Haemonetics (NYSE:HAE) Hits New 1-Year High Following Analyst Upgrade

Haemonetics Corporation (NYSE:HAE) shares hit a new 52-week high on Tuesday after BTIG Research raised their price target on the stock from $96.00 to $110.00. BTIG Research currently has a buy rating on the stock. Haemonetics traded as high as $105.85 and last traded at $104.5870, with a volume of 304449 shares. The stock had previously closed at $90.27.

Other equities research analysts have also issued research reports about the company. Citigroup lifted their price objective on Haemonetics from $79.00 to $92.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Raymond James Financial reissued an “outperform” rating and issued a $105.00 price objective on shares of Haemonetics in a research note on Friday, August 7th. JPMorgan Chase & Co. increased their target price on Haemonetics from $62.00 to $86.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Bank of America upgraded shares of Haemonetics from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $72.00 to $80.00 in a report on Friday, May 22nd. Finally, Barrington Research set a $95.00 price objective on Haemonetics in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Haemonetics has a consensus rating of “Moderate Buy” and an average target price of $92.44.

Hedge Funds Weigh In On Haemonetics

A number of institutional investors have recently added to or reduced their stakes in the company. Grandeur Peak Global Advisors LLC acquired a new stake in shares of Haemonetics during the second quarter worth approximately $989,000. Public Employees Retirement System of Ohio bought a new stake in shares of Haemonetics during the 2nd quarter valued at about $54,000. Corient Private Wealth LP bought a new position in shares of Haemonetics during the second quarter valued at approximately $4,852,000. Bank of America Corp DE acquired a new stake in Haemonetics in the second quarter worth $33,326,000. Finally, American Capital Management Inc. acquired a new stake in shares of Haemonetics in the 2nd quarter worth about $5,019,000. Institutional investors and hedge funds own 99.67% of the company’s stock.

Haemonetics Stock Up 16.0%

The company has a quick ratio of 1.91, a current ratio of 3.08 and a debt-to-equity ratio of 1.40. The company has a market cap of $4.76 billion, a price-to-earnings ratio of 51.37, a price-to-earnings-growth ratio of 1.82 and a beta of 0.52. The firm’s 50 day simple moving average is $79.39 and its 200 day simple moving average is $67.33.

Haemonetics (NYSE:HAE) last announced its quarterly earnings results on Thursday, August 6th. The medical instruments supplier reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.06. Haemonetics had a return on equity of 27.55% and a net margin of 7.12%.The company had revenue of $339.38 million during the quarter, compared to analyst estimates of $327.86 million. During the same quarter in the previous year, the firm posted $1.10 EPS. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. Sell-side analysts anticipate that Haemonetics Corporation will post 5.28 EPS for the current fiscal year.

About Haemonetics

Haemonetics Corporation is a global provider of blood management solutions that support the collection, processing and transfusion of blood and blood products. The company’s offerings are designed to enhance patient safety and operational efficiency for blood centers, hospitals and plasma collection facilities. Haemonetics serves healthcare providers worldwide by delivering integrated systems, software and consumables that address critical needs throughout the continuum of blood management.

The company’s product portfolio includes automated apheresis and plasma collection systems, surgical blood salvage and coagulation monitoring devices, and pathogen reduction technologies.