The Manufacturers Life Insurance Company decreased its holdings in shares of ABAXIS, Inc. (NASDAQ:ABAX) by 1.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 17,150 shares of the medical research company’s stock after selling 268 shares during the quarter. The Manufacturers Life Insurance Company owned 0.08% of ABAXIS worth $910,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC grew its stake in shares of ABAXIS by 5.8% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,132,117 shares of the medical research company’s stock valued at $166,065,000 after buying an additional 171,541 shares during the last quarter. BlackRock Inc. grew its stake in shares of ABAXIS by 132,779.9% during the first quarter. BlackRock Inc. now owns 2,689,490 shares of the medical research company’s stock valued at $130,442,000 after buying an additional 2,687,466 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of ABAXIS by 0.9% during the second quarter. Vanguard Group Inc. now owns 1,963,755 shares of the medical research company’s stock valued at $104,119,000 after buying an additional 16,676 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of ABAXIS by 1.7% during the second quarter. Dimensional Fund Advisors LP now owns 672,229 shares of the medical research company’s stock valued at $35,642,000 after buying an additional 10,991 shares during the last quarter. Finally, State Street Corp grew its stake in shares of ABAXIS by 1.0% during the second quarter. State Street Corp now owns 569,671 shares of the medical research company’s stock valued at $30,203,000 after buying an additional 5,672 shares during the last quarter. 98.57% of the stock is currently owned by hedge funds and other institutional investors.
ABAX has been the topic of a number of analyst reports. Zacks Investment Research raised ABAXIS from a “sell” rating to a “hold” rating in a research note on Friday, November 10th. Canaccord Genuity reaffirmed a “hold” rating and set a $47.00 target price (up previously from $46.00) on shares of ABAXIS in a research note on Friday, October 27th. BidaskClub cut ABAXIS from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 3rd. Finally, Bank of America Corporation reaffirmed an “underperform” rating and set a $42.00 target price on shares of ABAXIS in a research note on Wednesday, August 23rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $47.63.
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ABAXIS (NASDAQ:ABAX) last announced its quarterly earnings data on Tuesday, October 24th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.02. ABAXIS had a return on equity of 10.18% and a net margin of 11.98%. The company had revenue of $58.90 million for the quarter, compared to analysts’ expectations of $60.85 million. During the same quarter in the prior year, the firm earned $0.34 earnings per share. ABAXIS’s revenue was up .5% compared to the same quarter last year. equities analysts anticipate that ABAXIS, Inc. will post 1.11 earnings per share for the current fiscal year.
ABAXIS declared that its Board of Directors has initiated a stock repurchase program on Tuesday, October 24th that permits the company to repurchase $21.00 million in outstanding shares. This repurchase authorization permits the medical research company to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a $0.16 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.64 annualized dividend and a yield of 1.39%. This is a boost from ABAXIS’s previous quarterly dividend of $0.14. ABAXIS’s dividend payout ratio is 46.67%.
Abaxis, Inc is a developer, manufacturer and marketer of portable blood analysis systems that are used in medical specialties in human or veterinary patient care to provide clinicians with blood constituent measurements. The Company markets and sells its products around the world through independent distributors and direct sales force.
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