Hologic (NASDAQ:HOLX) Reaches New 1-Year Low After Analyst Downgrade

Shares of Hologic, Inc. (NASDAQ:HOLX) reached a new 52-week low on Monday after Morgan Stanley lowered their price target on the stock from $84.00 to $82.00. Morgan Stanley currently has an equal weight rating on the stock. Hologic traded as low as $70.27 and last traded at $70.36, with a volume of 281605 shares trading hands. The stock had previously closed at $71.70.

A number of other brokerages have also issued reports on HOLX. Royal Bank of Canada increased their price target on Hologic from $86.00 to $89.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 5th. Needham & Company LLC reiterated a “buy” rating and set a $90.00 target price on shares of Hologic in a research report on Monday. Citigroup cut Hologic from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $95.00 to $85.00 in a report on Tuesday, October 1st. Jefferies Financial Group began coverage on Hologic in a research note on Tuesday, December 10th. They issued a “hold” rating and a $85.00 price target for the company. Finally, Evercore ISI lifted their price objective on shares of Hologic from $78.00 to $82.00 and gave the company an “in-line” rating in a research report on Tuesday, October 1st. Seven research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $88.92.

Insider Activity at Hologic

In other Hologic news, COO Essex D. Mitchell sold 24,856 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $76.34, for a total transaction of $1,897,507.04. Following the sale, the chief operating officer now directly owns 27,957 shares of the company’s stock, valued at $2,134,237.38. The trade was a 47.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.75% of the stock is owned by insiders.

Hedge Funds Weigh In On Hologic

A number of institutional investors and hedge funds have recently modified their holdings of HOLX. FMR LLC raised its holdings in Hologic by 64.0% during the 3rd quarter. FMR LLC now owns 5,572,545 shares of the medical equipment provider’s stock valued at $453,940,000 after buying an additional 2,174,093 shares during the period. Mackenzie Financial Corp increased its position in Hologic by 1,023.3% during the second quarter. Mackenzie Financial Corp now owns 895,699 shares of the medical equipment provider’s stock valued at $66,506,000 after acquiring an additional 815,960 shares during the last quarter. Nordea Investment Management AB raised its stake in shares of Hologic by 32.7% in the fourth quarter. Nordea Investment Management AB now owns 2,213,607 shares of the medical equipment provider’s stock valued at $159,911,000 after acquiring an additional 544,889 shares during the period. Marshall Wace LLP bought a new stake in shares of Hologic in the 2nd quarter worth about $39,427,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Hologic by 21.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,535,258 shares of the medical equipment provider’s stock worth $188,243,000 after acquiring an additional 450,190 shares during the last quarter. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Hologic Stock Performance

The company has a current ratio of 3.69, a quick ratio of 3.03 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $15.93 billion, a PE ratio of 21.08, a PEG ratio of 2.32 and a beta of 0.97. The business’s 50 day moving average is $75.61 and its 200 day moving average is $78.53.

Hologic (NASDAQ:HOLX) last released its earnings results on Monday, November 4th. The medical equipment provider reported $1.01 EPS for the quarter, meeting analysts’ consensus estimates of $1.01. Hologic had a return on equity of 19.79% and a net margin of 19.59%. The firm had revenue of $987.90 million for the quarter, compared to analysts’ expectations of $978.25 million. During the same quarter in the prior year, the firm posted $0.89 earnings per share. The company’s quarterly revenue was up 4.5% on a year-over-year basis. On average, equities research analysts predict that Hologic, Inc. will post 4.28 earnings per share for the current fiscal year.

Hologic Company Profile

Hologic, Inc develops, manufactures, and supplies diagnostics products, medical imaging systems, and surgical products for women's health through early detection and treatment. The company operates through four segments: Diagnostics, Breast Health, GYN Surgical, and Skeletal Health. It provides Aptima molecular diagnostic assays to detect the infectious microorganisms; Aptima viral load assays for Hepatitis B virus, Hepatitis C virus, human immunodeficiency virus, and human cytomegalo virus; Aptima bacterial vaginosis and candida vaginitis assays for the diagnosis of vaginitis; Aptima SARS-CoV-2 and Panther Fusion SARS-CoV-2 assays to detect SARS-CoV-2; ThinPrep System for cytology applications; and Rapid Fetal Fibronectin Test that assists physicians in assessing the risk of pre-term birth.