TD Asset Management Inc has decreased its stake in Hologic, Inc. (NASDAQ: HOLX) by 3.0% during the third quarter of 2023, as revealed in its recent filing with the Securities and Exchange Commission. Following the sale of 45,676 shares, the firm now holds 1,484,641 shares of the medical equipment company, representing approximately 0.67% of Hologic’s total shares, valued at $100,198,000.
Several other institutional investors have also made adjustments to their positions in Hologic. For instance, Winnow Wealth LLC acquired a new stake valued at about $26,000, while Root Financial Partners LLC purchased a position worth approximately $27,000 during the same quarter. Notably, SJS Investment Consulting Inc. increased its holdings in Hologic by an impressive 341.5%, now owning 468 shares valued at $32,000 after acquiring an additional 362 shares.
Investment firm Loomis Sayles & Co. L.P. also purchased a new position in Hologic in the second quarter, worth around $33,000. Similarly, Smartleaf Asset Management LLC boosted its stake by 168.5%, now holding 494 shares valued at $33,000 after buying an additional 310 shares. Overall, institutional investors own 94.73% of the company’s stock.
Market Performance and Analyst Ratings
Recent analyses from various research firms indicate a mixed outlook for Hologic. Evercore downgraded the stock from an “outperform” to an “in-line” rating, adjusting its price target from $79.00 to $78.00. In contrast, Morgan Stanley raised its price target from $69.00 to $76.00 with an “equal weight” rating.
Other notable ratings include a “hold (c)” designation from Weiss Ratings and a restatement of the “hold” rating by Needham & Company LLC. Additionally, BNP Paribas Exane downgraded Hologic from a “strong-buy” to a “hold” rating, setting a target price of $79.00. Analysts currently rate the stock with an average of two buy ratings and thirteen hold ratings, resulting in an overall average rating of “hold” and a target price of $78.42.
As of Thursday, Hologic’s shares opened at $75.34. The company has a market capitalization of $16.82 billion, a price-to-earnings ratio of 31.39, and a price-to-earnings-growth ratio of 2.25. The stock has fluctuated between a one-year low of $51.90 and a high of $75.49. Hologic maintains a debt-to-equity ratio of 0.48, alongside a quick ratio of 3.32 and a current ratio of 4.04.
Recent Earnings Report and Outlook
Hologic last reported its quarterly earnings data on January 29, 2023. The company posted $1.04 earnings per share (EPS), falling short of the consensus estimate of $1.09 by $0.05. The firm recorded revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.07 billion. Despite the miss, revenue increased by 2.5% compared to the same period last year, when the firm earned $0.87 per share.
Looking ahead, sell-side analysts predict that Hologic, Inc. will post an EPS of $4.28 for the current fiscal year. Founded in 1985, Hologic is a global medical technology firm headquartered in Marlborough, Massachusetts. The company specializes in women’s health, developing diagnostic products, imaging systems, and surgical solutions, particularly focused on breast and skeletal health, gynecological conditions, and molecular diagnostics. Its extensive product portfolio includes digital mammography systems, 3D mammography solutions, and molecular assays for various applications.
As Hologic navigates the evolving landscape of medical technology, the adjustments made by institutional investors and the insights from analysts suggest a continued focus on strategic growth and innovation in the coming quarters.
