Raymond James Financial Downgrades Haemonetics (NYSE:HAE) to Outperform

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%.

Haemonetics (NYSE:HAE - Get Free Report) was downgraded by research analysts at Raymond James Financial from a "strong-buy" rating to an "outperform" rating in a report issued on Monday, MarketBeat reports. They currently have a $78.00 price objective on the medical instruments supplier's stock, down from their prior price objective of $105.00. Raymond James Financial's target price suggests a potential upside of 48.44% from the company's previous close.

A number of other equities research analysts have also commented on the company. Citigroup raised Haemonetics from a "neutral" rating to a "buy" rating and set a $90.00 price target on the stock in a research report on Wednesday, July 9th. Mizuho cut their target price on Haemonetics from $90.00 to $70.00 and set an "outperform" rating on the stock in a research report on Friday. Barrington Research decreased their price target on Haemonetics from $95.00 to $86.00 and set an "outperform" rating for the company in a research report on Friday. Baird R W upgraded Haemonetics to a "strong-buy" rating in a research report on Wednesday, June 25th. Finally, Robert W. Baird assumed coverage on Haemonetics in a research note on Thursday, June 26th. They issued an "outperform" rating and a $87.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Haemonetics presently has a consensus rating of "Moderate Buy" and an average price target of $85.18.

Haemonetics Trading Down 2.7%

HAE traded down $1.44 during trading on Monday, reaching $52.55. The company had a trading volume of 1,335,945 shares, compared to its average volume of 919,430. The company has a market cap of $2.53 billion, a price-to-earnings ratio of 16.07, a PEG ratio of 0.88 and a beta of 0.40. The firm's 50-day simple moving average is $72.56 and its 200 day simple moving average is $67.23. Haemonetics has a 12-month low of $52.29 and a 12-month high of $94.99. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.04 and a current ratio of 1.72.

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

Institutional Investors Weigh In On Haemonetics

A number of large investors have recently modified their holdings of the business. TD Waterhouse Canada Inc. acquired a new position in Haemonetics during the 4th quarter valued at about $25,000. GAMMA Investing LLC raised its holdings in Haemonetics by 59.4% during the 2nd quarter. GAMMA Investing LLC now owns 443 shares of the medical instruments supplier's stock valued at $33,000 after acquiring an additional 165 shares during the period. Quarry LP increased its holdings in shares of Haemonetics by 63.4% in the first quarter. Quarry LP now owns 495 shares of the medical instruments supplier's stock worth $31,000 after purchasing an additional 192 shares during the period. UMB Bank n.a. increased its holdings in shares of Haemonetics by 91.7% in the second quarter. UMB Bank n.a. now owns 669 shares of the medical instruments supplier's stock worth $50,000 after purchasing an additional 320 shares during the period. Finally, Covestor Ltd grew its position 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 acquiring an additional 439 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.