Envista (NYSE:NVST) Downgraded by Morgan Stanley to “Equal Weight”

Morgan Stanley cut shares of Envista (NYSE:NVST) from an overweight rating to an equal weight rating in a report issued on Friday, MarketBeat.com reports. They currently have $21.00 target price on the stock, down from their previous target price of $33.00.

NVST has been the subject of a number of other reports. UBS Group assumed coverage on Envista in a research note on Friday, January 5th. They set a neutral rating and a $26.00 price objective for the company. TheStreet downgraded Envista from a c rating to a d+ rating in a research note on Wednesday, February 7th. Leerink Partnrs reiterated an underperform rating on shares of Envista in a research note on Monday, February 26th. William Blair downgraded Envista from an outperform rating to a market perform rating in a research note on Thursday, February 8th. Finally, Jefferies Financial Group downgraded Envista from a buy rating to a hold rating and cut their price objective for the company from $30.00 to $23.00 in a research note on Friday, February 9th. Three analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $27.90.

Envista Price Performance

NYSE NVST opened at $20.62 on Friday. Envista has a one year low of $18.95 and a one year high of $38.63. The stock has a 50-day moving average of $20.92 and a 200 day moving average of $22.65. The company has a market capitalization of $3.54 billion, a price-to-earnings ratio of -33.80, a PEG ratio of 3.81 and a beta of 1.35. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.90 and a current ratio of 2.23.

Envista (NYSE:NVST) last released its quarterly earnings results on Wednesday, February 7th. The company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.04). The firm had revenue of $645.60 million for the quarter, compared to the consensus estimate of $638.37 million. Envista had a negative net margin of 3.90% and a positive return on equity of 6.31%. The company’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.52 earnings per share. On average, sell-side analysts forecast that Envista will post 1.43 EPS for the current year.

Hedge Funds Weigh In On Envista

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Envista by 5.8% in the 4th quarter. Vanguard Group Inc. now owns 17,167,767 shares of the company’s stock valued at $413,056,000 after acquiring an additional 944,596 shares during the last quarter. Ariel Investments LLC grew its position in Envista by 4.3% in the 3rd quarter. Ariel Investments LLC now owns 5,335,578 shares of the company’s stock valued at $148,756,000 after acquiring an additional 218,461 shares during the last quarter. Franklin Resources Inc. grew its position in Envista by 65.3% in the 4th quarter. Franklin Resources Inc. now owns 5,262,092 shares of the company’s stock valued at $126,606,000 after acquiring an additional 2,077,786 shares during the last quarter. Nuance Investments LLC grew its position in Envista by 953.8% in the 4th quarter. Nuance Investments LLC now owns 3,931,054 shares of the company’s stock valued at $94,581,000 after acquiring an additional 3,558,031 shares during the last quarter. Finally, River Road Asset Management LLC bought a new position in Envista in the 4th quarter valued at $54,931,000.

About Envista

Envista Holdings Corporation, together with its subsidiaries, develops, manufactures, markets, and sells dental products in the United States, China, and internationally. The company operates in two segments, Specialty Products & Technologies, and Equipment & Consumables. The Specialty Products & Technologies segment offers dental implant systems, guided surgery systems, biomaterials, and prefabricated and custom-built prosthetics to oral surgeons, prosthodontists and periodontists, and general dentist; and brackets and wires, tubes and bands, archwires, clear aligners, digital orthodontic treatments, retainers, and other orthodontic laboratory products.