Comerica Bank reduced its stake in Thermo Fisher Scientific Inc. (NYSE:TMO) by 14.9% during the third quarter, HoldingsChannel.com reports. The fund owned 126,233 shares of the medical research company’s stock after selling 22,088 shares during the period. Comerica Bank’s holdings in Thermo Fisher Scientific were worth $28,192,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of TMO. TD Asset Management Inc. lifted its stake in Thermo Fisher Scientific by 7.6% in the third quarter. TD Asset Management Inc. now owns 328,560 shares of the medical research company’s stock valued at $80,195,000 after buying an additional 23,193 shares during the period. Strategy Asset Managers LLC acquired a new position in Thermo Fisher Scientific in the third quarter valued at approximately $3,421,000. Mission Wealth Management LP acquired a new position in Thermo Fisher Scientific in the third quarter valued at approximately $423,000. Private Advisor Group LLC lifted its stake in Thermo Fisher Scientific by 61.5% in the third quarter. Private Advisor Group LLC now owns 17,110 shares of the medical research company’s stock valued at $4,176,000 after buying an additional 6,514 shares during the period. Finally, Boston Common Asset Management LLC lifted its stake in Thermo Fisher Scientific by 9.1% in the third quarter. Boston Common Asset Management LLC now owns 7,623 shares of the medical research company’s stock valued at $1,861,000 after buying an additional 635 shares during the period. 85.22% of the stock is currently owned by institutional investors.
Shares of NYSE:TMO opened at $236.52 on Tuesday. The company has a current ratio of 1.84, a quick ratio of 1.27 and a debt-to-equity ratio of 0.66. Thermo Fisher Scientific Inc. has a twelve month low of $181.51 and a twelve month high of $249.95. The company has a market cap of $94.34 billion, a PE ratio of 24.92, a PEG ratio of 1.70 and a beta of 1.08.
Thermo Fisher Scientific (NYSE:TMO) last issued its earnings results on Wednesday, October 24th. The medical research company reported $2.62 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period in the prior year, the firm earned $2.31 earnings per share. Thermo Fisher Scientific’s revenue for the quarter was up 15.7% on a year-over-year basis. Equities analysts predict that Thermo Fisher Scientific Inc. will post 11.04 EPS for the current fiscal year.
Thermo Fisher Scientific declared that its Board of Directors has authorized a share repurchase program on Friday, September 7th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the medical research company to purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
In other news, CEO Marc N. Casper sold 125,520 shares of the company’s stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $247.50, for a total transaction of $31,066,200.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.49% of the stock is owned by corporate insiders.
TMO has been the topic of several recent analyst reports. Barclays boosted their price target 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. Goldman Sachs Group lowered Thermo Fisher Scientific from a “buy” rating to a “neutral” rating in a research note on Monday, September 17th. Zacks Investment Research raised Thermo Fisher Scientific from a “hold” rating to a “buy” rating and set a $274.00 price target on the stock in a research note on Monday, October 1st. UBS Group initiated coverage on Thermo Fisher Scientific in a research note on Tuesday, October 9th. They issued a “buy” rating and a $295.00 price target on the stock. Finally, Morgan Stanley boosted their price target on Thermo Fisher Scientific from $230.00 to $233.00 and gave the company an “overweight” rating in a research note on Friday, July 13th. Two equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $261.45.
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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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