Asset Advisors Investment Management LLC acquired a new stake in Thermo Fisher Scientific Inc. (NYSE:TMO) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,500 shares of the medical research company’s stock, valued at approximately $366,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of TMO. Summit Trail Advisors LLC grew its stake in shares of Thermo Fisher Scientific by 33.8% in the first quarter. Summit Trail Advisors LLC now owns 4,120 shares of the medical research company’s stock valued at $545,000 after buying an additional 1,041 shares in the last quarter. Neville Rodie & Shaw Inc. acquired a new stake in shares of Thermo Fisher Scientific in the second quarter valued at $23,318,000. Cibc Bank USA acquired a new stake in shares of Thermo Fisher Scientific in the second quarter valued at $884,000. Washington Trust Bank grew its stake in shares of Thermo Fisher Scientific by 2.1% in the second quarter. Washington Trust Bank now owns 35,057 shares of the medical research company’s stock valued at $7,262,000 after buying an additional 725 shares in the last quarter. Finally, CenturyLink Investment Management Co acquired a new stake in shares of Thermo Fisher Scientific in the second quarter valued at $838,000. 86.07% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently weighed in on TMO shares. Zacks Investment Research raised Thermo Fisher Scientific from a “hold” rating to a “buy” rating and set a $274.00 price objective for the company in a research note on Monday, October 1st. Barclays lifted their price objective on Thermo Fisher Scientific from $250.00 to $275.00 and gave the company an “overweight” rating in a research note on Monday, September 24th. Morgan Stanley lifted their price objective on Thermo Fisher Scientific from $233.00 to $242.00 and gave the company an “overweight” rating in a research note on Thursday, July 26th. Citigroup lifted their price objective on Thermo Fisher Scientific from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, October 10th. Finally, Cleveland Research lowered Thermo Fisher Scientific from a “buy” rating to a “neutral” rating in a report on Thursday, October 18th. Two analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $261.45.
Thermo Fisher Scientific (NYSE:TMO) last released its earnings results on Wednesday, October 24th. The medical research company reported $2.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.55 by $0.07. The firm had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.70 billion. Thermo Fisher Scientific had a return on equity of 16.28% and a net margin of 10.36%. Thermo Fisher Scientific’s revenue was up 15.7% compared to the same quarter last year. During the same period last year, the business posted $2.31 earnings per share. Equities research analysts predict that Thermo Fisher Scientific Inc. will post 10.99 earnings per share for the current year.
Thermo Fisher Scientific announced that its Board of Directors has initiated a share buyback program on Friday, September 7th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the medical research company to purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In related news, CEO Marc N. Casper sold 125,520 shares of Thermo Fisher Scientific stock in a transaction on Monday, October 1st. The stock was sold at an average price of $247.50, for a total value of $31,066,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Marc N. Casper sold 50,000 shares of Thermo Fisher Scientific stock in a transaction on Monday, August 6th. The shares were sold at an average price of $233.95, for a total value of $11,697,500.00. Following the completion of the transaction, the chief executive officer now owns 320,122 shares of the company’s stock, valued at $74,892,541.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 196,070 shares of company stock valued at $47,569,729. 0.49% of the stock is currently owned by company insiders.
Thermo Fisher Scientific Company 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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