Meridian Bioscience, Inc. (NASDAQ:VIVO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, May 10th. The brokerage presently has a $16.00 price target on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 17.65% from the stock’s current price.
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. “
Several other brokerages have also commented on VIVO. CL King initiated coverage on Meridian Bioscience in a report on Tuesday, March 28th. They issued a “neutral” rating on the stock. Craig Hallum lowered Meridian Bioscience from a “buy” rating to a “hold” rating in a report on Tuesday, January 31st. Canaccord Genuity raised their price objective on Meridian Bioscience from $13.00 to $15.00 and gave the company a “hold” rating in a report on Wednesday, May 3rd. Finally, Piper Jaffray Companies set a $9.00 price objective on Meridian Bioscience and gave the company a “sell” rating in a report on Wednesday, January 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $14.75.
Meridian Bioscience (NASDAQ:VIVO) last announced its quarterly earnings results on Friday, April 28th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.03. The company had revenue of $54.13 million during the quarter, compared to analysts’ expectations of $51.16 million. Meridian Bioscience had a return on equity of 18.51% and a net margin of 15.13%. Meridian Bioscience’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period last year, the business earned $0.24 earnings per share.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 18th. Shareholders of record on Monday, May 8th were issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 3.68%. The ex-dividend date was Thursday, May 4th. Meridian Bioscience’s payout ratio is currently 71.43%.
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Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Meridian Bioscience by 1.9% in the first quarter. Vanguard Group Inc. now owns 3,684,505 shares of the company’s stock valued at $50,846,000 after buying an additional 70,081 shares during the last quarter. BlackRock Fund Advisors raised its stake in shares of Meridian Bioscience by 7.6% in the third quarter. BlackRock Fund Advisors now owns 2,875,278 shares of the company’s stock worth $55,464,000 after buying an additional 202,185 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Meridian Bioscience by 6.1% in the first quarter. Renaissance Technologies LLC now owns 1,988,276 shares of the company’s stock worth $27,438,000 after buying an additional 115,076 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Meridian Bioscience by 2.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,427,828 shares of the company’s stock worth $19,704,000 after buying an additional 29,755 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Meridian Bioscience by 15.2% in the first quarter. State Street Corp now owns 1,243,847 shares of the company’s stock worth $17,164,000 after buying an additional 163,770 shares in the last quarter. 87.90% of the stock is currently owned by institutional investors.
Meridian Bioscience Company Profile
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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