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Hologic (HOLX) Stock Drops Despite Market Gains: Important Facts to Note
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Hologic (HOLX - Free Report) ended the recent trading session at $75.36, demonstrating a -0.03% swing from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.87%. Elsewhere, the Dow saw an upswing of 0.67%, while the tech-heavy Nasdaq appreciated by 1.11%.
The the stock of medical device maker has risen by 0.16% in the past month, leading the Medical sector's loss of 6.67% and the S&P 500's loss of 3.97%.
The investment community will be paying close attention to the earnings performance of Hologic in its upcoming release. The company is slated to reveal its earnings on May 2, 2024. The company's upcoming EPS is projected at $0.97, signifying an 8.49% drop compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $1 billion, indicating a 2.49% decline compared to the corresponding quarter of the prior year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $4.01 per share and revenue of $4.02 billion. These totals would mark changes of +1.26% and -0.19%, respectively, from last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Hologic. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.07% lower. Currently, Hologic is carrying a Zacks Rank of #3 (Hold).
Looking at valuation, Hologic is presently trading at a Forward P/E ratio of 18.78. This valuation marks a discount compared to its industry's average Forward P/E of 24.9.
We can also see that HOLX currently has a PEG ratio of 2.55. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The average PEG ratio for the Medical - Instruments industry stood at 2.25 at the close of the market yesterday.
The Medical - Instruments industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 98, which puts it in the top 39% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow HOLX in the coming trading sessions, be sure to utilize Zacks.com.
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Hologic (HOLX) Stock Drops Despite Market Gains: Important Facts to Note
Hologic (HOLX - Free Report) ended the recent trading session at $75.36, demonstrating a -0.03% swing from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.87%. Elsewhere, the Dow saw an upswing of 0.67%, while the tech-heavy Nasdaq appreciated by 1.11%.
The the stock of medical device maker has risen by 0.16% in the past month, leading the Medical sector's loss of 6.67% and the S&P 500's loss of 3.97%.
The investment community will be paying close attention to the earnings performance of Hologic in its upcoming release. The company is slated to reveal its earnings on May 2, 2024. The company's upcoming EPS is projected at $0.97, signifying an 8.49% drop compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $1 billion, indicating a 2.49% decline compared to the corresponding quarter of the prior year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $4.01 per share and revenue of $4.02 billion. These totals would mark changes of +1.26% and -0.19%, respectively, from last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Hologic. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.07% lower. Currently, Hologic is carrying a Zacks Rank of #3 (Hold).
Looking at valuation, Hologic is presently trading at a Forward P/E ratio of 18.78. This valuation marks a discount compared to its industry's average Forward P/E of 24.9.
We can also see that HOLX currently has a PEG ratio of 2.55. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The average PEG ratio for the Medical - Instruments industry stood at 2.25 at the close of the market yesterday.
The Medical - Instruments industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 98, which puts it in the top 39% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow HOLX in the coming trading sessions, be sure to utilize Zacks.com.