Haemonetics (NYSE:HAE) Lowered to Outperform Rating by Raymond James Financial

Key Points

• Haemonetics was downgraded by Raymond James Financial from a "strong-buy" to an "outperform" rating, with a revised price target of $78.00, indicating a potential upside from the current stock price.
• In addition to Raymond James, other research firms have reduced their target prices, with Mizuho lowering it from $90.00 to $70.00, and Barrington Research decreasing theirs from $95.00 to $86.00.
• Haemonetics reported $1.10 earnings per share for the last quarter, exceeding estimates and showing a year-over-year revenue decline of 4.4%.

Raymond James Financial lowered shares of Haemonetics (NYSE:HAE - Free Report) from a strong-buy rating to an outperform rating in a research note published on Monday morning, MarketBeat.com reports. Raymond James Financial currently has $78.00 price objective on the medical instruments supplier's stock, down from their previous price objective of $105.00.

Other analysts have also recently issued reports about the stock. Needham & Company LLC reduced their target price on shares of Haemonetics from $84.00 to $68.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Barrington Research reduced their target price on shares of Haemonetics from $95.00 to $86.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Robert W. Baird assumed coverage on shares of Haemonetics in a report on Thursday, June 26th. They set an "outperform" rating and a $87.00 target price for the company. JMP Securities reaffirmed a "market outperform" rating and issued a $100.00 price objective on shares of Haemonetics in a research note on Tuesday, May 20th. Finally, Citigroup raised shares of Haemonetics from a "neutral" rating to a "buy" rating and set a $90.00 price objective for the company in a research note on Wednesday, July 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $85.18.

Haemonetics Price Performance

Shares of NYSE HAE traded up $0.67 during mid-day trading on Monday, reaching $53.00. 433,675 shares of the company traded hands, compared to its average volume of 796,766. Haemonetics has a fifty-two week low of $50.68 and a fifty-two week high of $94.99. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.72 and a quick ratio of 1.04. The firm has a market cap of $2.55 billion, a PE ratio of 16.18, a price-to-earnings-growth ratio of 0.99 and a beta of 0.40. The stock has a fifty day simple moving average of $71.53 and a 200-day simple moving average of $66.90.

Haemonetics (NYSE:HAE - Get Free Report) last issued its earnings results on Thursday, August 7th. The medical instruments supplier reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates of $1.01 by $0.09. The firm had revenue of $321.39 million during the quarter, compared to analysts' expectations of $305.12 million. Haemonetics had a net margin of 12.14% and a return on equity of 26.64%. The firm's revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period last year, the firm posted $1.02 earnings per share. Equities research analysts anticipate that Haemonetics will post 4.55 EPS for the current fiscal year.

Institutional Investors Weigh In On Haemonetics

A number of institutional investors have recently modified their holdings of the stock. Norges Bank bought a new position in shares of Haemonetics during the 2nd quarter valued at $36,822,000. SG Capital Management LLC raised its holdings in shares of Haemonetics by 92.5% during the 2nd quarter. SG Capital Management LLC now owns 906,892 shares of the medical instruments supplier's stock valued at $67,663,000 after purchasing an additional 435,660 shares in the last quarter. Citigroup Inc. raised its holdings in shares of Haemonetics by 87.3% during the 1st quarter. Citigroup Inc. now owns 625,565 shares of the medical instruments supplier's stock valued at $39,755,000 after purchasing an additional 291,574 shares in the last quarter. Voya Investment Management LLC raised its holdings in shares of Haemonetics by 820.5% during the 4th quarter. Voya Investment Management LLC now owns 316,952 shares of the medical instruments supplier's stock valued at $24,748,000 after purchasing an additional 282,521 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Haemonetics by 157.9% during the 2nd quarter. AQR Capital Management LLC now owns 450,248 shares of the medical instruments supplier's stock valued at $33,390,000 after purchasing an additional 275,683 shares in the last quarter. Institutional investors and hedge funds own 99.67% of the company's stock.

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.