Allianz Asset Management GmbH Cuts Stock Holdings in Haemonetics Corporation (NYSE:HAE)

Key Points

• Allianz Asset Management GmbH reduced its stake in Haemonetics Corporation by 87.2%, holding only 4,803 shares after selling 32,795 shares in the first quarter.
• Analysts have issued new price targets for Haemonetics, with estimates ranging up to $100.00 and a consensus average target price of $97.30.
• Haemonetics reported a quarterly EPS of $1.24, outperforming expectations, although revenue was down 3.5% compared to the same quarter last year.

Allianz Asset Management GmbH lowered its position in Haemonetics Corporation (NYSE:HAE - Free Report) by 87.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,803 shares of the medical instruments supplier's stock after selling 32,795 shares during the period. Allianz Asset Management GmbH's holdings in Haemonetics were worth $305,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Norges Bank purchased a new position in shares of Haemonetics in the 4th quarter worth about $32,803,000. Pictet Asset Management Holding SA lifted its position in Haemonetics by 16.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 6,963 shares of the medical instruments supplier's stock valued at $544,000 after purchasing an additional 979 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Haemonetics by 9.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 48,068 shares of the medical instruments supplier's stock worth $3,753,000 after buying an additional 4,217 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Haemonetics during the fourth quarter valued at approximately $19,002,000. Finally, Covestor Ltd grew its stake in Haemonetics by 146.8% in the fourth quarter. Covestor Ltd now owns 738 shares of the medical instruments supplier's stock worth $58,000 after purchasing an additional 439 shares in the last quarter. 99.67% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. JMP Securities reaffirmed a "market outperform" rating and set a $100.00 price target on shares of Haemonetics in a research report on Tuesday, May 20th. Baird R W upgraded shares of Haemonetics to a "strong-buy" rating in a research report on Wednesday, June 25th. Barrington Research reissued an "outperform" rating and issued a $95.00 target price on shares of Haemonetics in a research note on Friday, July 11th. Needham & Company LLC decreased their price target on shares of Haemonetics from $84.00 to $68.00 and set a "buy" rating for the company in a report on Thursday. Finally, Raymond James Financial restated a "strong-buy" rating and set a $105.00 price target (down from $115.00) on shares of Haemonetics in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $95.70.

Haemonetics Trading Down 24.8%

NYSE:HAE traded down $18.77 on Thursday, reaching $57.00. 3,464,180 shares of the stock traded hands, compared to its average volume of 757,001. The firm has a market capitalization of $2.74 billion, a price-to-earnings ratio of 16.95, a price-to-earnings-growth ratio of 1.23 and a beta of 0.40. The company's 50 day moving average is $73.41 and its 200-day moving average is $67.71. The company has a current ratio of 1.62, a quick ratio of 0.99 and a debt-to-equity ratio of 1.12. Haemonetics Corporation has a 1-year low of $55.30 and a 1-year high of $94.99.

Haemonetics (NYSE:HAE - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The medical instruments supplier reported $1.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.02 by $0.08. Haemonetics had a return on equity of 26.37% and a net margin of 12.32%. During the same quarter in the previous year, the business posted $1.02 EPS. Haemonetics's revenue for the quarter was down 4.4% compared to the same quarter last year. Equities research analysts anticipate that Haemonetics Corporation will post 4.55 EPS for the current fiscal year.

About Haemonetics

Haemonetics Corporation, a healthcare company, provides suite of medical products and solutions in the United States and internationally. The company offers automated plasma collection systems, donor management software, and supporting software solutions including NexSys PCS and PCS2 plasmapheresis equipment and related disposables and solutions, as well as integrated information technology platforms for plasma customers to manage their donors, operations, and supply chain; and NexLynk DMS donor management system and Donor360 app.