Jennison Associates LLC Takes Position in Waters Corporation (WAT)
Jennison Associates LLC acquired a new position in Waters Corporation (NYSE:WAT) during the second quarter, according to its most recent 13F filing with the SEC. The fund acquired 6,999 shares of the medical instruments supplier’s stock, valued at approximately $1,287,000.
A number of other institutional investors have also recently bought and sold shares of WAT. Advisory Services Network LLC bought a new position in shares of Waters Corporation during the first quarter worth $169,000. Tocqueville Asset Management L.P. increased its position in shares of Waters Corporation by 3.8% in the first quarter. Tocqueville Asset Management L.P. now owns 1,783 shares of the medical instruments supplier’s stock worth $279,000 after buying an additional 66 shares during the period. Canada Pension Plan Investment Board increased its position in shares of Waters Corporation by 385.1% in the first quarter. Canada Pension Plan Investment Board now owns 40,443 shares of the medical instruments supplier’s stock worth $6,322,000 after buying an additional 32,106 shares during the period. Sumitomo Mitsui Asset Management Company LTD increased its position in shares of Waters Corporation by 8.6% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 6,904 shares of the medical instruments supplier’s stock worth $1,079,000 after buying an additional 548 shares during the period. Finally, Wetherby Asset Management Inc. increased its position in shares of Waters Corporation by 3.8% in the first quarter. Wetherby Asset Management Inc. now owns 2,652 shares of the medical instruments supplier’s stock worth $415,000 after buying an additional 97 shares during the period. 91.10% of the stock is currently owned by hedge funds and other institutional investors.
Waters Corporation (NYSE WAT) opened at 180.33 on Wednesday. The company has a 50 day moving average of $179.62 and a 200 day moving average of $170.19. The company has a market capitalization of $14.39 billion, a PE ratio of 27.18 and a beta of 0.84. Waters Corporation has a 52-week low of $133.35 and a 52-week high of $187.65.
Waters Corporation (NYSE:WAT) last issued its quarterly earnings results on Tuesday, July 25th. The medical instruments supplier reported $1.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.05. The company had revenue of $558.30 million for the quarter, compared to the consensus estimate of $553.22 million. Waters Corporation had a return on equity of 23.91% and a net margin of 24.26%. Waters Corporation’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.58 earnings per share. On average, equities research analysts forecast that Waters Corporation will post $7.38 earnings per share for the current fiscal year.
Waters Corporation declared that its board has authorized a stock repurchase plan on Thursday, May 11th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the medical instruments supplier to buy up to 7.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
A number of brokerages recently weighed in on WAT. Zacks Investment Research raised shares of Waters Corporation from a “hold” rating to a “buy” rating and set a $202.00 price target on the stock in a report on Thursday, July 13th. BidaskClub raised shares of Waters Corporation from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 16th. Jefferies Group LLC reissued a “hold” rating and issued a $175.00 price target on shares of Waters Corporation in a report on Thursday, July 27th. Morgan Stanley reissued an “underweight” rating and issued a $183.00 price target (up from $174.00) on shares of Waters Corporation in a report on Wednesday, July 26th. Finally, Deutsche Bank AG downgraded shares of Waters Corporation from a “buy” rating to a “hold” rating and boosted their price target for the stock from $183.00 to $194.00 in a report on Monday, July 10th. Two analysts have rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $186.00.
In other news, Director Christopher A. Kuebler sold 3,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $179.67, for a total value of $628,845.00. Following the transaction, the director now owns 17,849 shares in the company, valued at $3,206,929.83. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Rohit Khanna sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $182.90, for a total value of $1,829,000.00. Following the completion of the transaction, the senior vice president now owns 14,077 shares in the company, valued at approximately $2,574,683.30. The disclosure for this sale can be found here. Insiders have sold 40,780 shares of company stock worth $7,545,221 in the last quarter. 5.07% of the stock is currently owned by company insiders.
Waters Corporation Company Profile
Waters Corporation is an analytical instrument manufacturer. The Company operates through two segments: Waters and TA. It designs, manufactures, sells and services high performance liquid chromatography (HPLC), ultra performance liquid chromatography (UPLC and together with HPLC, referred to as LC) and mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products and post-warranty service plans.
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