Economy

Hurricanes blow hole in Smith & Nephew's books

Hurricanes blow hole in Smith & Nephew's books”

SN has been the topic of a number of other reports.

The medical equipment maker reported a 3% increase in revenue to US$1.15bn in the three months to September 30, missing analysts' expectations of between US$ $1.139 and US$1.184bn. Northcoast Research also issued estimates for Smith & Nephew PLC's Q4 2016 earnings at $0.91 EPS and FY2017 earnings at $1.85 EPS.

Shares were around 0.5% lower in early morning London trade. Todd Asset Management LLC now owns 537,087 shares of the company's stock valued at $18,433,000 after buying an additional 73,744 shares in the last quarter. Zacks Investment Research lowered shares of Smith & Nephew PLC from a "hold" rating to a "sell" rating in a research report on Wednesday, July 6th. Paloma Partners Management Co bought a new position in Smith & Nephew SNATS in the 1st quarter worth about $200,000.

"For the last decade the company has more or less been permanently engaged in such a programme and while we do believe that on each occasion the company achieved its cost-saving goals, margins and profit growth have not lived up to investor expectations", the broker said. The stock now has a consensus rating of "Hold" and a consensus target price of GBX 1,303.92 ($17.21). Renaissance Technologies LLC boosted its stake in Smith & Nephew PLC by 267.7% in the first quarter.

The firm also recently announced a semiannual dividend, which was paid on Wednesday, November 1st. Stockholders of record on Friday, October 7th will be given a $0.236 dividend. The ex-dividend date was Thursday, October 5th.

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Looking at the quarter by each of the group "franchises", gainers included sports medicine up 8%, other surgical businesses were up 6%, reconstruction was up 4% and knees continued to jerk higher and hips returned to growth, wound bioactives were up 7% and wound devices up 8%.



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