Zacks Investment Research Upgrades Meridian Bioscience Inc. (NASDAQ:VIVO) to Hold
Meridian Bioscience Inc. (NASDAQ:VIVO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Thursday, October 5th.
According to Zacks, “Meridian is a fully integrated life sciences company that manufactures, markets and distributes a broad range of innovative diagnostic test kits, purified reagents and related products and offers biopharmaceutical enabling technologies. Utilizing a variety of methods, these products provide accuracy, simplicity and speed in the early diagnosis and treatment of common medical conditions, such as gastrointestinal, viral, urinary and respiratory infections. “
Separately, BidaskClub cut shares of Meridian Bioscience from a “buy” rating to a “hold” rating in a research note on Thursday, July 6th. Two research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $14.00.
Shares of Meridian Bioscience (VIVO) traded down 1.67% during mid-day trading on Thursday, reaching $14.70. 161,599 shares of the company traded hands. The firm has a 50-day moving average price of $14.21 and a 200 day moving average price of $14.34. Meridian Bioscience has a 52 week low of $10.75 and a 52 week high of $18.90. The firm has a market capitalization of $620.38 million, a price-to-earnings ratio of 29.40 and a beta of 0.84.
Meridian Bioscience (NASDAQ:VIVO) last issued its quarterly earnings data on Thursday, July 27th. The company reported $0.16 EPS for the quarter, hitting analysts’ consensus estimates of $0.16. The business had revenue of $50.14 million for the quarter, compared to analysts’ expectations of $49.13 million. Meridian Bioscience had a net margin of 10.77% and a return on equity of 16.93%. The business’s revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the company earned $0.21 EPS. On average, analysts anticipate that Meridian Bioscience will post $0.67 earnings per share for the current year.
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In other news, Chairman John A. Kraeutler acquired 7,000 shares of the firm’s stock in a transaction on Thursday, August 24th. The shares were bought at an average price of $13.67 per share, for a total transaction of $95,690.00. Following the acquisition, the chairman now owns 345,230 shares of the company’s stock, valued at approximately $4,719,294.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.30% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Meridian Bioscience during the 1st quarter worth $105,000. Advisor Group Inc. raised its holdings in shares of Meridian Bioscience by 24.9% during the 2nd quarter. Advisor Group Inc. now owns 7,720 shares of the company’s stock worth $122,000 after acquiring an additional 1,537 shares during the period. State of Alaska Department of Revenue raised its holdings in shares of Meridian Bioscience by 77.5% during the 2nd quarter. State of Alaska Department of Revenue now owns 8,273 shares of the company’s stock worth $130,000 after acquiring an additional 3,613 shares during the period. BNP Paribas Arbitrage SA raised its holdings in shares of Meridian Bioscience by 12.5% during the 1st quarter. BNP Paribas Arbitrage SA now owns 8,633 shares of the company’s stock worth $119,000 after acquiring an additional 960 shares during the period. Finally, Mason Street Advisors LLC raised its holdings in shares of Meridian Bioscience by 7.2% during the 1st quarter. Mason Street Advisors LLC now owns 9,868 shares of the company’s stock worth $136,000 after acquiring an additional 667 shares during the period. Institutional investors and hedge funds own 87.30% of the company’s stock.
About Meridian Bioscience
Meridian Bioscience, Inc is a life science company engaged in the development, manufacture, sale and distribution of diagnostic test kits for gastrointestinal, viral, respiratory and parasitic infectious diseases, and elevated blood lead levels, and the manufacture and distribution of bulk antigens, antibodies, polymerase chain reaction (PCR)/quantitative PCR (qPCR) reagents, nucleotides, competent cells and bioresearch reagents used by researchers and other diagnostic manufacturers.
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