Brandywine Global Investment Management LLC, a prominent institutional investor, has recently decreased its holdings in Hologic, Inc. The reduction amounted to 10% during the first quarter of this year, according to the company’s most recent filing with the Securities and Exchange Commission (SEC). Consequently, Brandywine Global Investment Management now owns 138,554 shares of Hologic’s stock after selling off 15,377 shares.
The medical equipment provider Hologic develops and manufactures a wide range of products for women’s health. Its offerings include diagnostics products, medical imaging systems, and surgical products. With a focus on early detection and treatment, Hologic serves clients across various regions such as the United States, Europe, the Asia-Pacific region, and other international markets. The company operates through four distinct segments: Diagnostics, Breast Health, GYN Surgical, and Skeletal Health.
Despite Brandywine Global Investment Management’s decrease in its stake in Hologic by 10%, it still retains ownership of approximately $11.18 million worth of the company’s stock. While this represents a small proportion of Hologic overall (approximately 0.06%), it is nevertheless noteworthy in terms of investment activity.
Investors often adjust their holdings based on various factors such as market trends and financial performance indicators. Their decisions are aimed at optimizing their portfolios by either reducing or increasing exposure to specific stocks or sectors. In this case, Brandywine Global Investment Management has chosen to reduce its position in Hologic.
By diversifying its portfolio or reallocating resources elsewhere during the first quarter of this year, Brandywine Global Investment Management has demonstrated its adaptability as an institutional investor. As Hologic continues to operate in the competitive field of medical equipment development and manufacturing for women’s health globally, it will be interesting to observe how this recent development impacts both companies going forward.
This information is relevant as of September 14th, 2023, and investors and stakeholders may want to monitor any further developments in Brandywine Global Investment Management’s ownership of Hologic. As the medical industry progresses, manufacturers like Hologic play a vital role in advancing women’s health through early detection, diagnostics, and treatment. Their products contribute significantly to improving healthcare outcomes worldwide.
Institutional Investors Show Growing Confidence in Hologic’s Potential for Favorable Returns
In recent months, there have been notable changes in the positions of various institutional investors in Hologic, a leading medical equipment provider. Industrial Alliance Investment Management Inc. has entered the scene by acquiring a new position in shares of Hologic during the first quarter of this year. The acquisition is valued at an estimated $1,056,000.
Joining Industrial Alliance Investment Management Inc. in strengthening their stakes in Hologic is Kentucky Retirement Systems Insurance Trust Fund. They too acquired a new position in the company during the first quarter worth approximately $708,000. These additions signify a growing interest and confidence among institutional investors in Hologic’s potential for favorable returns.
Capital Fund Management S.A., an established player in the investment management space, ramped up its holdings in Hologic as well. In the fourth quarter of last year, they increased their stake by 10.7%. This move added to their already substantial holdings and now Capital Fund Management S.A. owns 17,133 shares of Hologic stock valued at $1,282,000.
Another institution that recognized Hologic’s potential is D.A. Davidson & CO., who also acquired a new position during the first quarter estimated at around $215,000. Additionally, Banco Bilbao Vizcaya Argentaria S.A., raised its stake by 2.0% during this period with an additional purchase of 2,003 shares.
It is interesting to note that a significant portion – specifically 92.64% – of Hologic’s stock is owned by institutional investors and hedge funds collectively.
Many analysts have chimed in on Hologic’s performance as well as its future prospects. Royal Bank of Canada expressed confidence but adjusted their target price for the company from $87 to $85 and designated it as “sector perform” rating on August 1st.
Similarly, Morgan Stanley reaffirmed an “equal weight” rating for Hologic while setting a price objective at $86. On the other hand, TheStreet took a more cautious stance by downgrading their rating from “b” to “c+”.
However, it should be noted that Needham & Company LLC expressed confidence in Hologic’s growth potential by issuing a “buy” rating and setting their price objective at $95. Raymond James also shared this optimistic view but slightly adjusted their price objective from $100 to $95.
Overall, Bloomberg.com has reported that the average rating for Hologic is listed as “Moderate Buy,” indicating favorable sentiment within the investment community. Additionally, the average price target stands at $88.92.
Trading on Thursday saw Hologic open at $72.04, with its fifty-two week low and high being $59.78 and $87.88 respectively. As of now, the company boasts a 50-day moving average of $76.57 and a 200-day moving average of $79.40.
Hologic currently holds a market capitalization of approximately $17.65 billion and exhibits a PE ratio of 37.33 with a beta of 1.01, implying moderate volatility in comparison to the overall market.
In terms of earnings performance, Hologic recently released its quarterly results for July 31st whereby they exceeded analysts’ consensus estimates by reporting an EPS (Earnings Per Share) of $0.93. This figure beat expectations by an impressive margin of $0.04.
Moreover, Hologic generated revenue totaling $984.40 million during this quarter in comparison to analyst estimates of approximately $960.22 million—a slight increase that showcases resilience despite challenging conditions.
While their revenue experienced a decline of 1.8% year-over-year during this period, Hologic still remains optimistic about future growth prospects based on their solid financial performance in recent years.
With current projections estimating an EPS value of 3.92 for this fiscal year, Hologic continues to present potential for investors seeking exposure to the medical equipment sector. As more institutional investors make their moves, it remains to be seen how Hologic will continue to navigate and capitalize on its position in this highly competitive industry.