Raymond James Financial upgraded shares of Abaxis (NASDAQ:ABAX) from an underperform rating to a market perform rating in a report published on Tuesday, MarketBeat.com reports.
A number of other research firms have also recently issued reports on ABAX. Zacks Investment Research cut Abaxis from a hold rating to a sell rating in a research report on Monday, January 8th. Northcoast Research upgraded Abaxis from a neutral rating to a buy rating in a research report on Friday, January 5th. Canaccord Genuity reiterated a hold rating and issued a $47.00 target price (up previously from $46.00) on shares of Abaxis in a research report on Friday, October 27th. BidaskClub upgraded Abaxis from a sell rating to a hold rating in a research report on Thursday, December 21st. Finally, TheStreet upgraded Abaxis from a c+ rating to a b- rating in a research report on Wednesday, November 29th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $47.63.
Abaxis (NASDAQ:ABAX) opened at $62.44 on Tuesday. Abaxis has a 12-month low of $43.66 and a 12-month high of $62.98. The company has a market capitalization of $1,410.00, a price-to-earnings ratio of 52.03 and a beta of 0.86.
Abaxis announced that its Board of Directors has approved a share buyback plan on Tuesday, October 24th that permits the company to buyback $21.00 million in outstanding shares. This buyback authorization permits the medical research company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 1st were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.02%. This is a positive change from Abaxis’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Thursday, November 30th. Abaxis’s dividend payout ratio (DPR) is presently 53.33%.
Hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. boosted its stake in shares of Abaxis by 17.6% during the second quarter. Victory Capital Management Inc. now owns 2,574 shares of the medical research company’s stock valued at $136,000 after purchasing an additional 386 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new stake in shares of Abaxis during the second quarter valued at about $239,000. Piedmont Investment Advisors LLC acquired a new stake in shares of Abaxis during the second quarter valued at about $260,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Abaxis during the third quarter valued at about $257,000. Finally, Cetera Investment Advisers acquired a new stake in shares of Abaxis during the third quarter valued at about $263,000. 97.66% of the stock is currently owned by hedge funds and other institutional investors.
COPYRIGHT VIOLATION NOTICE: “Abaxis (ABAX) Upgraded to Market Perform at Raymond James Financial” was originally posted by Community Financial News and is the property of of Community Financial News. If you are accessing this news story on another publication, it was illegally stolen and republished in violation of United States and international copyright and trademark laws. The correct version of this news story can be viewed at https://www.com-unik.info/2018/01/13/abaxis-abax-upgraded-to-market-perform-at-raymond-james-financial.html.
Abaxis Company Profile
Abaxis, Inc is a developer, manufacturer and marketer of portable blood analysis systems that are used in medical specialties in human or veterinary patient care to provide clinicians with blood constituent measurements. The Company markets and sells its products around the world through independent distributors and direct sales force.
Receive News & Ratings for Abaxis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Abaxis and related companies with MarketBeat.com's FREE daily email newsletter.