In a recent transaction, Stewart W. Strong, President of Global Hospital at Haemonetics Corp (NYSE:HAE), sold 8,857 shares of the company's stock. The shares were sold at an average price of $87.53, amounting to a total value of approximately $775,253. The sale was executed under a pre-existing 10b5-1 trading plan, set up on June 12, 2023.
This transaction followed an award of 13,256 shares to Mr. Strong, which were earned from a performance share unit (PSU) based on the company's total shareholder return relative to the S&P MidCap 400 Index for the performance period from May 18, 2021, to May 17, 2024. The PSUs were certified by the Compensation Committee of the Board of Directors on May 26, 2024.
Additionally, Mr. Strong disposed of 4,399 shares at a price of $95.73 each, totaling $421,116, to cover tax obligations associated with the vesting of certain PSUs.
Following these transactions, Mr. Strong's direct ownership in Haemonetics Corp includes both vested and unvested shares, with the total number of shares owned post-transaction standing at 18,196, which includes unvested restricted stock units (RSUs) previously reported.
The transactions were reported in a Form 4 document filed with the Securities and Exchange Commission, detailing the changes in ownership of securities by directors, officers, and principal shareholders of Haemonetics Corp.
InvestingPro Insights
As Haemonetics Corp (NYSE:HAE) continues to make headlines with the recent insider transactions, investors are closely monitoring the company's financial health and market position. According to InvestingPro data, Haemonetics Corp boasts a market capitalization of approximately $4.45 billion, reflecting its significant presence in the medical devices sector. The company's Price/Earnings (P/E) ratio stands at a notable 37.97, which suggests that the stock is trading at a high earnings multiple. This figure aligns with one of the InvestingPro Tips, indicating that Haemonetics is currently trading at a high P/E ratio relative to its near-term earnings growth.
Despite recent insider sales, Haemonetics has demonstrated a strong return over the last three months, with a price total return of 19.87%. This performance is a testament to the company's resilience and potential for growth, which is further supported by a gross profit margin of 54.13% over the last twelve months as of Q4 2024. Additionally, the company's ability to efficiently manage its finances is evident, as its cash flows can sufficiently cover interest payments, and its liquid assets exceed short-term obligations—both key insights from InvestingPro Tips.
For investors looking to delve deeper into Haemonetics' financials and market prospects, InvestingPro offers a comprehensive suite of tools and analytics. There are 10 additional InvestingPro Tips available for Haemonetics, which can provide further guidance on investment decisions. To access these insights and make the most of the advanced features, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
With the next earnings date projected for August 6, 2024, market participants will be keen to see how the company's strategic decisions and market dynamics will influence its financial trajectory and stock performance in the coming quarters.
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