Haemonetics (NYSE:HAE) Reaches New 52-Week High - Still a Buy?

Key Points

• Haemonetics shares reached a new 52-week high of $109.72, with the stock last trading at $108.72. Its analyst consensus rating is “Moderate Buy,” though the average price target of $99.78 is below the current price.
• The company exceeded quarterly expectations, reporting EPS of $1.14 versus a $1.08 consensus estimate and revenue of $339.38 million, up 5.5% year over year and above forecasts.
• Institutional investors own 99.67% of Haemonetics’ stock, with several funds increasing their positions during the second quarter, including Squarepoint Ops, which nearly tripled its stake.

Shares of Haemonetics Corporation (NYSE:HAE - Get Free Report) reached a new 52-week high during trading on Thursday . The company traded as high as $109.72 and last traded at $108.72, with a volume of 75319 shares traded. The stock had previously closed at $106.24.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on HAE shares. JPMorgan Chase & Co. increased their price objective on shares of Haemonetics from $62.00 to $86.00 and gave the company a "neutral" rating in a research report on Friday, August 7th. Robert W. Baird increased their price target on shares of Haemonetics from $96.00 to $119.00 and gave the company an "outperform" rating in a report on Friday, August 21st. BTIG Research raised their price objective on shares of Haemonetics from $96.00 to $110.00 and gave the stock a "buy" rating in a research report on Tuesday, August 18th. Bank of America upgraded Haemonetics from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $72.00 to $80.00 in a report on Friday, May 22nd. Finally, Mizuho increased their target price on Haemonetics from $85.00 to $90.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $99.78.

Haemonetics Stock Performance

The stock has a market cap of $4.97 billion, a P/E ratio of 53.78, a price-to-earnings-growth ratio of 2.13 and a beta of 0.54. The company has a current ratio of 3.08, a quick ratio of 1.91 and a debt-to-equity ratio of 1.40. The stock has a 50 day simple moving average of $92.35 and a 200 day simple moving average of $74.03.

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 (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.06. Haemonetics had a return on equity of 27.55% and a net margin of 7.12%.The company had revenue of $339.38 million for the quarter, compared to analyst estimates of $327.86 million. During the same period in the prior year, the firm posted $1.10 EPS. Haemonetics's quarterly revenue was up 5.5% on a year-over-year basis. On average, equities analysts expect that Haemonetics Corporation will post 5.29 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 HAE. Sequoia Financial Advisors LLC acquired a new position in shares of Haemonetics during the 2nd quarter worth $304,000. Tidal Investments LLC grew its position in Haemonetics by 2.9% in the second quarter. Tidal Investments LLC now owns 18,357 shares of the medical instruments supplier's stock valued at $1,377,000 after acquiring an additional 517 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC bought a new position in Haemonetics in the second quarter valued at about $316,000. Integrated Wealth Concepts LLC acquired a new position in Haemonetics during the second quarter worth about $122,000. Finally, Squarepoint Ops LLC raised its stake in Haemonetics by 194.1% during the second quarter. Squarepoint Ops LLC now owns 86,124 shares of the medical instruments supplier's stock worth $6,459,000 after acquiring an additional 56,843 shares in the last quarter. 99.67% of the stock is owned by institutional investors.

About Haemonetics

Haemonetics Corporation is a medical technology company that develops and markets products and services for blood management. Its offerings support blood and plasma collection, blood component processing, surgical blood salvage, hemostasis testing and hospital transfusion management.

The company's product portfolio includes automated plasma and blood component collection systems, equipment and disposables used in surgical cell salvage, and diagnostic technologies that help healthcare professionals assess coagulation and bleeding risk.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.