LivaNova (NASDAQ:LIVN) Shares Gap Up After Strong Earnings

Key Points

• LivaNova PLC shares gapped up significantly on Wednesday, opening at $46.10 after closing at $42.61, with the stock trading at $46.95 and a volume of 286,479 shares.
• Multiple analysts have upgraded LivaNova shares recently, with Wolfe Research setting a target price of $60.00, while Needham & Company raised theirs to $64.00, reflecting a generally positive outlook.
• Approximately 97.64% of LivaNova's stock is owned by institutional investors, with firms like Strs Ohio significantly increasing their holdings by over 512% in the 2nd quarter.

LivaNova PLC (NASDAQ:LIVN - Get Free Report)'s share price gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $42.61, but opened at $46.10. LivaNova shares last traded at $46.95, with a volume of 286,479 shares traded.

The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.21. LivaNova had a negative net margin of 16.13% and a positive return on equity of 14.57%. The business had revenue of $352.50 million for the quarter, compared to analysts' expectations of $332.20 million. During the same quarter last year, the firm earned $0.93 EPS. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on LIVN. Barclays dropped their price target on shares of LivaNova from $56.00 to $55.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 8th. Wall Street Zen raised LivaNova from a "buy" rating to a "strong-buy" rating in a report on Saturday. Robert W. Baird lifted their price target on LivaNova from $55.00 to $61.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Needham & Company LLC restated a "buy" rating and issued a $64.00 price objective on shares of LivaNova in a research note on Tuesday, May 13th. Finally, Wolfe Research upgraded LivaNova from a "peer perform" rating to an "outperform" rating and set a $60.00 target price on the stock in a research note on Tuesday, May 20th. One research analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $59.29.

Institutional Investors Weigh In On LivaNova

Several large investors have recently added to or reduced their stakes in LIVN. AQR Capital Management LLC increased its stake in shares of LivaNova by 111.7% in the first quarter. AQR Capital Management LLC now owns 1,571,295 shares of the company's stock worth $60,809,000 after purchasing an additional 829,115 shares in the last quarter. Nuveen LLC purchased a new position in LivaNova in the 1st quarter valued at approximately $30,954,000. Hotchkis & Wiley Capital Management LLC grew its stake in LivaNova by 100.7% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 1,003,000 shares of the company's stock valued at $39,398,000 after buying an additional 503,350 shares in the last quarter. Freestone Grove Partners LP bought a new stake in LivaNova during the 4th quarter valued at $23,102,000. Finally, The Manufacturers Life Insurance Company lifted its position in shares of LivaNova by 163.6% during the fourth quarter. The Manufacturers Life Insurance Company now owns 546,387 shares of the company's stock worth $25,303,000 after acquiring an additional 339,139 shares in the last quarter. Hedge funds and other institutional investors own 97.64% of the company's stock.

LivaNova Trading Up 0.7%

The firm has a 50-day simple moving average of $44.94 and a 200-day simple moving average of $42.73. The company has a quick ratio of 1.09, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The stock has a market cap of $2.67 billion, a PE ratio of -12.56 and a beta of 0.92.

LivaNova Company Profile

LivaNova PLC, a medical device company, designs, develops, manufactures, and sells therapeutic solutions worldwide. The company operates through Cardiopulmonary, Neuromodulation, and Advanced Circulatory Support segments. The Cardiopulmonary segment develops, produces, and sells cardiopulmonary products, including oxygenators, heart-lung machines, autotransfusion systems, perfusion tubing systems, cannulae, connect, and other related products.