Mirova US LLC has reduced its holdings in Thermo Fisher Scientific Inc. by 3.8% during the third quarter of the year, according to its latest filing with the Securities and Exchange Commission (SEC). The investment fund now owns 660,789 shares after selling 26,277 shares, which makes Thermo Fisher Scientific 3.2% of its total investment portfolio, ranking as its 12th largest holding. As of the recent SEC report, Mirova’s stake in the company is valued at approximately $320.5 million.
Several other institutional investors have also adjusted their positions in Thermo Fisher Scientific. For instance, CBIZ Investment Advisory Services LLC increased its stake by 137.5% in the first quarter, now holding 57 shares worth $28,000 after acquiring an additional 33 shares. Similarly, Highline Wealth Partners LLC raised its holdings by 126.9% in the third quarter, bringing its total to 59 shares valued at $29,000.
In a notable shift, Capital A Wealth Management LLC grew its stake by an impressive 825.0% in the second quarter, now owning 74 shares valued at $30,000. Additionally, DiNuzzo Private Wealth Inc. increased its holdings by 406.7%, owning 76 shares valued at $31,000 following the purchase of 61 additional shares. Overall, institutional investors and hedge funds currently own approximately 89.23% of Thermo Fisher Scientific’s stock.
Stock Performance and Corporate Actions
On Tuesday, Thermo Fisher Scientific’s stock opened at $584.41. The company reports a quick ratio of 1.11, a current ratio of 1.50, and a debt-to-equity ratio of 0.62. With a market capitalization of $219.57 billion and a price-to-earnings (P/E) ratio of 33.76, the stock has fluctuated between a 12-month low of $385.46 and a high of $610.97. The 50-day moving average price stands at $574.75, while the 200-day average is $505.32.
The Board of Directors of Thermo Fisher Scientific also announced a significant share buyback program on November 6, allowing the company to repurchase up to $5 billion in outstanding shares. This program permits the repurchase of up to 2.4% of its stock, a move typically indicating that management believes the stock is undervalued.
In addition, the company declared a quarterly dividend of $0.43 per share, set to be paid on January 15, 2024, to shareholders of record on December 15, 2023. This results in an annualized dividend of $1.72 and a yield of 0.3%. The current dividend payout ratio stands at 9.94%.
Insider Trading and Analyst Ratings
In recent trading activity, Lisa P. Britt, Vice President, sold 10,225 shares at an average price of $571.62, totaling $5,844,814.50. Post-transaction, Britt retains 14,145 shares valued at $8,085,564.90, marking a 41.96% drop in ownership. Similarly, Michael D. Shafer, Executive Vice President, sold 10,725 shares at an average price of $600.00, generating $6,435,000.00 from the sale. After this transaction, Shafer holds 18,731 shares valued at $11,238,600, reflecting a 36.41% decrease in ownership. Collectively, insiders have sold 149,271 shares valued at approximately $86.5 million, with corporate insiders now owning just 0.33% of the stock.
Analysts have expressed varied opinions on Thermo Fisher Scientific. Redburn Partners set a target price of $580.00 in early October, while Cowen reaffirmed a “buy” rating shortly after. JPMorgan Chase & Co. raised its target from $600.00 to $650.00 and maintained an “overweight” rating. Meanwhile, Weiss Ratings has rated the stock as “hold (c)” and Evercore ISI increased their target from $525.00 to $590.00, also issuing an “outperform” rating. Currently, the stock holds a consensus rating of “Moderate Buy” with a price target of $616.60 according to MarketBeat.
Thermo Fisher Scientific (NYSE: TMO) is recognized as a leading global provider of scientific instrumentation, reagents, and consumables. The company supports various laboratories across research, clinical, and industrial sectors, providing essential analytical instruments, life sciences reagents, specialty diagnostics, and consumables. Its comprehensive offerings also include services such as instrument maintenance and logistics, ensuring efficient operations for researchers and manufacturers alike.
