Integer (NYSE:ITGR) Shares Gap Down Following Analyst Downgrade

Key Points

• Integer Holdings Corporation experienced a significant drop in stock price following a downgrade from Bank of America, shifting from a buy to a neutral rating, with the stock opening at $71.57 after a previous close of $73.89.
• Multiple brokerages have adjusted their price targets on Integer, with a current consensus rating of "Hold" and an average price target of $112.13.
• Institutional investors hold 99.29% of Integer’s stock, with notable increases in holdings by firms like Alliancebernstein L.P. and Millennium Management LLC in recent quarters.

Integer Holdings Corporation (NYSE:ITGR - Get Free Report)'s stock price gapped down before the market opened on Friday after Bank of America downgraded the stock from a buy rating to a neutral rating. The stock had previously closed at $73.89, but opened at $71.57. Bank of America now has a $87.00 price target on the stock. Integer shares last traded at $71.21, with a volume of 562,270 shares traded.

A number of other brokerages have also weighed in on ITGR. Raymond James Financial dropped their price objective on Integer from $150.00 to $143.00 and set an "outperform" rating on the stock in a report on Friday, July 25th. Weiss Ratings reiterated a "hold (c)" rating on shares of Integer in a research report on Wednesday, October 8th. Truist Financial dropped their price objective on shares of Integer from $137.00 to $121.00 and set a "buy" rating for the company in a research note on Wednesday, October 15th. KeyCorp cut their price target on Integer from $145.00 to $133.00 and set an "overweight" rating for the company in a report on Tuesday. Finally, Benchmark reissued a "hold" rating on shares of Integer in a research note on Friday. Four research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $112.13.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Alliancebernstein L.P. raised its position in shares of Integer by 885.1% in the 2nd quarter. Alliancebernstein L.P. now owns 1,106,091 shares of the medical equipment provider's stock valued at $136,016,000 after purchasing an additional 993,810 shares in the last quarter. Tributary Capital Management LLC lifted its holdings in Integer by 92.6% during the 3rd quarter. Tributary Capital Management LLC now owns 499,776 shares of the medical equipment provider's stock worth $51,642,000 after buying an additional 240,226 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Integer during the 1st quarter valued at approximately $17,634,000. Millennium Management LLC boosted its stake in Integer by 2,408.8% in the first quarter. Millennium Management LLC now owns 123,132 shares of the medical equipment provider's stock valued at $14,531,000 after acquiring an additional 118,224 shares during the period. Finally, Viking Global Investors LP grew its holdings in shares of Integer by 9.1% during the second quarter. Viking Global Investors LP now owns 1,283,965 shares of the medical equipment provider's stock valued at $157,889,000 after purchasing an additional 106,692 shares during the last quarter. Institutional investors and hedge funds own 99.29% of the company's stock.

Integer Price Performance

The firm has a market capitalization of $2.50 billion, a price-to-earnings ratio of 31.25, a PEG ratio of 0.86 and a beta of 0.97. The company has a current ratio of 3.41, a quick ratio of 2.18 and a debt-to-equity ratio of 0.72. The business has a 50-day moving average price of $104.29 and a two-hundred day moving average price of $112.67.

Integer (NYSE:ITGR - Get Free Report) last released its quarterly earnings results on Thursday, October 23rd. The medical equipment provider reported $1.79 earnings per share for the quarter, beating analysts' consensus estimates of $1.68 by $0.11. The company had revenue of $467.69 million for the quarter, compared to analysts' expectations of $466.45 million. Integer had a return on equity of 12.27% and a net margin of 4.61%.The business's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.43 earnings per share. Integer has set its FY 2025 guidance at 6.290-6.430 EPS. As a group, research analysts forecast that Integer Holdings Corporation will post 6.01 EPS for the current year.

Integer Company Profile

Integer Holdings Corporation operates as a medical device outsource manufacturer in the United States, Puerto Rico, Costa Rica, and internationally. It operates through two segments, Medical and Non-Medical. The company offers products for interventional cardiology, structural heart, heart failure, peripheral vascular, neurovascular, interventional oncology, electrophysiology, vascular access, infusion therapy, hemodialysis, non-vascular, urology, and gastroenterology procedures.

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