Avanos Medical (NYSE:AVNS) Downgraded by Zacks Investment Research to “Hold”

Avanos Medical (NYSE:AVNS – Get Rating) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports. They currently have a $33.00 price target on the stock. Zacks Investment Research‘s target price indicates a potential upside of 5.77% from the stock’s previous close.

According to Zacks, “Avanos’ strength in core Chronic Care arm in fourth-quarter 2021 is encouraging. Continued strong demand for Digestive Health products and improvements in Interventional Pain solutions bode well. Robust sales of NeoMed are impressive. Continued focus on Research and Development (R&D) and a robust product suite augur well. Introduction of PainBlock Pro and Avanos’ expansion into the ASC are other highlights. A solid solvency position is an added plus. Avanos’ fourth-quarter results were better than expected. Yet, the year-over-year fall in the Pain Management arm and lower volume in Respiratory Health products are worrying. Lower elective procedures, which led to an expected lower volume in Acute Pain products, are disappointing. Gross margin contraction remains a woe. Over the past year, Avanos has underperformed its industry.”

AVNS has been the subject of several other reports. Morgan Stanley decreased their target price on Avanos Medical from $37.00 to $36.00 and set an “underweight” rating for the company in a research report on Friday, January 7th. TheStreet upgraded Avanos Medical from a “d+” rating to a “c” rating in a research report on Monday, January 3rd. StockNews.com lowered Avanos Medical from a “buy” rating to a “hold” rating in a research report on Saturday, April 16th. Finally, KeyCorp decreased their target price on Avanos Medical from $47.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, February 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $38.75.

Shares of AVNS traded down $0.15 on Tuesday, hitting $31.20. The company’s stock had a trading volume of 12,064 shares, compared to its average volume of 347,501. The firm has a market capitalization of $1.48 billion, a P/E ratio of 312.03 and a beta of 0.84. The company has a quick ratio of 1.93, a current ratio of 3.01 and a debt-to-equity ratio of 0.10. Avanos Medical has a fifty-two week low of $27.96 and a fifty-two week high of $45.82. The business has a 50 day moving average price of $32.58.

Avanos Medical (NYSE:AVNS – Get Rating) last announced its earnings results on Wednesday, February 23rd. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.40 by $0.06. The business had revenue of $193.40 million for the quarter, compared to the consensus estimate of $191.33 million. Avanos Medical had a return on equity of 4.40% and a net margin of 0.70%. Avanos Medical’s revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.28 EPS. On average, research analysts predict that Avanos Medical will post 1.64 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the stock. Eaton Vance Management boosted its position in Avanos Medical by 66.9% during the 4th quarter. Eaton Vance Management now owns 3,517 shares of the company’s stock worth $29,000 after acquiring an additional 1,410 shares during the last quarter. Farmers & Merchants Investments Inc. bought a new stake in shares of Avanos Medical during the 1st quarter worth approximately $30,000. First Quadrant L P CA bought a new stake in shares of Avanos Medical during the 4th quarter worth approximately $41,000. First Horizon Advisors Inc. raised its stake in shares of Avanos Medical by 5,095.7% during the 4th quarter. First Horizon Advisors Inc. now owns 1,195 shares of the company’s stock worth $41,000 after purchasing an additional 1,172 shares in the last quarter. Finally, KBC Group NV bought a new stake in shares of Avanos Medical during the 3rd quarter worth approximately $48,000. Institutional investors and hedge funds own 92.93% of the company’s stock.

Avanos Medical Company Profile (Get Rating)

Avanos Medical, Inc, a medical technology company, focuses on delivering medical device solutions in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. It offers a portfolio of chronic care products that include digestive health products, such as Mic-Key enteral feeding tubes, Corpak patient feeding solutions, and NeoMed neonatal and pediatric feeding solutions; and respiratory health products, such as closed airway suction systems and other airway management devices under the Ballard, Microcuff, and Endoclear brands.

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