Lake Street Capital Reaffirms “Buy” Rating for BioTelemetry Inc. (BEAT)
Lake Street Capital reiterated their buy rating on shares of BioTelemetry Inc. (NASDAQ:BEAT) in a research report sent to investors on Wednesday. Lake Street Capital currently has a $24.00 price objective on the stock.
Several other brokerages have also issued reports on BEAT. Zacks Investment Research upgraded shares of BioTelemetry from a hold rating to a buy rating and set a $23.00 price target on the stock in a research note on Thursday, August 4th. Benchmark Co. lifted their price target on shares of 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 shares of BioTelemetry in a research note on Tuesday, September 13th. They issued a buy rating and a $27.00 price target on the stock.
Shares of BioTelemetry (NASDAQ:BEAT) opened at 20.20 on Wednesday. The company has a market cap of $566.11 million, a PE ratio of 42.98 and a beta of 0.73. The company has a 50 day moving average of $18.95 and a 200 day moving average of $16.64. BioTelemetry has a 1-year low of $8.74 and a 1-year high of $21.68.
BioTelemetry (NASDAQ:BEAT) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.03. BioTelemetry had a net margin of 7.11% and a return on equity of 25.36%. The firm had revenue of $52.68 million for the quarter, compared to analyst estimates of $50.27 million. During the same period in the previous year, the business earned $0.12 EPS. The company’s revenue was up 17.6% compared to the same quarter last year. Equities analysts expect that BioTelemetry will post $0.76 earnings per share for the current fiscal year.
In related news, SVP Daniel Wisniewski sold 9,025 shares of BioTelemetry stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $20.96, for a total transaction of $189,164.00. Following the completion of the sale, the senior vice president now owns 68,501 shares of the company’s stock, valued at approximately $1,435,780.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Peter Ferola sold 2,210 shares of BioTelemetry stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $18.10, for a total transaction of $40,001.00. Following the sale, the general counsel now directly owns 28,847 shares of the company’s stock, valued at approximately $522,130.70. The disclosure for this sale can be found here. Insiders own 11.00% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in shares of BioTelemetry by 3.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,291,180 shares of the company’s stock valued at $21,046,000 after buying an additional 43,137 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of BioTelemetry by 13.4% in the second quarter. Vanguard Group Inc. now owns 1,164,543 shares of the company’s stock valued at $18,982,000 after buying an additional 137,950 shares during the last quarter. State Street Corp increased its stake in shares of BioTelemetry by 18.4% in the second quarter. State Street Corp now owns 552,741 shares of the company’s stock valued at $9,013,000 after buying an additional 85,816 shares during the last quarter. Mckinley Capital Management LLC Delaware bought a new stake in shares of BioTelemetry during the second quarter valued at approximately $7,636,000. Finally, Acadian Asset Management LLC bought a new stake in shares of BioTelemetry during the second quarter valued at approximately $5,991,000. 78.28% of the stock is owned by institutional investors and hedge funds.
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.
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