Mizuho Lowers Haemonetics (NYSE:HAE) Price Target to $70.00

Key Points

• Mizuho has reduced its price target on Haemonetics from $90.00 to $70.00, while maintaining an "outperform" rating, indicating a potential upside from the stock's previous close.
• Haemonetics reported a quarterly earnings beat, posting $1.10 earnings per share against an estimate of $1.01, although revenue decreased by 4.4% year-over-year.
• The stock has experienced a significant drop, trading down 26.8%, with shares currently opening at $55.49.

Haemonetics (NYSE:HAE - Get Free Report) had its target price lowered by equities researchers at Mizuho from $90.00 to $70.00 in a research report issued on Friday,Benzinga reports. The firm currently has an "outperform" rating on the medical instruments supplier's stock. Mizuho's target price indicates a potential upside of 34.28% from the stock's previous close.

Several other analysts have also issued reports on HAE. Citigroup upgraded shares of Haemonetics from a "neutral" rating to a "buy" rating and set a $90.00 target price on the stock in a research report on Wednesday, July 9th. Barrington Research lowered their price target on shares of Haemonetics from $95.00 to $86.00 and set an "outperform" rating on the stock in a research report on Friday. Raymond James Financial restated a "strong-buy" rating and set a $105.00 price target (down from $115.00) on shares of Haemonetics in a research report on Friday, May 9th. Needham & Company LLC lowered their price target on shares of Haemonetics from $84.00 to $68.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Finally, Robert W. Baird started coverage on shares of Haemonetics in a research report on Thursday, June 26th. They set an "outperform" rating and a $87.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Haemonetics currently has an average rating of "Moderate Buy" and an average target price of $85.18.

Haemonetics Stock Performance

Shares of Haemonetics stock traded down $0.34 during trading on Friday, hitting $52.13. 788,249 shares of the company's stock were exchanged, compared to its average volume of 786,956. The stock has a market capitalization of $2.51 billion, a price-to-earnings ratio of 15.94, a PEG ratio of 0.88 and a beta of 0.40. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.04 and a current ratio of 1.72. The business has a 50-day simple moving average of $72.56 and a 200-day simple moving average of $67.23. Haemonetics has a 52-week low of $50.68 and a 52-week high of $94.99.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of HAE. SG Capital Management LLC lifted its position in Haemonetics by 92.5% during the second quarter. SG Capital Management LLC now owns 906,892 shares of the medical instruments supplier's stock valued at $67,663,000 after buying an additional 435,660 shares in the last quarter. Citigroup Inc. raised its stake in shares of Haemonetics by 87.3% during the first 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 during the period. Voya Investment Management LLC raised its stake in shares of Haemonetics by 820.5% during the fourth 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 during the period. MetLife Investment Management LLC raised its stake in shares of Haemonetics by 448.0% during the first quarter. MetLife Investment Management LLC now owns 316,542 shares of the medical instruments supplier's stock valued at $20,116,000 after purchasing an additional 258,776 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Haemonetics by 434.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 314,067 shares of the medical instruments supplier's stock valued at $24,522,000 after purchasing an additional 255,338 shares during the period. 99.67% of the stock is owned by institutional investors and hedge funds.

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.