rhythm disorders, through its core Mobile Cardiac Outpatient Telemetry(MCOT), event and Holter services in a healthcare setting.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for BioTelemetry Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BioTelemetry Inc. and related companies with MarketBeat.com's FREE daily email newsletter.