Canaccord Genuity Reiterates Hold Rating for Meridian Bioscience Inc. (VIVO)
Meridian Bioscience Inc. (NASDAQ:VIVO)‘s stock had its “hold” rating reissued by investment analysts at Canaccord Genuity in a research note issued to investors on Friday. They presently have a $14.00 target price on the stock. Canaccord Genuity’s target price indicates a potential downside of 4.76% from the company’s current price.
Several other research analysts also recently weighed in on the stock. BidaskClub downgraded shares of Meridian Bioscience from a “buy” rating to a “hold” rating in a research note on Thursday, July 6th. Zacks Investment Research downgraded shares of Meridian Bioscience from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating and five have given a hold rating to the company. The company has a consensus rating of “Hold” and an average price target of $14.00.
Shares of Meridian Bioscience (NASDAQ:VIVO) opened at 14.70 on Friday. The company’s 50-day moving average is $14.22 and its 200 day moving average is $14.35. The firm has a market capitalization of $620.38 million, a PE ratio of 29.40 and a beta of 0.84. Meridian Bioscience has a 52-week low of $10.75 and a 52-week high of $18.90.
Meridian Bioscience (NASDAQ:VIVO) last released its quarterly earnings data on Thursday, July 27th. The company reported $0.16 EPS for the quarter, hitting the consensus estimate of $0.16. Meridian Bioscience had a net margin of 10.77% and a return on equity of 16.93%. The business had revenue of $50.14 million for the quarter, compared to analyst estimates of $49.13 million. During the same period in the previous year, the firm earned $0.21 EPS. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. Equities analysts expect that Meridian Bioscience will post $0.67 earnings per share for the current fiscal year.
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In other news, Chairman John A. Kraeutler bought 7,000 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The stock was purchased at an average price of $13.67 per share, with a total value of $95,690.00. Following the purchase, the chairman now owns 345,230 shares of the company’s stock, valued at approximately $4,719,294.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.30% of the company’s stock.
A number of hedge funds have recently made changes to their positions in VIVO. Vanguard Group Inc. raised its stake in Meridian Bioscience by 9.1% in the 2nd quarter. Vanguard Group Inc. now owns 4,018,985 shares of the company’s stock valued at $63,299,000 after purchasing an additional 334,480 shares during the last quarter. Intrinsic Edge Capital Management LLC acquired a new position in Meridian Bioscience in the 2nd quarter valued at about $4,618,000. Dimensional Fund Advisors LP raised its stake in Meridian Bioscience by 16.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,667,971 shares of the company’s stock valued at $26,271,000 after purchasing an additional 240,143 shares during the last quarter. FMR LLC raised its stake in Meridian Bioscience by 148.5% in the 1st quarter. FMR LLC now owns 353,141 shares of the company’s stock valued at $4,873,000 after purchasing an additional 211,023 shares during the last quarter. Finally, Prudential Financial Inc. raised its stake in Meridian Bioscience by 280.6% in the 2nd quarter. Prudential Financial Inc. now owns 273,330 shares of the company’s stock valued at $4,305,000 after purchasing an additional 201,519 shares during the last quarter. 87.30% of the stock is owned by hedge funds and other institutional investors.
About Meridian Bioscience
Meridian Bioscience, Inc is a life science company engaged in the development, manufacture, sale and distribution of diagnostic test kits for gastrointestinal, viral, respiratory and parasitic infectious diseases, and elevated blood lead levels, and the manufacture and distribution of bulk antigens, antibodies, polymerase chain reaction (PCR)/quantitative PCR (qPCR) reagents, nucleotides, competent cells and bioresearch reagents used by researchers and other diagnostic manufacturers.
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