Haemonetics (NYSE:HAE) Price Target Cut to $70.00 by Analysts at Mizuho

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 price objective cut by stock analysts at Mizuho from $90.00 to $70.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the medical instruments supplier's stock. Mizuho's price objective would indicate a potential upside of 29.92% from the company's current price.

Several other equities research analysts also recently commented on HAE. Needham & Company LLC lowered their target price on shares of Haemonetics from $84.00 to $68.00 and set a "buy" rating for the company in a research note on Thursday. Citigroup raised shares of Haemonetics from a "neutral" rating to a "buy" rating and set a $90.00 target price for the company in a research note on Wednesday, July 9th. Wall Street Zen downgraded shares of Haemonetics from a "buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $105.00 target price (down previously from $115.00) on shares of Haemonetics in a research note on Friday, May 9th. Finally, Robert W. Baird assumed coverage on shares of Haemonetics in a research report on Thursday, June 26th. They set an "outperform" rating and a $87.00 price objective for the company. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $87.64.

Haemonetics Trading Down 3.1%

Shares of HAE traded down $1.75 on Friday, reaching $53.88. 2,688,474 shares of the company's stock were exchanged, compared to its average volume of 818,031. The company has a current ratio of 1.72, a quick ratio of 0.99 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $2.59 billion, a P/E ratio of 16.48, a price-to-earnings-growth ratio of 0.87 and a beta of 0.40. The business has a 50 day moving average price of $72.88 and a two-hundred day moving average price of $67.36. Haemonetics has a 12 month low of $53.25 and a 12 month high of $94.99.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its position in Haemonetics by 1.9% in the second quarter. Geode Capital Management LLC now owns 1,244,624 shares of the medical instruments supplier's stock valued at $92,873,000 after purchasing an additional 23,257 shares in the last quarter. Royce & Associates LP grew its position in Haemonetics by 0.7% in the first quarter. Royce & Associates LP now owns 1,161,296 shares of the medical instruments supplier's stock valued at $73,800,000 after purchasing an additional 8,028 shares in the last quarter. Boston Trust Walden Corp grew its position in Haemonetics by 22.1% in the first quarter. Boston Trust Walden Corp now owns 1,118,331 shares of the medical instruments supplier's stock valued at $71,070,000 after purchasing an additional 202,609 shares in the last quarter. Royal Bank of Canada lifted its stake in Haemonetics by 2.3% in the first quarter. Royal Bank of Canada now owns 1,075,604 shares of the medical instruments supplier's stock valued at $68,355,000 after acquiring an additional 24,650 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Haemonetics by 1.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 992,229 shares of the medical instruments supplier's stock valued at $77,470,000 after acquiring an additional 10,990 shares during the last quarter. Institutional investors own 99.67% of the company's stock.

Haemonetics Company Profile

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.