Cryolife (CRY) Lifted to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Cryolife (NYSE:CRY) from a hold rating to a strong-buy rating in a research note released on Monday. Zacks Investment Research currently has $36.00 price target on the medical equipment provider’s stock.

According to Zacks, “CryoLife, Inc. is a leader in medical device manufacturing and distribution and in the processing and distribution of implantable living human tissues for use in cardiac and vascular surgeries. It operates throughout the U.S. and internationally. CryoLife manufactures and distributes BioGlue Surgical Adhesive, an FDA-approved adjunct to sutures and staples for use in adult patients in open surgical repair of large vessels. BioGlue is also CE marked in Europe for use in soft tissue repair and has received additional marketing approvals in several other countries throughout the world. CryoLife’s BioFoam Surgical Matrix is CE marked in Europe for use as an adjunct to hemostasis in cardiovascular surgery and on abdominal parenchymal tissues (liver and spleen) when control of bleeding by ligature or conventional methods is ineffective or impractical. CryoLife distributes PerClot, a powdered hemostat, in Europe and other select international countries. “

CRY has been the subject of a number of other reports. Canaccord Genuity lifted their price target on shares of Cryolife from $28.00 to $36.00 and gave the company a buy rating in a research report on Wednesday, August 8th. Northland Securities reissued a buy rating and set a $32.00 price target on shares of Cryolife in a research report on Tuesday, August 7th.

Shares of NYSE CRY opened at $31.67 on Monday. Cryolife has a 1 year low of $16.80 and a 1 year high of $36.05. The stock has a market cap of $1.16 billion, a P/E ratio of 79.18 and a beta of 0.60. The company has a debt-to-equity ratio of 0.78, a current ratio of 5.66 and a quick ratio of 4.16.

Cryolife (NYSE:CRY) last issued its quarterly earnings results on Wednesday, October 31st. The medical equipment provider reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. Cryolife had a negative net margin of 2.05% and a positive return on equity of 4.25%. The company had revenue of $64.60 million during the quarter, compared to analysts’ expectations of $64.57 million. During the same period last year, the company posted $0.08 EPS. Cryolife’s revenue was up 46.8% on a year-over-year basis. As a group, research analysts forecast that Cryolife will post 0.33 earnings per share for the current fiscal year.

In other Cryolife news, VP John E. Davis sold 3,333 shares of the firm’s stock in a transaction dated Tuesday, September 18th. The shares were sold at an average price of $33.86, for a total transaction of $112,855.38. Following the completion of the sale, the vice president now directly owns 52,564 shares in the company, valued at approximately $1,779,817.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Jean F. Holloway sold 1,500 shares of the firm’s stock in a transaction dated Friday, August 10th. The shares were sold at an average price of $33.50, for a total transaction of $50,250.00. Following the sale, the vice president now owns 60,235 shares of the company’s stock, valued at $2,017,872.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 352,979 shares of company stock valued at $11,445,702. 3.97% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in CRY. BlackRock Inc. increased its stake in Cryolife by 14.5% during the 2nd quarter. BlackRock Inc. now owns 5,103,601 shares of the medical equipment provider’s stock valued at $142,135,000 after purchasing an additional 645,825 shares in the last quarter. Pier Capital LLC bought a new stake in Cryolife during the 2nd quarter valued at about $5,839,000. Monarch Partners Asset Management LLC increased its stake in Cryolife by 190.4% during the 2nd quarter. Monarch Partners Asset Management LLC now owns 102,854 shares of the medical equipment provider’s stock valued at $2,864,000 after purchasing an additional 67,434 shares in the last quarter. EAM Global Investors LLC bought a new stake in Cryolife during the 2nd quarter valued at about $1,472,000. Finally, EAM Investors LLC bought a new stake in Cryolife during the 2nd quarter valued at about $1,167,000. Institutional investors and hedge funds own 69.03% of the company’s stock.

Cryolife Company Profile

CryoLife, Inc, together with its subsidiaries, manufactures, processes, and distributes medical devices and implantable human tissues for use in cardiac and vascular surgeries worldwide. The company operates in two segments, Medical Devices and Preservation Services. It offers BioGlue, an agent for cross-linking proteins for cardiac, vascular, pulmonary, and general surgical applications; On-X mechanical heart valves for aortic and mitral indications; cardiac preservation services; PhotoFix, a bovine pericardial patch for use in cardiac and vascular repairing activities; and PerClot, an absorbable powdered hemostat for use in surgical procedures, including cardiac, vascular, orthopedic, neurological, gynecological, ENT, and trauma surgeries.

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