Morgan Stanley Raises Haemonetics (HAE) Price Target to $77.00
Haemonetics (NYSE:HAE) had its target price increased by Morgan Stanley from $74.00 to $77.00 in a research note released on Wednesday morning. They currently have an overweight rating on the medical instruments supplier’s stock.
HAE has been the topic of a number of other reports. Zacks Investment Research upgraded shares of Haemonetics from a hold rating to a buy rating and set a $52.00 price objective on the stock in a report on Wednesday, October 25th. Jefferies Group lifted their price objective on shares of Haemonetics from $18.00 to $75.00 and gave the company a buy rating in a report on Monday, January 8th. Raymond James Financial upgraded shares of Haemonetics from an underperform rating to a market perform rating in a report on Tuesday, January 2nd. Barrington Research lifted their price objective on shares of Haemonetics from $48.00 to $57.00 and gave the company an outperform rating in a report on Wednesday, November 8th. Finally, Craig Hallum reiterated a hold rating and issued a $50.00 price objective (up from $40.00) on shares of Haemonetics in a report on Wednesday, November 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. Haemonetics has a consensus rating of Hold and an average target price of $70.00.
Haemonetics (NYSE:HAE) opened at $69.73 on Wednesday. The company has a quick ratio of 1.51, a current ratio of 1.82 and a debt-to-equity ratio of 0.14. Haemonetics has a one year low of $36.44 and a one year high of $70.89. The firm has a market cap of $3,548.92, a P/E ratio of -205.08, a price-to-earnings-growth ratio of 4.58 and a beta of 1.06.
Haemonetics declared that its Board of Directors has authorized a share buyback program on Tuesday, February 6th that permits the company to buyback $260.00 million in outstanding shares. This buyback authorization permits the medical instruments supplier to repurchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
In related news, CFO Willaim P. Burke sold 13,193 shares of the business’s stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $54.04, for a total transaction of $712,949.72. Following the transaction, the chief financial officer now directly owns 27,227 shares in the company, valued at $1,471,347.08. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Susan Bartlett Foote sold 16,926 shares of the business’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $54.19, for a total transaction of $917,219.94. Following the transaction, the director now owns 27,313 shares in the company, valued at $1,480,091.47. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,486 shares of company stock worth $3,050,827. 1.20% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Swiss National Bank increased its holdings in Haemonetics by 2.4% during the fourth quarter. Swiss National Bank now owns 89,600 shares of the medical instruments supplier’s stock worth $5,204,000 after buying an additional 2,100 shares during the last quarter. Chilton Investment Co. LLC increased its holdings in Haemonetics by 26.1% during the fourth quarter. Chilton Investment Co. LLC now owns 217,825 shares of the medical instruments supplier’s stock worth $12,651,000 after buying an additional 45,081 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in Haemonetics during the fourth quarter worth $1,057,000. American Century Companies Inc. increased its holdings in Haemonetics by 288.3% during the fourth quarter. American Century Companies Inc. now owns 193,013 shares of the medical instruments supplier’s stock worth $11,210,000 after buying an additional 143,309 shares during the last quarter. Finally, Meeder Asset Management Inc. increased its holdings in Haemonetics by 2,845.3% during the fourth quarter. Meeder Asset Management Inc. now owns 1,885 shares of the medical instruments supplier’s stock worth $110,000 after buying an additional 1,821 shares during the last quarter.
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Haemonetics Corporation (Haemonetics) is a healthcare company. The Company provides various products to customers involved in the processing, handling and analysis of blood. The Company’s segments include Japan, EMEA, North America Plasma and All Other. Haemonetics provides plasma collection systems and software, which enable plasma fractionators to make pharmaceuticals.
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