Royal Bank of Canada Forecasts Strong Price Appreciation for Hologic (NASDAQ:HOLX) Stock

Hologic (NASDAQ:HOLX) had its price objective lifted by investment analysts at Royal Bank of Canada from $86.00 to $89.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “sector perform” rating on the medical equipment provider’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 11.72% from the stock’s current price.

A number of other equities analysts have also weighed in on the stock. JPMorgan Chase & Co. boosted their price target on shares of Hologic from $92.00 to $94.00 and gave the stock an “overweight” rating in a research report on Tuesday. Evercore ISI upped their target price on shares of Hologic from $78.00 to $82.00 and gave the company an “in-line” rating in a report on Tuesday, October 1st. Leerink Partners cut their price objective on shares of Hologic from $95.00 to $90.00 and set an “outperform” rating for the company in a research report on Tuesday, October 8th. StockNews.com downgraded shares of Hologic from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 27th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $90.00 price target on shares of Hologic in a report on Tuesday, October 15th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Hologic presently has a consensus rating of “Moderate Buy” and an average target price of $88.00.

Hologic Price Performance

Shares of NASDAQ HOLX traded down $4.06 during trading on Tuesday, hitting $79.66. The company had a trading volume of 1,070,521 shares, compared to its average volume of 1,580,095. The stock has a fifty day simple moving average of $81.06 and a two-hundred day simple moving average of $78.08. Hologic has a fifty-two week low of $66.93 and a fifty-two week high of $84.67. The firm has a market capitalization of $18.50 billion, a price-to-earnings ratio of 27.10, a price-to-earnings-growth ratio of 2.98 and a beta of 0.98. The company has a quick ratio of 3.32, a current ratio of 3.99 and a debt-to-equity ratio of 0.51.

Hologic (NASDAQ:HOLX) last announced its earnings results on Monday, November 4th. The medical equipment provider reported $1.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.01. Hologic had a net margin of 17.59% and a return on equity of 19.53%. The business had revenue of $987.90 million for the quarter, compared to analyst estimates of $978.25 million. During the same quarter last year, the business earned $0.89 earnings per share. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, research analysts expect that Hologic will post 4.09 earnings per share for the current year.

Institutional Trading of Hologic

Hedge funds have recently made changes to their positions in the company. Wolff Wiese Magana LLC purchased a new stake in shares of Hologic during the third quarter valued at approximately $25,000. Innealta Capital LLC purchased a new stake in shares of Hologic during the second quarter valued at approximately $25,000. iA Global Asset Management Inc. purchased a new stake in shares of Hologic during the first quarter valued at approximately $37,000. Sunbelt Securities Inc. purchased a new stake in shares of Hologic during the second quarter valued at approximately $37,000. Finally, Cromwell Holdings LLC raised its stake in shares of Hologic by 330.2% during the third quarter. Cromwell Holdings LLC now owns 542 shares of the medical equipment provider’s stock valued at $44,000 after purchasing an additional 416 shares during the period. Hedge funds and other institutional investors own 94.73% of the company’s stock.

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.