Alere Inc. (ALR) Given a $53.00 Price Target by Canaccord Genuity Analysts
Alere Inc. (NYSE:ALR) received a $53.00 target price from equities researchers at Canaccord Genuity in a research report issued to clients and investors on Wednesday. The firm presently has a a “buy” rating on the stock. Canaccord Genuity’s target price suggests a potential upside of 25.00% from the company’s previous close.
Several other brokerages also recently commented on ALR. BTIG Research restated a “hold” rating and set a $60.00 target price on shares of Alere in a report on Thursday, July 28th. Leerink Swann restated a “buy” rating and set a $56.00 target price on shares of Alere in a report on Tuesday, July 12th. Finally, Jefferies Group restated a “hold” rating on shares of Alere in a report on Tuesday, July 12th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $51.75.
Alere (NYSE:ALR) traded up 2.22% during mid-day trading on Wednesday, reaching $43.34. 1,127,761 shares of the company’s stock traded hands. The stock’s market cap is $3.76 billion. Alere has a 1-year low of $31.47 and a 1-year high of $54.13. The firm has a 50-day moving average price of $42.56 and a 200-day moving average price of $42.12.
Alere (NYSE:ALR) last announced its quarterly earnings results on Tuesday, September 6th. The company reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by $1.04. The firm earned $611.10 million during the quarter. Alere had a negative net margin of 2.30% and a positive return on equity of 8.40%. Alere’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.54 EPS. Equities research analysts anticipate that Alere will post $2.07 EPS for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the stock. American International Group Inc. boosted its position in Alere by 10.2% in the second quarter. American International Group Inc. now owns 2,752 shares of the company’s stock valued at $115,000 after buying an additional 254 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in Alere during the second quarter valued at $125,000. Nisa Investment Advisors LLC boosted its position in Alere by 6.5% in the second quarter. Nisa Investment Advisors LLC now owns 3,300 shares of the company’s stock valued at $138,000 after buying an additional 200 shares in the last quarter. Signaturefd LLC boosted its position in Alere by 36.0% in the second quarter. Signaturefd LLC now owns 3,400 shares of the company’s stock valued at $142,000 after buying an additional 900 shares in the last quarter. Finally, Prudential Financial Inc. boosted its position in Alere by 6.1% in the second quarter. Prudential Financial Inc. now owns 5,215 shares of the company’s stock valued at $217,000 after buying an additional 300 shares in the last quarter. 92.10% of the stock is owned by institutional investors and hedge funds.
Alere Company Profile
Alere Inc is a provider of health information through diagnostic tests. The Company operates through professional diagnostics, patient self-testing, consumer diagnostics and, corporate and other segments. The professional diagnostics segment includes an array of diagnostic test products and other in vitro diagnostic tests marketed to medical professionals and laboratories for detection of diseases and conditions within its areas of focus.
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