Analysts at a trio of investment advisory firms downgraded their estimates for C.R. Bard (NYSE:BCR) stock, which hasn’t fared well recently.
Financial researchers at Goldman Sachs (NYSE:GS), Piper Jaffray (NYSE:PJC) and Morgan Keegan all dimmed their views on the stock. Goldman led the way August 9, downgrading BCR shares from “neutral” to “sell.” A week later, Morgan Keenan cut its price target from $115 apiece to $1.07 for the shares but still slapping it with an “outperform” label.
The latest blow came last week, when Piper Jaffray lowered its target to $100 per share, according to Localized USA.
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BCR shares dipped 4.5 percent in August, opening at $99.80 and closing at $95.26. Shares closed at $91.76 yesterday, down another 3.7 percent, but were up 1.6 percent to $93.24 as of about 11:30 today.
Bard shares have suffered since the company reported paying nearly $185 million legal bill to settle most of the lawsuits against subsidiary Davol Inc.’s hernia repair products. The settlement pushed the company into the red during its fiscal second quarter and sent its share price tumbling on Wall Street.
The Murray Hill, N.J.-based company reported a $47.8 million loss on $725 million in sales during the three months ended June 30, reversing a $124.7 million profit on $673.9 million in sales during the same period last year.
Excluding the settlement, Bard would have posted $141.7 million in net income for the quarter, the company said at the time.
