ICU Medical, Inc. (ICUI) Hits New 52-Week High After Strong Earnings
ICU Medical, Inc. (NASDAQ:ICUI)’s share price reached a new 52-week high during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $202.85 and last traded at $203.00, with a volume of 188926 shares trading hands. The stock had previously closed at $186.10.
The medical instruments supplier reported $1.12 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.35. The business had revenue of $343.20 million for the quarter, compared to analysts’ expectations of $328.56 million. ICU Medical had a net margin of 2.79% and a return on equity of 5.01%. The business’s revenue for the quarter was up 253.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.35 EPS.
Several equities analysts have issued reports on ICUI shares. Gabelli restated a “buy” rating on shares of ICU Medical in a research note on Friday, August 11th. Zacks Investment Research raised shares of ICU Medical from a “hold” rating to a “buy” rating and set a $193.00 price target for the company in a research report on Thursday, July 20th. BidaskClub lowered shares of ICU Medical from a “hold” rating to a “sell” rating in a research report on Thursday, August 24th. Finally, KeyCorp began coverage on shares of ICU Medical in a research report on Tuesday, October 17th. They set a “sector weight” rating for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. ICU Medical presently has an average rating of “Hold” and an average price target of $193.00.
In other news, Director Robert S. Swinney sold 3,400 shares of the company’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $173.98, for a total transaction of $591,532.00. Following the completion of the sale, the director now owns 20,893 shares of the company’s stock, valued at approximately $3,634,964.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Vivek Jain sold 2,205 shares of the company’s stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $190.91, for a total transaction of $420,956.55. The disclosure for this sale can be found here. Insiders have sold a total of 120,247 shares of company stock valued at $22,708,888 in the last ninety days. Insiders own 13.60% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of ICU Medical by 10.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 707 shares of the medical instruments supplier’s stock valued at $122,000 after purchasing an additional 66 shares during the last quarter. Riverhead Capital Management LLC increased its holdings in ICU Medical by 99.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 999 shares of the medical instruments supplier’s stock worth $172,000 after acquiring an additional 499 shares in the last quarter. Victory Capital Management Inc. increased its holdings in ICU Medical by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 1,050 shares of the medical instruments supplier’s stock worth $181,000 after acquiring an additional 157 shares in the last quarter. Eagle Boston Investment Management Inc. purchased a new stake in ICU Medical in the 3rd quarter worth approximately $200,000. Finally, Parametrica Management Ltd purchased a new stake in ICU Medical in the 2nd quarter worth approximately $213,000. 78.16% of the stock is owned by hedge funds and other institutional investors.
The company has a market cap of $3,746.29, a price-to-earnings ratio of 72.98 and a beta of 0.33. The company has a debt-to-equity ratio of 0.07, a current ratio of 4.78 and a quick ratio of 2.66.
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About ICU Medical
ICU Medical, Inc is engaged in the development, manufacture and sales of medical devices used in infusion therapy, oncology and critical care applications. The Company’s product line includes needlefree connection devices, custom infusion sets, closed system transfer devices (CSTD) for the handling of hazardous drugs, advanced sensor catheters, needlefree closed blood sampling systems, disposable pressure transducer systems and hemodynamic monitoring systems.
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