Haemonetics’ (HAE) Outperform Rating Reiterated at JMP Securities
Haemonetics (NYSE:HAE)‘s stock had its “outperform” rating reaffirmed by equities research analysts at JMP Securities in a research report issued to clients and investors on Wednesday. They presently have a $72.00 price target on the medical instruments supplier’s stock. JMP Securities’ target price suggests a potential upside of 4.54% from the stock’s previous close.
A number of other brokerages have also commented on HAE. Zacks Investment Research upgraded Haemonetics from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a report on Wednesday, October 25th. Morgan Stanley upped their price target on Haemonetics from $43.00 to $51.00 and gave the stock an “equal weight” rating in a report on Thursday, November 9th. Barrington Research upped their price target on Haemonetics from $48.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, November 8th. Craig Hallum reiterated a “hold” rating and set a $50.00 price target (up from $40.00) on shares of Haemonetics in a report on Wednesday, November 8th. Finally, Raymond James Financial upgraded Haemonetics from an “underperform” rating to a “market perform” rating in a report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. Haemonetics presently has a consensus rating of “Hold” and an average price target of $70.00.
Haemonetics (NYSE:HAE) opened at $68.87 on Wednesday. Haemonetics has a 1-year low of $36.83 and a 1-year high of $72.33. The company has a market capitalization of $3,726.90, a P/E ratio of 38.31, a PEG ratio of 4.77 and a beta of 1.06. The company has a current ratio of 1.82, a quick ratio of 1.51 and a debt-to-equity ratio of 0.14.
Haemonetics declared that its Board of Directors has approved a share repurchase plan on Tuesday, February 6th that permits the company to repurchase $260.00 million in shares. This repurchase authorization permits the medical instruments supplier to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
In related news, CFO Willaim P. Burke sold 13,193 shares of the company’s stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $54.04, for a total value of $712,949.72. Following the completion of 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mark W. Kroll sold 7,118 shares of the company’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $63.00, for a total value of $448,434.00. Following the completion of the transaction, the director now owns 33,881 shares of the company’s stock, valued at $2,134,503. The disclosure for this sale can be found here. Insiders sold 37,560 shares of company stock valued at $2,133,607 over the last 90 days. 1.20% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of HAE. Victory Capital Management Inc. raised its stake in shares of Haemonetics by 18.7% in the third quarter. Victory Capital Management Inc. now owns 2,414,526 shares of the medical instruments supplier’s stock valued at $108,340,000 after purchasing an additional 381,012 shares in the last quarter. Acadian Asset Management LLC raised its stake in Haemonetics by 100.8% during the fourth quarter. Acadian Asset Management LLC now owns 524,768 shares of the medical instruments supplier’s stock worth $30,479,000 after acquiring an additional 263,432 shares in the last quarter. Neuberger Berman Group LLC raised its stake in Haemonetics by 10.2% during the third quarter. Neuberger Berman Group LLC now owns 2,053,458 shares of the medical instruments supplier’s stock worth $92,139,000 after acquiring an additional 189,797 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in Haemonetics during the second quarter worth $6,115,000. Finally, American Century Companies Inc. raised its stake 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 acquiring an additional 143,309 shares in 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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