200,188 West Pharmaceutical Services, Inc. $WST Shares Purchased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its West Pharmaceutical Services stake by 5,088.7% in the third quarter, buying 200,188 shares to hold 204,122 shares valued at about $74.5 million.
• West reported quarterly EPS of $2.66, above the $2.20 consensus, and revenue of $874.5 million, up 8.7% year over year. Analysts’ consensus rating was “Moderate Buy,” with a $424.67 price target.
• The company raised its quarterly dividend from $0.22 to $0.26 per share, equal to $1.04 annualized and a 0.3% yield.

Allspring Global Investments Holdings LLC grew its stake in West Pharmaceutical Services, Inc. (NYSE:WST - Free Report) by 5,088.7% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 204,122 shares of the medical instruments supplier's stock after purchasing an additional 200,188 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.29% of West Pharmaceutical Services worth $74,507,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of WST. StoneRidge PMG Advisors LLC purchased a new stake in shares of West Pharmaceutical Services during the third quarter valued at approximately $415,000. Candriam S.C.A. boosted its position in West Pharmaceutical Services by 3.3% in the third quarter. Candriam S.C.A. now owns 99,489 shares of the medical instruments supplier's stock worth $37,021,000 after purchasing an additional 3,140 shares during the last quarter. Formidable Asset Management LLC bought a new position in West Pharmaceutical Services in the 3rd quarter valued at $597,000. Verus Capital Partners LLC bought a new position in West Pharmaceutical Services in the 3rd quarter valued at $261,000. Finally, Parallel Advisors LLC grew its stake in West Pharmaceutical Services by 12.8% in the 3rd quarter. Parallel Advisors LLC now owns 644 shares of the medical instruments supplier's stock valued at $239,000 after purchasing an additional 73 shares during the period. Hedge funds and other institutional investors own 93.90% of the company's stock.

Insiders Place Their Bets

In other news, VP Annette Favorite sold 8,135 shares of West Pharmaceutical Services stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $340.81, for a total value of $2,772,489.35. Following the completion of the transaction, the vice president directly owned 16,845 shares in the company, valued at approximately $5,740,944.45. The trade was a 32.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders have sold 15,659 shares of company stock valued at $5,443,749. 0.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Evercore reiterated an "outperform" rating and set a $425.00 target price on shares of West Pharmaceutical Services in a research note on Monday, July 27th. Citigroup increased their price target on shares of West Pharmaceutical Services from $412.00 to $494.00 and gave the company a "buy" rating in a research report on Friday, October 30th. UBS Group increased their price target on shares of West Pharmaceutical Services from $340.00 to $415.00 and gave the company a "buy" rating in a research report on Wednesday, September 9th. BNP Paribas Exane assumed coverage on shares of West Pharmaceutical Services in a report on Monday, July 13th. They set an "outperform" rating and a $447.00 price objective for the company. Finally, Weiss Ratings raised shares of West Pharmaceutical Services from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, November 2nd. Thirteen equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, West Pharmaceutical Services has an average rating of "Moderate Buy" and a consensus target price of $424.67.

West Pharmaceutical Services Stock Up 3.4%

WST stock opened at $413.30 on Tuesday. West Pharmaceutical Services, Inc. has a fifty-two week low of $223.83 and a fifty-two week high of $438.27. The stock has a fifty day moving average of $374.56 and a 200-day moving average of $317.40. The company has a market capitalization of $28.79 billion, a price-to-earnings ratio of 46.39, a PEG ratio of 2.48 and a beta of 1.13. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.10 and a current ratio of 2.82.

West Pharmaceutical Services (NYSE:WST - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The medical instruments supplier reported $2.66 EPS for the quarter, beating the consensus estimate of $2.20 by $0.46. The business had revenue of $874.50 million for the quarter, compared to the consensus estimate of $827.12 million. West Pharmaceutical Services had a net margin of 18.81% and a return on equity of 21.78%. The company's revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.96 earnings per share. As a group, equities research analysts predict that West Pharmaceutical Services, Inc. will post 9.46 earnings per share for the current year.

West Pharmaceutical Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 18th. Investors of record on Wednesday, November 11th will be paid a $0.26 dividend. The ex-dividend date is Tuesday, November 10th. This represents a $1.04 dividend on an annualized basis and a yield of 0.3%. This is a positive change from West Pharmaceutical Services's previous quarterly dividend of $0.22. West Pharmaceutical Services's dividend payout ratio (DPR) is presently 9.88%.

West Pharmaceutical Services Profile

West Pharmaceutical Services designs and manufactures packaging components and delivery systems used by the pharmaceutical, biotechnology, and medical device industries. Its products help contain and administer injectable medicines and include elastomeric components, such as stoppers and seals, as well as syringe components and other packaging and delivery solutions.

The company also provides contract manufacturing services for medical devices and pharmaceutical delivery systems. Its customers include companies developing and producing branded, generic, and biologic medicines.

Founded in 1923 by Herman O.

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