Hologic (NASDAQ:HOLX) Reaches New 12-Month High After Earnings Beat

Shares of Hologic, Inc. (NASDAQ:HOLX) reached a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $81.13 and last traded at $80.97, with a volume of 282991 shares changing hands. The stock had previously closed at $79.64.

The medical equipment provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.04. Hologic had a net margin of 11.78% and a return on equity of 18.91%. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter in the prior year, the business posted $0.93 earnings per share. The company’s quarterly revenue was up 2.7% compared to the same quarter last year.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Stephens assumed coverage on shares of Hologic in a research note on Thursday, June 27th. They set an “overweight” rating and a $87.00 price objective on the stock. Argus upped their price objective on shares of Hologic from $89.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Citigroup raised shares of Hologic from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $80.00 to $95.00 in a research note on Wednesday, April 3rd. Evercore ISI decreased their price objective on shares of Hologic from $78.00 to $76.00 and set an “in-line” rating on the stock in a research note on Tuesday, July 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $90.00 price objective on shares of Hologic in a research note on Tuesday. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $86.82.

Insider Buying and Selling at Hologic

In other Hologic news, CEO Stephen P. Macmillan sold 3,672 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $80.13, for a total value of $294,237.36. Following the transaction, the chief executive officer now directly owns 1,157,562 shares of the company’s stock, valued at $92,755,443.06. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Hologic news, CEO Stephen P. Macmillan sold 3,672 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $80.13, for a total value of $294,237.36. Following the transaction, the chief executive officer now directly owns 1,157,562 shares of the company’s stock, valued at $92,755,443.06. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Christiana Stamoulis sold 9,039 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $79.50, for a total transaction of $718,600.50. Following the completion of the sale, the director now owns 45,472 shares in the company, valued at $3,615,024. The disclosure for this sale can be found here. Insiders own 1.75% of the company’s stock.

Institutional Investors Weigh In On Hologic

Several hedge funds have recently bought and sold shares of the company. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Hologic by 2.5% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 25,744 shares of the medical equipment provider’s stock worth $1,911,000 after purchasing an additional 623 shares during the period. iA Global Asset Management Inc. raised its holdings in Hologic by 2,019.3% in the second quarter. iA Global Asset Management Inc. now owns 9,982 shares of the medical equipment provider’s stock worth $741,000 after purchasing an additional 9,511 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in Hologic by 4.0% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,271,603 shares of the medical equipment provider’s stock worth $168,666,000 after purchasing an additional 87,176 shares during the period. Crossmark Global Holdings Inc. raised its holdings in shares of Hologic by 3.7% during the second quarter. Crossmark Global Holdings Inc. now owns 17,708 shares of the medical equipment provider’s stock worth $1,315,000 after acquiring an additional 629 shares during the period. Finally, Innealta Capital LLC acquired a new stake in shares of Hologic during the second quarter worth $25,000. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Hologic Trading Up 1.7 %

The company has a quick ratio of 3.29, a current ratio of 3.97 and a debt-to-equity ratio of 0.52. The business’s fifty day moving average is $74.66 and its 200 day moving average is $75.08. The firm has a market capitalization of $18.90 billion, a price-to-earnings ratio of 38.88, a price-to-earnings-growth ratio of 2.62 and a beta of 0.99.

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.