NewEdge Wealth LLC trimmed its holdings in Thermo Fisher Scientific Inc. (NYSE:TMO – Free Report) by 15.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,931 shares of the medical research company’s stock after selling 1,121 shares during the period. NewEdge Wealth LLC’s holdings in Thermo Fisher Scientific were worth $3,002,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of TMO. Bornite Capital Management LP lifted its stake in shares of Thermo Fisher Scientific by 50.0% in the 1st quarter. Bornite Capital Management LP now owns 30,000 shares of the medical research company’s stock valued at $17,719,000 after purchasing an additional 10,000 shares in the last quarter. Fairfield Bush & CO. raised its holdings in shares of Thermo Fisher Scientific by 1.2% during the 1st quarter. Fairfield Bush & CO. now owns 2,928 shares of the medical research company’s stock valued at $1,729,000 after buying an additional 36 shares during the period. Loomis Sayles & Co. L P raised its holdings in shares of Thermo Fisher Scientific by 563.5% during the 1st quarter. Loomis Sayles & Co. L P now owns 19,844 shares of the medical research company’s stock valued at $11,721,000 after buying an additional 16,853 shares during the period. Covestor Ltd raised its holdings in shares of Thermo Fisher Scientific by 60.5% during the 1st quarter. Covestor Ltd now owns 321 shares of the medical research company’s stock valued at $190,000 after buying an additional 121 shares during the period. Finally, Merit Financial Group LLC raised its holdings in shares of Thermo Fisher Scientific by 3.6% during the 1st quarter. Merit Financial Group LLC now owns 669 shares of the medical research company’s stock valued at $395,000 after buying an additional 23 shares during the period. 87.06% of the stock is owned by institutional investors and hedge funds.
Thermo Fisher Scientific Trading Down 0.0 %
NYSE:TMO opened at $551.62 on Tuesday. Thermo Fisher Scientific Inc. has a 12-month low of $415.60 and a 12-month high of $593.17. The firm has a market capitalization of $213.13 billion, a P/E ratio of 35.70, a P/E/G ratio of 3.34 and a beta of 0.80. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.75 and a quick ratio of 1.39. The business has a 50 day simple moving average of $528.45 and a 200 day simple moving average of $514.01.
Thermo Fisher Scientific declared that its Board of Directors has initiated a share buyback program on Tuesday, November 14th that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the medical research company to buy up to 2.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.
Thermo Fisher Scientific Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Friday, December 15th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $1.40 dividend on an annualized basis and a yield of 0.25%. Thermo Fisher Scientific’s dividend payout ratio (DPR) is presently 9.06%.
Wall Street Analyst Weigh In
Several brokerages recently commented on TMO. KeyCorp downgraded Thermo Fisher Scientific from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 26th. JPMorgan Chase & Co. dropped their target price on Thermo Fisher Scientific from $670.00 to $630.00 and set an “overweight” rating on the stock in a report on Tuesday, October 17th. Wolfe Research began coverage on Thermo Fisher Scientific in a report on Wednesday, December 13th. They set an “outperform” rating and a $575.00 price objective on the stock. Robert W. Baird restated an “outperform” rating and set a $670.00 price objective on shares of Thermo Fisher Scientific in a report on Thursday, December 14th. Finally, Wells Fargo & Company upgraded Thermo Fisher Scientific from an “underweight” rating to an “equal weight” rating and set a $475.00 price objective on the stock in a report on Wednesday, October 25th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $596.00.
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc provides life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services in the United States and internationally. The company's Life Sciences Solutions segment offers reagents, instruments, and consumables for biological and medical research, discovery, and production of drugs and vaccines, as well as diagnosis of infections and diseases; and solutions include biosciences, genetic sciences, clinical next-generation sequencing, bio production to pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets.
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