Haemonetics (NYSE:HAE) Reaches New 12-Month High Following Analyst Upgrade

Key Points

• Haemonetics shares surged 16% to a new 52-week high of $105.85 after BTIG Research raised its price target from $96 to $110 and maintained a buy rating.
• Analyst sentiment is broadly positive, with the stock carrying a consensus “Moderate Buy” rating from MarketBeat based on one Strong Buy, six Buy, and four Hold ratings.
• The company exceeded quarterly expectations, reporting $1.14 in EPS versus $1.08 expected and revenue of $339.38 million versus $327.86 million forecast; institutional investors own 99.67% of its shares.

Haemonetics Corporation (NYSE:HAE - Get Free Report)'s stock price reached a new 52-week high during trading on Tuesday after BTIG Research raised their price target on the stock from $96.00 to $110.00. BTIG Research currently has a buy rating on the stock. Haemonetics traded as high as $105.85 and last traded at $104.5870, with a volume of 304449 shares trading hands. The stock had previously closed at $90.27.

A number of other equities research analysts have also weighed in on the stock. Bank of America raised shares of Haemonetics from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $72.00 to $80.00 in a report on Friday, May 22nd. Mizuho raised 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. Raymond James Financial reaffirmed an "outperform" rating and issued a $105.00 price target on shares of Haemonetics in a report on Friday, August 7th. Weiss Ratings upgraded shares of Haemonetics from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. Finally, JPMorgan Chase & Co. raised their target price on Haemonetics from $62.00 to $86.00 and gave the company a "neutral" rating in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Haemonetics presently has a consensus rating of "Moderate Buy" and a consensus target price of $92.44.

Institutional Trading of Haemonetics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its holdings in shares of Haemonetics by 12.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,920 shares of the medical instruments supplier's stock valued at $108,000 after buying an additional 211 shares during the period. Quantinno Capital Management LP raised its holdings in Haemonetics by 9.0% in the second quarter. Quantinno Capital Management LP now owns 3,492 shares of the medical instruments supplier's stock valued at $261,000 after acquiring an additional 289 shares in the last quarter. UMB Bank n.a. lifted its position in shares of Haemonetics by 110.9% during the 4th quarter. UMB Bank n.a. now owns 582 shares of the medical instruments supplier's stock worth $47,000 after purchasing an additional 306 shares during the last quarter. Cardinal Capital Management lifted its holdings in Haemonetics by 1.5% during the 4th quarter. Cardinal Capital Management now owns 22,442 shares of the medical instruments supplier's stock worth $1,799,000 after buying an additional 321 shares during the last quarter. Finally, Kemnay Advisory Services Inc. purchased a new stake in Haemonetics during the fourth quarter worth approximately $26,000. Hedge funds and other institutional investors own 99.67% of the company's stock.

Haemonetics Stock Up 16.0%

The firm has a market cap of $4.76 billion, a PE ratio of 51.37, a P/E/G ratio of 1.82 and a beta of 0.52. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.91 and a current ratio of 3.08. The firm's 50-day moving average price is $79.39 and its two-hundred day moving average price is $67.33.

Haemonetics (NYSE:HAE - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The medical instruments supplier reported $1.14 earnings per share (EPS) for the quarter, topping 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 return on equity of 27.55% and a net margin of 7.12%.The business's quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.10 earnings per share. As a group, equities research analysts expect that Haemonetics Corporation will post 5.28 EPS for the current fiscal year.

Haemonetics Company 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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