Orthofix Medical (NASDAQ:OFIX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Saturday, Zacks.com reports. The brokerage currently has a $60.00 target price on the medical device company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 14.88% from the company’s previous close.
According to Zacks, “Orthofix Medical Inc. develops, produces and markets medical devices. The Company offers spine fixation, biological and other orthopedic and spine solutions. Orthofix Medical Inc., formerly known as Orthofix International N.V., is headquartered in Lewisville, Texas. “
Other analysts also recently issued reports about the stock. BidaskClub downgraded shares of Orthofix Medical from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, March 6th. ValuEngine downgraded shares of Orthofix Medical from a “buy” rating to a “hold” rating in a research report on Tuesday, March 5th. Cantor Fitzgerald set a $60.00 price target on shares of Orthofix Medical and gave the stock a “buy” rating in a research report on Friday, January 18th. BTIG Research restated a “neutral” rating on shares of Orthofix Medical in a research report on Tuesday, February 26th. Finally, TheStreet downgraded shares of Orthofix Medical from a “b+” rating to a “c+” rating in a research report on Thursday, May 9th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $60.00.
Orthofix Medical (NASDAQ:OFIX) last posted its earnings results on Monday, May 6th. The medical device company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.13). The firm had revenue of $109.10 million for the quarter, compared to analyst estimates of $110.59 million. Orthofix Medical had a net margin of 2.09% and a return on equity of 10.45%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.39 earnings per share. Equities analysts forecast that Orthofix Medical will post 1.77 EPS for the current fiscal year.
In related news, insider Davide Bianchi sold 24,400 shares of the business’s stock in a transaction that occurred on Tuesday, February 19th. The shares were sold at an average price of $65.00, for a total value of $1,586,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Brad Mason sold 10,668 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $53.71, for a total transaction of $572,978.28. Following the completion of the sale, the chief executive officer now owns 165,120 shares in the company, valued at $8,868,595.20. The disclosure for this sale can be found here. Insiders have sold a total of 41,017 shares of company stock worth $2,470,408 over the last 90 days. 5.60% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its holdings in shares of Orthofix Medical by 2.1% in the 4th quarter. BlackRock Inc. now owns 2,908,597 shares of the medical device company’s stock worth $152,673,000 after purchasing an additional 60,189 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Orthofix Medical by 3.5% in the 3rd quarter. Vanguard Group Inc. now owns 1,879,897 shares of the medical device company’s stock worth $108,677,000 after purchasing an additional 63,343 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Orthofix Medical by 5.3% in the 1st quarter. Renaissance Technologies LLC now owns 657,583 shares of the medical device company’s stock worth $37,094,000 after purchasing an additional 33,014 shares in the last quarter. Norges Bank bought a new stake in shares of Orthofix Medical in the 4th quarter worth approximately $23,555,000. Finally, Victory Capital Management Inc. raised its holdings in shares of Orthofix Medical by 26.3% in the 1st quarter. Victory Capital Management Inc. now owns 411,688 shares of the medical device company’s stock worth $23,223,000 after purchasing an additional 85,625 shares in the last quarter. Institutional investors and hedge funds own 97.17% of the company’s stock.
About Orthofix Medical
Orthofix Medical Inc, a medical device company, provides musculoskeletal healing products and therapies worldwide. It operates through four segments: Bone Growth Therapies, Spinal Implants, Biologics, and Orthofix Extremities. The Bone Growth Therapies segment manufactures, distributes, and provides support services for bone growth stimulator devices that enhance bone fusion and are indicated as treatment to enhance fusion success rates in cervical and lumbar spine, as well as a therapeutic treatment for non-spinal appendicular fractures.
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