On June 11, 2023, it was reported that Baird Financial Group Inc. had reduced its holdings in Hologic, Inc. by 5.5% in the fourth quarter. The institutional investor now owns 153,296 shares of the medical equipment provider’s stock after selling 8,992 shares during the period. This translates to a decrease in ownership of about 0.06%, amounting to $11,469,000 at the end of the most recent reporting period.
Hologic (NASDAQ:HOLX) reported earnings results on Monday, May 1st, where they demonstrated positive growth over the previous year. For this quarter alone, the medical equipment provider generated $1.03 billion in revenue compared to analysts’ expectations of $957.53 million – marking a significant increase from their revenue for the same period last year.
The success of Hologic is due to their continued focus on developing and supplying diagnostic products, medical imaging systems and surgical products which are dedicated solely to women’s healthcare needs. The company operates through four segments: Breast Health, Diagnostics, GYN Surgical and Skeletal Health – aiming to provide comprehensive breast cancer care solutions for radiology, pathology and surgery.
It is evident that Hologic has exceeded analyst expectations for Q1 this year with excellent returns on equity and net margins; thus working towards growth and expansion across all its areas of operation.
Therefore, based on current trends coupled with Hologic’s robust product portfolio aimed specifically at catering to women’s health issues; equities research analysts predict that this company will continue generating profit projections and subsequently post an EPS of 3.89 before the end of this fiscal year.
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Hedge Funds Buy Up Majority of Hologic Shares as Analysts Predict Growth
On June 11, 2023, it was reported that several hedge funds have bought and sold shares of the medical equipment provider Hologic. Ellevest Inc., Integrated Advisors Network LLC, Texas Permanent School Fund, Cooper Financial Group, and Kinneret Advisory LLC are among those who recently increased their holdings in the company. As a result of these transactions, 95.17% of the stock is now owned by hedge funds and other institutional investors.
Hologic, Inc. specializes in developing, manufacturing, and supplying diagnostics products, medical imaging systems and surgical products to serve women’s healthcare needs. The company operates through four segments: Breast Health, Diagnostics, GYN Surgical, and Skeletal Health. The Breast Health segment offers solutions for breast cancer care for radiology, pathology, and surgery.
The company has a market capitalization of $19.14 billion with a P/E ratio of 26.01 and a beta of 1.01. It opened at $77.76 on Friday with a fifty-day moving average of $82.02 and a two-hundred-day moving average of $79.93.
Recently several analysts have weighed in on Hologic with ratings ranging from hold to buy with an average rating of “Moderate Buy” according to Bloomberg.com data. Analysts believe that Hologic is a good investment opportunity as they forecasted raised price objectives from Raymond James listed from $95 to $100; Mizuho raised targets from $92 to $95; Citigroup raised its target price from $85 to $90 while JPMorgan Chase & Co opted for an increase from the previous range up by almost another quarter placing it at around $105.
However recent insider trading shows that Essex D Mitchell sold 2,390 shares worth nearly one-fifth of his remaining shares with insiders now owning only 1.66% of the stock which shouldn’t be ignored as this could demonstrate a lack of confidence in the company.