Westpac Banking Corp lowered its stake in Thermo Fisher Scientific Inc. (NYSE:TMO) by 5.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 272,225 shares of the medical research company’s stock after selling 15,541 shares during the quarter. Thermo Fisher Scientific comprises approximately 1.1% of Westpac Banking Corp’s holdings, making the stock its 9th largest holding. Westpac Banking Corp’s holdings in Thermo Fisher Scientific were worth $66,445,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Horrell Capital Management Inc. acquired a new position in shares of Thermo Fisher Scientific in the 2nd quarter valued at $104,000. Atlantic Trust LLC acquired a new stake in Thermo Fisher Scientific during the 2nd quarter worth $154,000. Atlas Capital Advisors LLC raised its stake in Thermo Fisher Scientific by 59.1% during the 2nd quarter. Atlas Capital Advisors LLC now owns 875 shares of the medical research company’s stock worth $185,000 after buying an additional 325 shares during the period. Signet Financial Management LLC raised its stake in Thermo Fisher Scientific by 90,000.0% during the 2nd quarter. Signet Financial Management LLC now owns 901 shares of the medical research company’s stock worth $187,000 after buying an additional 900 shares during the period. Finally, Summit Financial Group Inc. acquired a new stake in Thermo Fisher Scientific during the 3rd quarter worth $201,000. 85.47% of the stock is currently owned by institutional investors.
Several brokerages recently commented on TMO. Zacks Investment Research raised Thermo Fisher Scientific from a “hold” rating to a “buy” rating and set a $274.00 price objective on the stock in a research note on Monday, October 1st. Barclays raised their price objective on Thermo Fisher Scientific from $250.00 to $275.00 and gave the stock an “overweight” rating in a research note on Monday, September 24th. Goldman Sachs Group downgraded Thermo Fisher Scientific from a “buy” rating to a “neutral” rating in a research note on Monday, September 17th. Morgan Stanley raised their price objective on Thermo Fisher Scientific from $242.00 to $254.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 10th. Finally, Citigroup raised their price objective on Thermo Fisher Scientific from $260.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, October 10th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $263.55.
Thermo Fisher Scientific (NYSE:TMO) last released its quarterly earnings results on Wednesday, October 24th. The medical research company reported $2.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.55 by $0.07. Thermo Fisher Scientific had a return on equity of 16.49% and a net margin of 10.75%. The firm had revenue of $5.92 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter last year, the business posted $2.31 EPS. The company’s revenue for the quarter was up 15.7% on a year-over-year basis. On average, analysts expect that Thermo Fisher Scientific Inc. will post 11.04 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 17th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 0.29%. The ex-dividend date is Friday, December 14th. Thermo Fisher Scientific’s dividend payout ratio is 7.17%.
Thermo Fisher Scientific declared that its Board of Directors has authorized a stock buyback plan on Friday, September 7th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the medical research company to buy up to 2.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other Thermo Fisher Scientific news, Director Tyler Jacks sold 4,772 shares of Thermo Fisher Scientific stock in a transaction dated Monday, November 19th. The stock was sold at an average price of $239.75, for a total value of $1,144,087.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Marc N. Casper sold 125,520 shares of Thermo Fisher Scientific stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $247.50, for a total value of $31,066,200.00. The disclosure for this sale can be found here. Company insiders own 0.49% of the company’s stock.
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About Thermo Fisher Scientific
Thermo Fisher Scientific Inc provides analytical instruments, equipment, reagents and consumables, software, and services for research, manufacturing, analysis, discovery, and diagnostics under the Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, and Unity Lab Services brands worldwide.
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