On August 31, 2023, it was reported that Bank of New York Mellon Corp has reduced its stake in Avanos Medical, Inc. by 4.1% during the first quarter of the year. This information was disclosed in the company’s Form 13F filing with the Securities & Exchange Commission. As a result of this decrease, the institutional investor now owns 461,590 shares of Avanos Medical’s stock after selling 19,690 shares over the quarter. The stake owned by Bank of New York Mellon Corp is estimated to be worth approximately $13,728,000 based on its most recent SEC filing.
Avanos Medical (NYSE:AVNS) recently released its quarterly earnings results on August 9th. The company reported earnings per share of $0.24 for the quarter, falling short of the consensus estimate of $0.34 by ($0.10). Additionally, Avanos Medical generated revenue of $169.40 million for the quarter, which was lower than analyst estimates of $186.30 million. It is important to note that the company experienced a decline in revenue by 16.6% compared to the same period last year.
Analysts observe that Avanos Medical had a positive return on equity at a rate of 5.49% and a negative net margin of 4.61%. These figures indicate some challenges faced by the company in maintaining profitability during this period.
Avanos Medical operates as a medical technology company with a focus on providing medical device solutions worldwide across various regions including North America, Europe, Asia Pacific, Latin America, Africa, and the Middle East.The company offers a portfolio of chronic care products that are designed to address various healthcare needs such as digestive health and respiratory health.
The chronic care product line includes items such as enteral feeding tubes like Mic-Key, patient feeding solutions like Corpak solutions,and neonatal and pediatric feeding solutions under NeoMed brand. Additionally,Avanos Medical provides respiratory health products which include closed airway suction systems and other airway management devices that fall under the Ballard, Microcuff, and Endoclear brands.
Despite the recent decrease in stake by Bank of New York Mellon Corp and the below-expectation performance in the second quarter, equities research analysts predict that Avanos Medical, Inc. will post 1.07 earnings per share for the current fiscal year.As market conditions continue to evolve, it will be interesting to see how Avanos Medical adapts and navigates within the medical device industry.
Avanos Medical, Inc.
Updated on: 05/12/2023
Debt to equity ratio: Neutral
Price to earnings ratio: Strong Buy
Price to book ratio: Buy
DCF: Strong Buy
8:00 AM (UTC)
Date:05 December, 2023
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Avanos Medical: Interest in Holdings Sparks Questions on Future Performance
Avanos Medical, a leading medical technology company, has recently seen changes in its holdings by various hedge funds and institutional investors. These modifications have sparked interest and raised questions regarding the company’s performance and future prospects.
In the first quarter of this year, Arizona State Retirement System increased its holdings in Avanos Medical by 2.7%, acquiring an additional 355 shares. This move demonstrates the confidence that the retirement system has in the company’s potential for growth. Similarly, Credit Suisse AG boosted its holdings by 1%, indicating their positive outlook on Avanos Medical’s market position.
Captrust Financial Advisors followed suit and increased its stake in Avanos Medical by 23.9% during the first quarter. This suggests that Captrust sees promising opportunities ahead for the company. Additionally, Fulton Bank N.A. raised its holdings by 6.7% during the same period, further contributing to an overall positive sentiment surrounding Avanos Medical.
Pitcairn Co., another institutional investor, also displayed confidence in Avanos Medical by increasing its holdings by 5.1% at the beginning of this year. With these cumulative investments from various key players in the financial industry, it is evident that many share a bullish outlook on Avanos Medical’s future growth potential.
Hedge funds and institutional investors currently own a staggering 93.84% of Avanos Medical stock. Their significant holdings suggest that they perceive great value in investing in this healthcare entity.
On August 31, 2023, Avanos Medical opened with a stock price of $21.19. The company boasts a market capitalization of $993.18 million with a price-to-earnings ratio (P/E) of -27.17 and a P/E/G ratio of 1.64—a sign that investors are willing to pay more for anticipated future earnings growth.
Analysts have recently released reports on Avanos Medical’s performance as well. StockNews.com downgraded the company from a “buy” rating to a “hold” rating, likely due to certain market factors affecting its growth potential. However, CL King initiated coverage on Avanos Medical with a positive outlook, assigning it a “buy” rating and setting a price objective of $31.00.
KeyCorp took a more neutral stance by lowering Avanos Medical’s rating from “overweight” to “sector weight.” TheStreet rated the stock as a “c,” indicating that caution is warranted when considering an investment in the company.
It is essential to note that these ratings and reviews are subjective and should not be considered as financial advice. Investors must conduct thorough research and analysis before making any investment decisions.
In conclusion, Avanos Medical has recently made headlines with modifications in its holdings by various hedge funds and institutional investors. These changes indicate positive sentiment toward the company’s growth potential. With ongoing developments in the medical technology industry, Avanos Medical remains an entity worth monitoring for potential investors seeking opportunities in this sector.