Citigroup (NYSE:C) has maintained its neutral stance on Haemonetics Corporation (NYSE:NYSE:HAE), a global healthcare solutions provider, forecasting a one-year target price of $108.85, marking a 23.47% increase, according to a report published by investment research platform Fintel on Tuesday. This comes in the wake of InvestingPro's real-time metrics showcasing a market cap of 4400M USD, along with a P/E ratio of 32.22, as the company navigates through the fiscal year.
The forecast comes in light of Haemonetics' projected annual revenue displaying a decrease of 5.13% to $1.156 billion. Despite this, InvestingPro data reveals that the company has managed to maintain revenue growth of 18.75% LTM2024.Q1, with a gross profit margin of 53.2%. The company's non-GAAP EPS stands at 3.16, slightly above the Basic EPS (Cont. Ops) LTM2024.Q1 of 2.7 USD reported by InvestingPro.
Institutional ownership in Haemonetics has seen an uptick recently, with a 1.72% increase bringing the total to 67,262K shares. Institutions such as Capital Research Global Investors, Neuberger Berman Group, Wellington Management Group Llp, SMALLCAP WORLD FUND INC (SMCWX), and AMCAP FUND (AMCPX) hold significant stakes in the company. This aligns with InvestingPro Tips, which highlights that the management has been aggressively buying back shares, indicating a positive outlook towards the company's stock.
Additionally, the number of fund owners has risen by five. This is in line with the bullish sentiment reflected by the put/call ratio for Haemonetics standing at 0.21. InvestingPro Tips also shows that the company operates with a moderate level of debt and has high earnings quality, with free cash flow exceeding net income, further bolstering investor confidence.
InvestingPro, which offers additional insightful tips on its platform, also notes that the company's stock generally trades with low price volatility, with liquid assets exceeding short-term obligations. These factors, along with the fact that the company has been profitable over the last twelve months, suggest a stable financial outlook for Haemonetics Corporation.
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