Cresset Asset Management LLC Grows Position in Thermo Fisher Scientific Inc. $TMO

Cresset Asset Management LLC grew its holdings in shares of Thermo Fisher Scientific Inc. (NYSE:TMO) by 13.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 41,694 shares of the medical research company’s stock after buying an additional 5,103 shares during the period. Cresset Asset Management LLC’s holdings in Thermo Fisher Scientific were worth $20,240,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Thermo Fisher Scientific by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 33,789,164 shares of the medical research company’s stock worth $13,700,154,000 after purchasing an additional 309,207 shares during the period. Norges Bank acquired a new position in Thermo Fisher Scientific during the 2nd quarter valued at about $2,264,615,000. Franklin Resources Inc. raised its position in shares of Thermo Fisher Scientific by 11.3% in the 2nd quarter. Franklin Resources Inc. now owns 4,897,546 shares of the medical research company’s stock valued at $1,985,759,000 after purchasing an additional 498,238 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Thermo Fisher Scientific by 54.7% during the third quarter. Bank of New York Mellon Corp now owns 3,571,857 shares of the medical research company’s stock worth $1,732,422,000 after buying an additional 1,262,967 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Thermo Fisher Scientific by 2.6% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 3,000,562 shares of the medical research company’s stock worth $1,216,612,000 after acquiring an additional 74,971 shares during the period. Hedge funds and other institutional investors own 89.23% of the company’s stock.

Thermo Fisher Scientific Stock Up 1.0%

Shares of NYSE TMO opened at $513.19 on Thursday. The business’s fifty day simple moving average is $570.10 and its 200-day simple moving average is $548.43. The company has a current ratio of 1.89, a quick ratio of 1.53 and a debt-to-equity ratio of 0.67. The stock has a market cap of $190.64 billion, a P/E ratio of 28.93, a PEG ratio of 2.93 and a beta of 0.96. Thermo Fisher Scientific Inc. has a 12-month low of $385.46 and a 12-month high of $643.99.

Thermo Fisher Scientific (NYSE:TMO) last released its earnings results on Thursday, January 29th. The medical research company reported $6.57 earnings per share for the quarter, topping analysts’ consensus estimates of $6.45 by $0.12. Thermo Fisher Scientific had a net margin of 15.05% and a return on equity of 16.92%. The firm had revenue of $12.22 billion for the quarter, compared to analyst estimates of $11.95 billion. During the same period in the prior year, the firm earned $6.10 earnings per share. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. As a group, equities analysts predict that Thermo Fisher Scientific Inc. will post 23.28 EPS for the current fiscal year.

Thermo Fisher Scientific declared that its board has approved a stock repurchase program on Thursday, November 6th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the medical research company to buy up to 2.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Thermo Fisher Scientific Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Friday, March 13th will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.88 annualized dividend and a dividend yield of 0.4%. This is an increase from Thermo Fisher Scientific’s previous quarterly dividend of $0.43. Thermo Fisher Scientific’s payout ratio is currently 9.70%.

Insider Buying and Selling

In other Thermo Fisher Scientific news, EVP Gianluca Pettiti sold 400 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $541.20, for a total transaction of $216,480.00. Following the sale, the executive vice president owned 20,752 shares of the company’s stock, valued at approximately $11,230,982.40. This trade represents a 1.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.33% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have commented on the stock. UBS Group restated a “neutral” rating and set a $615.00 price objective on shares of Thermo Fisher Scientific in a research note on Friday, January 30th. Morgan Stanley upped their target price on shares of Thermo Fisher Scientific from $656.00 to $670.00 and gave the stock an “overweight” rating in a report on Tuesday, December 2nd. HSBC raised Thermo Fisher Scientific from a “hold” rating to a “strong-buy” rating in a report on Monday, December 1st. TD Cowen reduced their target price on shares of Thermo Fisher Scientific from $696.00 to $683.00 and set a “buy” rating on the stock in a research note on Friday, January 30th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Thermo Fisher Scientific in a research report on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $633.68.

Thermo Fisher Scientific Profile

Thermo Fisher Scientific (NYSE: TMO) is a global provider of scientific instrumentation, reagents and consumables, software, and services that support research, clinical, and industrial laboratories. The company supplies analytical instruments and laboratory equipment, life sciences reagents and kits, specialty diagnostics, and a broad range of consumables used by researchers, clinicians, and manufacturers. Its offerings also include laboratory information management and data-analysis software, as well as service solutions such as instrument maintenance, validation, and logistics that help customers run complex workflows efficiently.

Thermo Fisher operates through multiple business areas that broadly cover life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services, including contract development and manufacturing for pharmaceutical and biotechnology companies.