Formidable Asset Management LLC Makes New Investment in Hologic, Inc. (NASDAQ:HOLX)

Formidable Asset Management LLC purchased a new stake in Hologic, Inc. (NASDAQ:HOLX - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 5,451 shares of the medical equipment provider's stock, valued at approximately $337,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Allworth Financial LP increased its position in Hologic by 46.0% during the first quarter. Allworth Financial LP now owns 686 shares of the medical equipment provider's stock worth $40,000 after acquiring an additional 216 shares during the period. Larson Financial Group LLC lifted its position in shares of Hologic by 6,016.7% in the 1st quarter. Larson Financial Group LLC now owns 734 shares of the medical equipment provider's stock worth $45,000 after purchasing an additional 722 shares during the period. Raiffeisen Bank International AG acquired a new position in shares of Hologic in the 4th quarter worth approximately $49,000. West Financial Advisors LLC bought a new stake in shares of Hologic in the 1st quarter valued at $50,000. Finally, Covestor Ltd increased its stake in Hologic by 49.3% during the 4th quarter. Covestor Ltd now owns 1,033 shares of the medical equipment provider's stock valued at $75,000 after purchasing an additional 341 shares in the last quarter. Institutional investors and hedge funds own 94.73% of the company's stock.

Hologic Stock Performance

HOLX stock traded up $0.23 on Thursday, reaching $66.18. The company's stock had a trading volume of 348,591 shares, compared to its average volume of 2,908,440. Hologic, Inc. has a 52 week low of $51.90 and a 52 week high of $84.67. The company has a market capitalization of $14.75 billion, a P/E ratio of 27.92, a price-to-earnings-growth ratio of 2.40 and a beta of 0.55. The firm has a fifty day moving average of $62.72 and a two-hundred day moving average of $63.07. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.24 and a quick ratio of 2.52.

Hologic (NASDAQ:HOLX - Get Free Report) last released its earnings results on Thursday, May 1st. The medical equipment provider reported $1.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.01. Hologic had a return on equity of 19.71% and a net margin of 13.83%. The company 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 company earned $1.03 earnings per share. The company's revenue for the quarter was down 1.2% on a year-over-year basis. As a group, analysts predict that Hologic, Inc. will post 4.28 EPS for the current fiscal year.

Insider Buying and Selling at Hologic

In related news, Director Martin D. Madaus bought 5,445 shares of Hologic stock in a transaction that occurred on Wednesday, May 7th. The stock was acquired at an average price of $55.24 per share, for a total transaction of $300,781.80. Following the completion of the purchase, the director owned 5,445 shares in the company, valued at approximately $300,781.80. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.88% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on HOLX. Morgan Stanley decreased their price target on Hologic from $77.00 to $65.00 and set an "equal weight" rating on the stock in a research report on Monday, May 5th. Citigroup upgraded shares of Hologic from a "neutral" rating to a "buy" rating and lifted their price target for the company from $60.00 to $80.00 in a report on Wednesday, July 9th. Raymond James Financial restated an "outperform" rating and set a $71.00 target price (down previously from $90.00) on shares of Hologic in a report on Friday, May 2nd. Evercore ISI upped their target price on shares of Hologic from $62.00 to $68.00 and gave the company an "in-line" rating in a research note on Tuesday, July 8th. Finally, Stephens lowered their price objective on shares of Hologic from $77.00 to $70.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 13th. Eleven equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Hologic currently has a consensus rating of "Hold" and an average price target of $77.33.

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.