Envista (NYSE:NVST) Shares Gap Up After Earnings Beat

Key Points

• Envista Holdings Corporation saw a significant jump in its stock price, opening at $20.24 after closing the previous day at $18.89, following a strong earnings report.
• The company reported an EPS of $0.26, exceeding analyst expectations of $0.24, and its revenue for the quarter was up 7.7% year-over-year, totaling $682.10 million.
• Analysts have mixed views on the stock, with upgrades from Robert W. Baird to an "outperform" rating and target price adjustments ranging from $16.00 to $26.00 among various firms.

Envista Holdings Corporation (NYSE:NVST - Get Free Report) gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $18.89, but opened at $20.24. Envista shares last traded at $20.49, with a volume of 1,111,160 shares.

The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. Envista had a return on equity of 4.89% and a net margin of 2.11%. The firm had revenue of $682.10 million for the quarter, compared to analysts' expectations of $638.21 million. During the same period in the prior year, the firm earned $0.11 EPS. The company's revenue was up 7.7% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Mizuho lifted their price objective on shares of Envista from $15.00 to $18.00 and gave the company an "underperform" rating in a report on Friday. Bank of America dropped their price target on shares of Envista from $26.00 to $23.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Robert W. Baird raised shares of Envista from a "neutral" rating to an "outperform" rating and lifted their price objective for the stock from $21.00 to $23.00 in a research report on Tuesday, May 27th. Wall Street Zen raised shares of Envista from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Finally, Morgan Stanley upped their price target on shares of Envista from $16.00 to $17.00 and gave the company an "equal weight" rating in a report on Friday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, four have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $20.92.

Hedge Funds Weigh In On Envista

Several large investors have recently bought and sold shares of NVST. GAMMA Investing LLC boosted its position in Envista by 1,338.3% in the 1st quarter. GAMMA Investing LLC now owns 33,139 shares of the company's stock valued at $572,000 after buying an additional 30,835 shares during the last quarter. Two Sigma Advisers LP boosted its holdings in Envista by 66.6% during the fourth quarter. Two Sigma Advisers LP now owns 47,800 shares of the company's stock worth $922,000 after buying an additional 19,100 shares in the last quarter. Comerica Bank boosted its holdings in Envista by 8.2% during the fourth quarter. Comerica Bank now owns 121,851 shares of the company's stock worth $2,350,000 after buying an additional 9,248 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Envista by 220.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 47,319 shares of the company's stock worth $817,000 after purchasing an additional 32,556 shares during the period. Finally, Norges Bank purchased a new stake in Envista in the 4th quarter worth approximately $38,052,000.

Envista Stock Up 10.0%

The firm has a market cap of $3.52 billion, a P/E ratio of 64.94, a P/E/G ratio of 1.32 and a beta of 1.00. The company has a current ratio of 2.12, a quick ratio of 1.82 and a debt-to-equity ratio of 0.43. The business's fifty day moving average price is $19.41 and its two-hundred day moving average price is $18.61.

About Envista

Envista Holdings Corporation, together with its subsidiaries, develops, manufactures, markets, and sells dental products in the United States, China, and internationally. The company operates in two segments, Specialty Products & Technologies, and Equipment & Consumables. The Specialty Products & Technologies segment offers dental implant systems, guided surgery systems, biomaterials, and prefabricated and custom-built prosthetics to oral surgeons, prosthodontists and periodontists, and general dentist; and brackets and wires, tubes and bands, archwires, clear aligners, digital orthodontic treatments, retainers, and other orthodontic laboratory products.