Parnassus Investments LLC reduced its stake in Thermo Fisher Scientific Inc. (NYSE:TMO – Free Report) by 24.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,583,105 shares of the medical research company’s stock after selling 510,516 shares during the period. Thermo Fisher Scientific accounts for 2.4% of Parnassus Investments LLC’s holdings, making the stock its 11th largest holding. Parnassus Investments LLC’s holdings in Thermo Fisher Scientific were worth $917,330,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently modified their holdings of the company. High Note Wealth LLC increased its holdings in shares of Thermo Fisher Scientific by 170.6% in the fourth quarter. High Note Wealth LLC now owns 46 shares of the medical research company’s stock valued at $27,000 after purchasing an additional 29 shares during the last quarter. JPL Wealth Management LLC acquired a new position in shares of Thermo Fisher Scientific in the third quarter valued at $28,000. Beacon Financial Strategies CORP acquired a new position in shares of Thermo Fisher Scientific in the fourth quarter valued at $29,000. Olistico Wealth LLC acquired a new position in shares of Thermo Fisher Scientific in the fourth quarter valued at $29,000. Finally, Core Wealth Advisors LLC bought a new stake in shares of Thermo Fisher Scientific in the fourth quarter valued at about $30,000. 89.23% of the stock is currently owned by institutional investors and hedge funds.
Thermo Fisher Scientific Trading Down 1.4%
TMO opened at $475.12 on Friday. Thermo Fisher Scientific Inc. has a twelve month low of $385.46 and a twelve month high of $643.99. The company has a 50-day simple moving average of $479.68 and a 200 day simple moving average of $528.09. The company has a quick ratio of 1.15, a current ratio of 1.53 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $176.56 billion, a price-to-earnings ratio of 26.12, a P/E/G ratio of 2.13 and a beta of 0.88.
Thermo Fisher Scientific Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Monday, June 15th will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.88 annualized dividend and a yield of 0.4%. Thermo Fisher Scientific’s dividend payout ratio is currently 10.34%.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on the stock. Wolfe Research assumed coverage on shares of Thermo Fisher Scientific in a research report on Tuesday, June 2nd. They issued an “outperform” rating and a $535.00 target price for the company. Wall Street Zen cut shares of Thermo Fisher Scientific from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Stifel Nicolaus reduced their target price on shares of Thermo Fisher Scientific from $700.00 to $600.00 and set a “buy” rating for the company in a research report on Friday, April 24th. KeyCorp reissued an “overweight” rating on shares of Thermo Fisher Scientific in a research report on Tuesday, May 26th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Thermo Fisher Scientific in a research report on Wednesday, April 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $608.95.
View Our Latest Report on Thermo Fisher Scientific
Insiders Place Their Bets
In related news, COO Gianluca Pettiti sold 400 shares of the company’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $462.66, for a total transaction of $185,064.00. Following the completion of the sale, the chief operating officer owned 25,051 shares of the company’s stock, valued at $11,590,095.66. This represents a 1.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.33% of the stock is owned by corporate insiders.
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.
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