Raymond James & Associates Cuts Stake in Qiagen

Raymond James & Associates has significantly reduced its investment in Qiagen (NYSE:QGEN - Free Report) by 63.4% during the third quarter of the year, as per their latest disclosure to the Securities and Exchange Commission (SEC). After selling 343,714 shares, the firm now holds a total of 198,739 shares of Qiagen. This remaining stake represents approximately 0.09% of the company, valued at around $9,057,000 according to the latest SEC filing.

In addition to Raymond James & Associates, other hedge funds have altered their investments in Qiagen as well. Blue Trust Inc. increased its holdings by 6.5%, now owning 8,405 shares worth $383,000 after adding 514 shares in the last quarter. Creative Planning also raised its position by 12.7%, owning 40,571 shares now valued at $1,849,000, following an acquisition of 4,561 additional shares. Similarly, CWM LLC boosted its stake by 11.5%, holding 2,792 shares worth $127,000 after purchasing 287 more. Notably, GAMMA Investing LLC made a substantial jump, increasing its position by an impressive 806.5%, bringing its total to 562 shares valued at $26,000 after acquiring 500 extra shares. Lastly, Handelsbanken Fonder AB raised its stake by 37.3%, now possessing 73,304 shares valued at $3,340,000 after adding 19,900 to its holdings. Overall, 70.00% of Qiagen's stock is now held by institutional investors.

Performance of Qiagen Stock

As of Wednesday, Qiagen's stock opened at $41.83. The company's 50-day moving average stands at $44.58, while the 200-day moving average is at $43.56. Qiagen boasts a market capitalization of $9.55 billion, with a price-to-earnings (P/E) ratio of 28.07 and a price-to-earnings growth (PEG) ratio of 3.17, alongside a beta of 0.39. The firm has a quick ratio of 1.46, a current ratio of 1.77, and a low debt-to-equity ratio of 0.27. Important trading metrics include a 52-week low of $34.74 and a 52-week high of $47.44.

Qiagen’s most recent quarterly earnings results were released on July 31st. The company reported earnings of $0.55 per share, outperforming analysts' expectations which were set at $0.52, thus exceeding estimates by $0.03. Total revenue for the quarter reached $496.00 million, slightly surpassing the anticipated $495.45 million. However, the company's revenue declined by 0.2% compared to the previous year. This same quarter in the last year saw earnings of $0.53 per share. Analysts project that Qiagen will post earnings per share (EPS) of 2.15 for the current fiscal year.

Recent Analyst Evaluations

Several analysts have recently provided their assessments on QGEN shares. HSBC downgraded Qiagen from a "buy" rating to a "hold" rating, establishing a price target of $49.00 on October 17th. Conversely, HSBC Global Research upgraded Qiagen to a "hold" rating in the same report. Meanwhile, Robert W. Baird increased their price target for Qiagen from $49.00 to $52.00, maintaining an "outperform" rating announced on August 2nd. Currently, there are five analysts assigning a hold rating on the stock and six analysts giving it a buy rating. MarketBeat reports suggest that Qiagen maintains an average rating of "Moderate Buy" with a consensus price target of $50.12.

About Qiagen

QIAGEN N.V. specializes in providing sample-to-insight solutions that convert biological materials into molecular insights on a global scale. The company's offerings include primary sample technology consumables such as nucleic acid stabilization and purification kits, manual and automated processing tools for genotyping, gene expression analysis, and both viral and bacterial assessments, alongside magnetic bead and silica membrane technologies. Additionally, Qiagen provides secondary sample technology consumables for nucleic acid purification and related instruments and accessories.

Qiagen, Stocks, Investment