Haemonetics (NYSE:HAE) Hits New 1-Year High - What's Next?

Key Points

• Haemonetics shares reached a new 52-week high, trading as high as $123.77, while the stock’s market capitalization stood at approximately $5.55 billion.
• Analysts remain broadly optimistic, with an average rating of “Moderate Buy” and an average price target of $110; Mizuho recently raised its target to $140.
• The company exceeded quarterly expectations, reporting $1.14 in earnings per share and $339.38 million in revenue, with revenue increasing 5.5% year over year. Institutional investors own nearly 100% of the stock.

Shares of Haemonetics Corporation (NYSE:HAE - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday. The stock traded as high as $123.77 and last traded at $121.8850, with a volume of 829,190 shares trading hands. The stock had previously closed at $122.06.

Analyst Ratings Changes

HAE has been the subject of several analyst reports. Robert W. Baird raised their price target on shares of Haemonetics from $96.00 to $119.00 and gave the stock an "outperform" rating in a report on Friday, August 21st. Wall Street Zen upgraded shares of Haemonetics from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Mizuho increased their price objective on Haemonetics from $95.00 to $140.00 and gave the stock an "outperform" rating in a research note on Friday. Citigroup raised their price target on shares of Haemonetics from $79.00 to $92.00 and gave the company a "neutral" rating in a research report on Friday, August 7th. Finally, JPMorgan Chase & Co. lifted their price target on Haemonetics from $62.00 to $86.00 and gave the stock a "neutral" rating in a 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 company's stock. Based on data from MarketBeat, Haemonetics presently has an average rating of "Moderate Buy" and an average price target of $110.00.

Haemonetics Price Performance

The firm has a market cap of $5.55 billion, a PE ratio of 24.36, a P/E/G ratio of 2.44 and a beta of 0.61. The company has a debt-to-equity ratio of 1.40, a current ratio of 3.08 and a quick ratio of 1.91. The business's fifty day moving average is $103.43 and its 200-day moving average is $80.44.

Haemonetics (NYSE:HAE - Get Free Report) last released its earnings results on Thursday, August 6th. The medical instruments supplier reported $1.14 earnings per share for the quarter, beating analysts' consensus estimates of $1.08 by $0.06. Haemonetics had a net margin of 7.12% and a return on equity of 27.55%. The firm had revenue of $339.38 million for the quarter, compared to analysts' expectations of $327.86 million. During the same period in the previous year, the company earned $1.10 earnings per share. The company's quarterly revenue was up 5.5% on a year-over-year basis. On average, research analysts predict that Haemonetics Corporation will post 5.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Haemonetics

Hedge funds have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership raised its holdings in Haemonetics by 994.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,380,102 shares of the medical instruments supplier's stock valued at $110,615,000 after acquiring an additional 1,254,035 shares during the period. Bank of America Corp DE purchased a new stake in shares of Haemonetics during the second quarter worth $33,326,000. William Blair Investment Management LLC purchased a new stake in shares of Haemonetics during the second quarter worth $24,906,000. Bank of New York Mellon Corp bought a new position in shares of Haemonetics in the second quarter worth $21,566,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Haemonetics by 21.3% in the first quarter. Dimensional Fund Advisors LP now owns 1,326,057 shares of the medical instruments supplier's stock worth $74,731,000 after acquiring an additional 233,119 shares during the period. Institutional investors own 99.67% of the company's stock.

Haemonetics Company Profile

Haemonetics Corporation NYSE: HAE is a medical technology company that develops and supplies products and software for blood management. Its solutions are used to collect, process, manage and analyze blood and blood components, helping healthcare providers and blood and plasma collection organizations improve the availability, safety and efficiency of transfusion-related care.

The company's portfolio includes plasma and blood component collection systems, disposable collection and processing kits, surgical blood recovery and autotransfusion systems, and technologies used to assess coagulation and hemostasis.

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