Legal & General Group Plc Invests $4.75 Million in Haemonetics Corporation $HAE

Key Points

• Legal & General Group Plc acquired a new $4.75 million stake in Haemonetics, purchasing 63,294 shares and owning approximately 0.14% of the company. Institutional investors collectively own 99.67% of Haemonetics’ outstanding shares.
• Analysts remain broadly positive, with Haemonetics holding a consensus “Moderate Buy” rating and an average price target of $99.78. Several firms recently raised their targets, including Robert W. Baird to $119 and BTIG Research to $110.
• Haemonetics exceeded quarterly expectations, reporting $1.14 in earnings per share versus the $1.08 consensus estimate and $339.38 million in revenue, up 5.5% year over year. Shares opened at $102.66, near the company’s 12-month high of $109.57.

Legal & General Group Plc bought a new stake in shares of Haemonetics Corporation (NYSE:HAE - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 63,294 shares of the medical instruments supplier's stock, valued at approximately $4,747,000. Legal & General Group Plc owned 0.14% of Haemonetics at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Nierenberg Investment Management Company LLC bought a new stake in shares of Haemonetics during the second quarter valued at approximately $1,971,000. Renaissance Technologies LLC purchased a new position in Haemonetics during the first quarter valued at $2,435,000. Rice Hall James & Associates LLC bought a new stake in Haemonetics in the 2nd quarter valued at $3,828,000. Aurora Investment Counsel bought a new stake in Haemonetics in the 2nd quarter valued at $1,913,000. Finally, London Co. of Virginia lifted its stake in Haemonetics by 33.9% in the 1st quarter. London Co. of Virginia now owns 352,807 shares of the medical instruments supplier's stock worth $19,884,000 after purchasing an additional 89,242 shares in the last quarter. 99.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on HAE. Wall Street Zen raised Haemonetics from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 8th. JPMorgan Chase & Co. raised their price objective on Haemonetics from $62.00 to $86.00 and gave the company a "neutral" rating in a research note on Friday, August 7th. Robert W. Baird upped their target price on Haemonetics from $96.00 to $119.00 and gave the company an "outperform" rating in a research note on Friday, August 21st. BTIG Research increased their price objective on Haemonetics from $96.00 to $110.00 and gave the stock a "buy" rating in a research note on Tuesday, August 18th. Finally, Mizuho boosted their price objective on shares of Haemonetics from $85.00 to $90.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $99.78.

Haemonetics Price Performance

Shares of NYSE:HAE opened at $102.66 on Friday. The company has a current ratio of 3.08, a quick ratio of 1.91 and a debt-to-equity ratio of 1.40. The company's 50 day moving average is $87.19 and its 200 day moving average is $71.30. Haemonetics Corporation has a twelve month low of $47.31 and a twelve month high of $109.57. The company has a market cap of $4.67 billion, a PE ratio of 50.32, a price-to-earnings-growth ratio of 2.06 and a beta of 0.54.

Haemonetics (NYSE:HAE - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The medical instruments supplier reported $1.14 EPS for the quarter, beating the consensus estimate of $1.08 by $0.06. The company had revenue of $339.38 million for the quarter, compared to analyst estimates of $327.86 million. Haemonetics had a net margin of 7.12% and a return on equity of 27.55%. The firm's revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the company earned $1.10 earnings per share. On average, sell-side analysts forecast that Haemonetics Corporation will post 5.29 EPS for the current year.

Haemonetics Profile

Haemonetics Corporation is a global provider of blood management solutions that support the collection, processing and transfusion of blood and blood products. The company's offerings are designed to enhance patient safety and operational efficiency for blood centers, hospitals and plasma collection facilities. Haemonetics serves healthcare providers worldwide by delivering integrated systems, software and consumables that address critical needs throughout the continuum of blood management.

The company's product portfolio includes automated apheresis and plasma collection systems, surgical blood salvage and coagulation monitoring devices, and pathogen reduction technologies.

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