Zacks Investment Research upgraded shares of Koninklijke Philips (NYSE:PHG) from a sell rating to a buy rating in a research note issued to investors on Tuesday morning. Zacks Investment Research currently has $46.00 target price on the technology company’s stock.
According to Zacks, “Philips’ expanding portfolio is driving share price momentum, which has outperformed the industry on a year-to-date basis. The company continues to benefit from growing Diagnosis & Treatment business on the back of partnerships, expanding geographical coverage and innovative solutions. Philips is gradually evolving as a healthcare company, having augmented its presence in the domain, primarily driven by an expanding portfolio. The company is expected to benefit from its focus on providing value-based care in the North American healthcare market. Moreover, increasing installed base of Access CT, and continued growth in IQon spectral CT and Vereos digital PET/CT systems are key catalysts. However, the company is under scrutiny from the FDA concerning a defibrillators dispute, which is expected to hurt EBITDA.”
A number of other equities analysts also recently issued reports on the company. Credit Suisse Group downgraded Koninklijke Philips from an outperform rating to a neutral rating in a research report on Tuesday, October 2nd. Exane BNP Paribas upgraded Koninklijke Philips from a neutral rating to an outperform rating in a research report on Tuesday, September 18th. BNP Paribas upgraded Koninklijke Philips from a hold rating to a buy rating in a research report on Monday, September 17th. Sanford C. Bernstein assumed coverage on Koninklijke Philips in a research report on Thursday, September 13th. They set an outperform rating for the company. Finally, ValuEngine upgraded Koninklijke Philips from a hold rating to a buy rating in a research report on Monday, July 2nd. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Koninklijke Philips has an average rating of Buy and a consensus price target of $46.00.
Koninklijke Philips (NYSE:PHG) last posted its earnings results on Monday, July 23rd. The technology company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.15). The firm had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.35 billion. Koninklijke Philips had a net margin of 7.30% and a return on equity of 7.81%. Koninklijke Philips’s revenue for the quarter was down .1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.27 earnings per share. As a group, analysts predict that Koninklijke Philips will post 1.85 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Koninklijke Philips by 16.7% during the second quarter. BlackRock Inc. now owns 5,826,531 shares of the technology company’s stock worth $246,287,000 after acquiring an additional 832,894 shares during the last quarter. Bank of America Corp DE increased its holdings in Koninklijke Philips by 8.8% in the second quarter. Bank of America Corp DE now owns 4,666,616 shares of the technology company’s stock worth $197,258,000 after purchasing an additional 376,330 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Koninklijke Philips by 1.9% in the second quarter. Wells Fargo & Company MN now owns 1,303,593 shares of the technology company’s stock worth $55,104,000 after purchasing an additional 24,048 shares in the last quarter. Northern Trust Corp increased its holdings in Koninklijke Philips by 4.8% in the second quarter. Northern Trust Corp now owns 891,199 shares of the technology company’s stock worth $37,671,000 after purchasing an additional 40,536 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in Koninklijke Philips by 4,006.4% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 465,050 shares of the technology company’s stock worth $19,658,000 after purchasing an additional 453,725 shares in the last quarter. Institutional investors own 4.86% of the company’s stock.
About Koninklijke Philips
Koninklijke Philips N.V. operates as a health technology company worldwide. The company offers mother and child care, and oral healthcare products; male grooming and beauty products; kitchen appliance, coffee, air, garment care, and floor care products; and sleep, respiratory care, and respiratory drug delivery products.
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