Pinnacle Associates Ltd. cut its position in Thermo Fisher Scientific Inc. (NYSE:TMO) by 10.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 25,943 shares of the medical research company’s stock after selling 3,050 shares during the period. Pinnacle Associates Ltd.’s holdings in Thermo Fisher Scientific were worth $6,332,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. First Trust Advisors LP grew its position in Thermo Fisher Scientific by 92.5% in the third quarter. First Trust Advisors LP now owns 303,090 shares of the medical research company’s stock valued at $73,978,000 after purchasing an additional 145,619 shares in the last quarter. K.J. Harrison & Partners Inc bought a new position in Thermo Fisher Scientific in the third quarter valued at $3,661,000. Swiss National Bank grew its position in Thermo Fisher Scientific by 3.2% in the second quarter. Swiss National Bank now owns 1,328,332 shares of the medical research company’s stock valued at $275,151,000 after purchasing an additional 41,800 shares in the last quarter. Oakworth Capital Inc. grew its position in Thermo Fisher Scientific by 30.0% in the third quarter. Oakworth Capital Inc. now owns 1,476 shares of the medical research company’s stock valued at $360,000 after purchasing an additional 341 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its position in Thermo Fisher Scientific by 6,260.5% in the second quarter. Massmutual Trust Co. FSB ADV now owns 13,039 shares of the medical research company’s stock valued at $2,701,000 after purchasing an additional 12,834 shares in the last quarter. Institutional investors own 85.47% of the company’s stock.
In other news, CEO Marc N. Casper sold 125,520 shares of the firm’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $247.50, for a total transaction of $31,066,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $1,144,087.00. The disclosure for this sale can be found here. Company insiders own 0.49% of the company’s stock.
Thermo Fisher Scientific (NYSE:TMO) last posted its earnings results on Wednesday, October 24th. The medical research company reported $2.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.55 by $0.07. The company had revenue of $5.92 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Thermo Fisher Scientific had a net margin of 10.75% and a return on equity of 16.49%. Thermo Fisher Scientific’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same quarter last year, the company posted $2.31 EPS. As a group, equities research analysts expect that Thermo Fisher Scientific Inc. will post 11.04 earnings per share for the current year.
Thermo Fisher Scientific announced that its Board of Directors has authorized a stock repurchase program on Friday, September 7th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the medical research company to buy up to 2.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Monday, December 17th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date is Friday, December 14th. Thermo Fisher Scientific’s dividend payout ratio is presently 7.17%.
A number of research firms recently weighed in on TMO. Zacks Investment Research raised shares of Thermo Fisher Scientific from a “hold” rating to a “buy” rating and set a $261.00 target price for the company in a research report on Monday, August 6th. UBS Group began coverage on shares of Thermo Fisher Scientific in a research report on Tuesday, October 9th. They issued a “buy” rating and a $295.00 target price for the company. Goldman Sachs Group downgraded shares of Thermo Fisher Scientific from a “buy” rating to a “neutral” rating in a research report on Monday, September 17th. Morgan Stanley raised their target price on shares of Thermo Fisher Scientific from $254.00 to $260.00 and gave the company an “overweight” rating in a research report on Thursday, October 25th. Finally, Robert W. Baird raised their target price on shares of Thermo Fisher Scientific from $256.00 to $264.00 and gave the company an “outperform” rating in a research report on Thursday, October 25th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $263.55.
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Thermo Fisher Scientific Profile
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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