Hologic (HOLX) Gains As Market Dips: What You Should Know
In the latest market close, Hologic (HOLX) reached $72.89, with a +0.19% movement compared to the previous day. The stock outpaced the S&P 500's daily loss of 0.37%. Elsewhere, the Dow lost 0.62%, while the tech-heavy Nasdaq lost 0.19%.
Prior to today's trading, shares of the medical device maker had gained 2.45% over the past month. This has lagged the Medical sector's gain of 4.61% and outpaced the S&P 500's gain of 1.56% in that time.
Investors will be eagerly watching for the performance of Hologic in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on February 1, 2024. The company's earnings per share (EPS) are projected to be $0.94, reflecting a 12.15% decrease from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $978.33 million, showing an 8.92% drop compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates project earnings of $3.99 per share and a revenue of $3.98 billion, demonstrating changes of +0.76% and -1.24%, respectively, from the preceding year.
Investors might also notice recent changes to analyst estimates for Hologic. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.11% lower within the past month. Currently, Hologic is carrying a Zacks Rank of #3 (Hold).
From a valuation perspective, Hologic is currently exchanging hands at a Forward P/E ratio of 18.25. Its industry sports an average Forward P/E of 26.49, so one might conclude that Hologic is trading at a discount comparatively.
We can also see that HOLX currently has a PEG ratio of 2.36. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. As of the close of trade yesterday, the Medical - Instruments industry held an average PEG ratio of 2.26.
The Medical - Instruments industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 150, which puts it in the bottom 41% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Hologic, Inc. (HOLX) : Free Stock Analysis Report
