Zacks Investment Research upgraded shares of Koninklijke Philips (NYSE:PHG) from a sell rating to a hold rating in a report released on Tuesday.
According to Zacks, “Philips’ shares have outperformed the industry’s average return over the past one year. Philips’ Healthcare segment is showing impressive momentum and the company believes increased spending on healthcare and fitness will act as a long-term growth driver. Philips’ continuous investments in this segment and innovative product launches are adding to its strength and its recent string of acquisitions should help strengthen its foothold in the end markets. However, the company sees an increasingly uncertain business environment in the near future, particularly in the United States, which could dampen its growth. Also, Philips’ profitability is likely to be hurt by the sluggish growth prospects of the healthcare market on a global scale. Moreover, currency headwinds have hurt the company’s financials over the past few quarters, and might continue to do so.”
PHG has been the topic of a number of other reports. JPMorgan Chase & Co. lowered shares of Koninklijke Philips from an overweight rating to a neutral rating in a report on Thursday, November 9th. Citigroup restated a buy rating on shares of Koninklijke Philips in a report on Tuesday, October 24th. Finally, BNP Paribas lowered shares of Koninklijke Philips from an outperform rating to a neutral rating in a report on Monday, October 16th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Koninklijke Philips has an average rating of Hold and a consensus target price of $41.50.
Koninklijke Philips (NYSE:PHG) last issued its quarterly earnings data on Monday, October 23rd. The technology company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.04). Koninklijke Philips had a return on equity of 7.19% and a net margin of 6.67%. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $4.27 billion. During the same quarter in the previous year, the business earned $0.40 earnings per share. The company’s revenue was down 29.7% on a year-over-year basis. equities analysts predict that Koninklijke Philips will post 1.37 earnings per share for the current year.
In other Koninklijke Philips news, major shareholder Philips Nv Koninklijke sold 3,334,586 shares of Koninklijke Philips stock in a transaction on Wednesday, October 11th. The shares were sold at an average price of $1.50, for a total value of $5,001,879.00. Following the sale, the insider now directly owns 29,693,444 shares in the company, valued at approximately $44,540,166. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
A number of hedge funds have recently modified their holdings of PHG. Bank of New York Mellon Corp increased its stake in Koninklijke Philips by 11.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 31,860 shares of the technology company’s stock valued at $1,141,000 after buying an additional 3,207 shares during the last quarter. Neuberger Berman Group LLC increased its stake in Koninklijke Philips by 2.6% in the 2nd quarter. Neuberger Berman Group LLC now owns 21,376 shares of the technology company’s stock valued at $766,000 after buying an additional 541 shares during the last quarter. Pacad Investment Ltd. acquired a new stake in Koninklijke Philips in the 2nd quarter valued at $484,000. Eagle Asset Management Inc. increased its stake in Koninklijke Philips by 11.2% in the 2nd quarter. Eagle Asset Management Inc. now owns 10,233 shares of the technology company’s stock valued at $366,000 after buying an additional 1,031 shares during the last quarter. Finally, Oppenheimer & Co. Inc. increased its stake in Koninklijke Philips by 0.8% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 31,863 shares of the technology company’s stock valued at $1,141,000 after buying an additional 246 shares during the last quarter. Hedge funds and other institutional investors own 7.27% of the company’s stock.
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Koninklijke Philips Company Profile
Koninklijke Philips N.V. is the Netherlands-based health technology company. The Company’s segments include Personal Health businesses, Diagnosis & Treatment businesses, Connected Care & Health Informatics businesses, HealthTech Other and Legacy Items. The Personal Health businesses segment is engaged in the health continuum, delivering integrated, connected solutions that support healthier lifestyles and those living with chronic disease.
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