August 30, 2023 – Russell Investments Group Ltd. has significantly increased its stake in Avanos Medical, Inc. (NYSE:AVNS), according to a recent disclosure with the Securities and Exchange Commission. The company purchased an additional 45,048 shares during the first quarter, marking a remarkable increase of 665.5%. As of its most recent SEC filing, Russell Investments Group Ltd. owned approximately 0.11% of Avanos Medical worth $1,541,000.
Avanos Medical is a prominent medical technology company that specializes in delivering medical device solutions across various regions around the world including North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company offers a diverse portfolio of chronic care products that cater to digestive health and respiratory health needs.
In terms of financial performance, Avanos Medical recently released its earnings results on August 9th. The company reported earnings per share of $0.24 for the quarter, which fell short of analysts’ consensus estimates by ($0.10). Additionally, Avanos Medical generated revenue of $169.40 million during the quarter compared to analyst expectations of $186.30 million.
It is notable that Avanos Medical experienced a decrease in quarterly revenue by 16.6% compared to the same period last year when it reported $0.41 EPS. Despite these challenges, equities analysts anticipate that Avanos Medical will post earnings per share of 1.07 for the current fiscal year.
With Russell Investments Group Ltd.’s significant increase in stake and continued interest in Avanos Medical as evidenced by their additional share purchases, it indicates confidence in the future prospects of the medical technology company.
Avanos Medical’s product offerings primarily focus on chronic care solutions such as digestive health products including Mic-Key enteral feeding tubes and Corpak patient feeding solutions among others. They also provide respiratory health products under brands like Ballard, Microcuff, and Endoclear.
As the company continues to innovate and expand its product portfolio, it aims to address the evolving needs of healthcare professionals and patients alike. Avanos Medical’s commitment to delivering reliable medical device solutions positions them as a noteworthy player in the industry.
Investors and industry observers will be closely monitoring Avanos Medical’s performance in the coming quarters to assess if their strategies are successful in overcoming current challenges within the market. The increased stake from Russell Investments Group Ltd. further adds interest to Avanos Medical’s journey moving forward.
Avanos Medical, Inc.
AVNS
Buy
Updated on: 03/12/2023
Financial Health
Healthy
Debt to equity ratio: Neutral
Price to earnings ratio: Strong Buy
Price to book ratio: Buy
DCF: Strong Buy
ROE: Neutral
Hedge Funds and Institutional Investors Show Confidence in Avanos Medical as Stock Performance and Ratings Fluctuate
As of August 30, 2023, multiple hedge funds and institutional investors have been actively buying and selling shares of Avanos Medical (NYSE:AVNS). One notable investor, JPMorgan Chase & Co., significantly increased its stake in the company by 58.3% during the first quarter. After purchasing an additional 29,216 shares, JPMorgan Chase & Co. now owns a total of 79,343 shares valued at $2,658,000.
Similarly, US Bancorp DE also raised its stake in Avanos Medical by 12.3% during the same period. The institution now holds 11,468 shares worth $383,000 after acquiring an extra 1,259 shares. Citigroup Inc., another institutional investor, increased its stake by 12.3% as well and currently owns 41,767 shares valued at $1,399,000 after purchasing an additional 4,573 shares.
In further support of Avanos Medical’s growth potential, Natixis Advisors L.P. entered the scene with a new stake in the first quarter totaling $378,000. MetLife Investment Management LLC also expressed confidence in the company by raising its stake by an impressive 50.8%. They now own approximately 27,642 shares worth $926,000 after acquiring an additional 9,311 shares.
These investments show a noteworthy degree of trust from hedge funds and other institutional investors who collectively hold a significant portion—93.84%—of Avanos Medical’s stock.
On August 29th this year (2023), NYSE:AVNS opened at a price of $21.70 per share—an important update for shareholders and potential investors to consider when evaluating their portfolios. Over the past year (from September [previous year] to September [current year]), Avanos Medical has seen fluctuations in its share price ranging from a low of $19.32 to a high of $31.99.
When evaluating the company’s financial health, it is crucial to examine key ratios and values. Avanos Medical has a debt-to-equity ratio of 0.16, indicating a relatively low level of debt compared to equity. A current ratio of 3.16 showcases the company’s ability to meet its short-term obligations with its current assets, while a quick ratio of 2.23 provides further insight into Avanos Medical’s liquidity position.
The stock also carries a fifty-day moving average price of $24.28 and a 200-day moving average price of $26.28, which may be important for technical analysis enthusiasts looking at historical price trends.
With a market capitalization of $1.02 billion, Avanos Medical operates in the medical devices industry and offers innovative solutions for healthcare providers and patients alike. The company has experienced significant growth potential, evident through its low PE ratio of -27.82 and PEG ratio of 1.62.
Financial analysts have been monitoring Avanos Medical closely as well—CL King initiated coverage on the stock with a “buy” rating and set a price target of $31 per share on May 22nd this year (2023). However, StockNews.com downgraded Avanos Medical from “buy” to “hold” in an August 16th report.
Furthermore, TheStreet lowered their rating for Avanos Medical from “b-” to “c” on May 3rd while KeyCorp downgraded it from “overweight” to “sector weight” on July 25th.
Considering all available data and opinions from industry experts, Bloomberg.com reports that Avanos Medical currently holds an average rating of “Hold,” with an average price target estimated at $31 per share.
These insights provide investors with valuable information regarding the state and prospects of Avanos Medical as they make decisions about their investment portfolios.
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