Hologic, Inc. (HOLX) Cut to “Sell” at Zacks Investment Research

Hologic, Inc. (NASDAQ:HOLX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday, July 12th.

According to Zacks, “Hologic witnessed a lackluster performance at its Diagnostics segment in the last reported quarter. Furthermore, the blood screening divestiture is expected to impede the company’s growth momentum in the days ahead. Foreign currency headwinds and a competitive landscape also continue to pose challenges. On a positive note, the company has been registering strong top line growth in recent times driven by strength in molecular diagnostics, GYN Surgical and Breast Health businesses. The company's raised guidance for fiscal 2017 indicates that this growth momentum should continie through rest of the year.  In fact, the recent European approval for the company's new Panther system should boost growth in the coming quarter. For the last three months, Hologic has been trading above the broader Medical Instruments industry in terms of price. Hologic’s strong cash position is another encouraging factor.”

HOLX has been the topic of several other research reports. Jefferies Group LLC reiterated a “buy” rating and issued a $49.00 price objective on shares of Hologic in a research note on Wednesday, June 28th. BTIG Research reiterated a “buy” rating and issued a $47.00 price objective on shares of Hologic in a research note on Sunday, May 14th. Stifel Nicolaus raised their target price on shares of Hologic from $45.00 to $48.00 and gave the stock a “buy” rating in a research note on Thursday, May 11th. Canaccord Genuity restated a “buy” rating and set a $53.00 target price on shares of Hologic in a research note on Tuesday, May 9th. Finally, Barclays PLC set a $50.00 target price on shares of Hologic and gave the company a “buy” rating in a report on Wednesday, April 5th. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $48.64.

Shares of Hologic (NASDAQ:HOLX) opened at 38.20 on Wednesday. Hologic has a 12 month low of $35.15 and a 12 month high of $46.80. The firm has a 50-day moving average of $43.73 and a 200 day moving average of $42.89. The company has a market cap of $10.71 billion, a price-to-earnings ratio of 14.23 and a beta of 0.90.

Hologic (NASDAQ:HOLX) last posted its earnings results on Wednesday, August 2nd. The medical equipment provider reported $0.50 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.01. The business had revenue of $806.10 million for the quarter, compared to analysts’ expectations of $799.70 million. Hologic had a net margin of 25.65% and a return on equity of 23.18%. The business’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.51 EPS. On average, analysts expect that Hologic will post $2.01 earnings per share for the current year.

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In other news, Director Elaine Ullian sold 8,849 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $45.28, for a total transaction of $400,682.72. Following the sale, the director now owns 23,810 shares in the company, valued at $1,078,116.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lawrence M. Levy sold 9,076 shares of the business’s stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $42.80, for a total value of $388,452.80. Following the sale, the director now owns 43,165 shares in the company, valued at approximately $1,847,462. The disclosure for this sale can be found here. Insiders sold 60,627 shares of company stock worth $2,632,911 in the last quarter. 0.79% of the stock is owned by insiders.

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Hologic by 4.2% in the second quarter. Vanguard Group Inc. now owns 29,547,138 shares of the medical equipment provider’s stock worth $1,340,850,000 after buying an additional 1,200,825 shares during the last quarter. State Street Corp increased its position in shares of Hologic by 1.5% in the first quarter. State Street Corp now owns 12,710,718 shares of the medical equipment provider’s stock worth $540,846,000 after buying an additional 189,572 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Hologic by 23.7% in the second quarter. Victory Capital Management Inc. now owns 5,012,352 shares of the medical equipment provider’s stock worth $227,461,000 after buying an additional 961,528 shares during the last quarter. Bank of Montreal Can increased its position in shares of Hologic by 6.6% in the second quarter. Bank of Montreal Can now owns 3,418,319 shares of the medical equipment provider’s stock worth $155,123,000 after buying an additional 211,550 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Hologic by 2.5% in the second quarter. Northern Trust Corp now owns 3,277,739 shares of the medical equipment provider’s stock worth $148,743,000 after buying an additional 79,697 shares during the last quarter. Hedge funds and other institutional investors own 94.46% of the company’s stock.

Hologic Company Profile

Hologic, Inc is a developer, manufacturer and supplier of diagnostics products, medical imaging systems and surgical products with an emphasis on women’s health. The Company operates through four segments: Diagnostics, Breast Health, GYN Surgical and Skeletal Health. The diagnostics products include Aptima family of assays, ThinPrep system, the Rapid Fetal Fibronectin Test and Procleix blood screening assays.

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