Koninklijke Philips N.V. (NYSE:PHG) to Repurchase Outstanding Stock

Koninklijke Philips N.V. (NYSE:PHG) announced that its Board of Directors has initiated a share repurchase plan, which allows the company to buyback shares on Wednesday, June 28th, EventVestor reports. This buyback authorization allows the technology company to reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

PHG has been the subject of a number of recent research reports. Deutsche Bank AG downgraded shares of Koninklijke Philips N.V. from a “buy” rating to a “hold” rating in a research report on Tuesday, June 20th. Zacks Investment Research raised shares of Koninklijke Philips N.V. from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research report on Wednesday, June 7th. Societe Generale cut shares of Koninklijke Philips N.V. from a “buy” rating to a “hold” rating in a research note on Tuesday, April 25th. Canaccord Genuity restated a “buy” rating and set a $37.00 target price on shares of Koninklijke Philips N.V. in a research note on Monday, July 3rd. Finally, Natixis cut shares of Koninklijke Philips N.V. from a “buy” rating to a “neutral” rating in a research note on Wednesday, June 21st. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $35.67.

Shares of Koninklijke Philips N.V. (NYSE:PHG) opened at 37.06 on Friday. Koninklijke Philips N.V. has a 12-month low of $28.19 and a 12-month high of $38.61. The company has a market capitalization of $34.73 billion, a P/E ratio of 19.96 and a beta of 1.34. The stock has a 50 day moving average of $36.92 and a 200-day moving average of $33.76.

Koninklijke Philips N.V. (NYSE:PHG) last posted its quarterly earnings results on Monday, July 24th. The technology company reported $0.20 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by $0.18. Koninklijke Philips N.V. had a net margin of 6.39% and a return on equity of 8.92%. The business had revenue of $4.29 billion during the quarter, compared to analysts’ expectations of $4.38 billion. During the same quarter in the previous year, the business posted $0.46 EPS. The company’s quarterly revenue was up 3.9% on a year-over-year basis. Equities research analysts forecast that Koninklijke Philips N.V. will post $1.95 EPS for the current year.

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Koninklijke Philips N.V. Company Profile

Koninklijke Philips N.V. is a health technology company. The Company’s segments include Personal Health businesses, Diagnosis & Treatment businesses, Connected Care & Health Informatics businesses, and Lighting. The Company’s Personal Health businesses segment is engaged in the health continuum, delivering integrated, connected solutions that support healthier lifestyles and those living with chronic disease.

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