Athos Capital Ltd Acquires New Stake in Penumbra, Inc. $PEN

Key Points

• Athos Capital Ltd acquired 11,160 Penumbra shares worth approximately $3.52 million in the second quarter, making PEN its 18th-largest portfolio holding and representing about 1.3% of its investments.
• Institutional ownership remains high at 88.88%, with several investors—including Royal Bank of Canada, EverSource Wealth Advisors, Cerity Partners, and CalPERS—recently increasing their positions.
• Analysts collectively rate Penumbra a “Hold”, with an average price target of $367.07. The company reported quarterly revenue of $390.05 million, up 14.9% year over year, but earnings per share of $0.88 fell short of the $1.16 consensus estimate.

Athos Capital Ltd bought a new position in Penumbra, Inc. (NYSE:PEN - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 11,160 shares of the company's stock, valued at approximately $3,524,000. Penumbra makes up approximately 1.3% of Athos Capital Ltd's portfolio, making the stock its 18th biggest holding.

A number of other institutional investors have also recently modified their holdings of the stock. Royal Bank of Canada raised its holdings in Penumbra by 35.8% in the first quarter. Royal Bank of Canada now owns 19,332 shares of the company's stock worth $5,169,000 after buying an additional 5,092 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Penumbra by 209.1% during the second quarter. EverSource Wealth Advisors LLC now owns 272 shares of the company's stock valued at $70,000 after buying an additional 184 shares during the last quarter. Cerity Partners LLC increased its position in shares of Penumbra by 22.3% during the second quarter. Cerity Partners LLC now owns 10,030 shares of the company's stock valued at $2,574,000 after acquiring an additional 1,829 shares in the last quarter. California Public Employees Retirement System raised its holdings in Penumbra by 7.9% in the 2nd quarter. California Public Employees Retirement System now owns 61,027 shares of the company's stock worth $15,661,000 after acquiring an additional 4,491 shares during the last quarter. Finally, Daiwa Securities Group Inc. bought a new position in Penumbra in the 2nd quarter valued at approximately $1,137,000. 88.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PEN has been the topic of several recent analyst reports. Citigroup cut their target price on Penumbra from $374.00 to $350.00 and set a "neutral" rating on the stock in a research note on Thursday, May 7th. Evercore restated an "outperform" rating and issued a $320.00 price target on shares of Penumbra in a research note on Monday, July 6th. Wall Street Zen raised Penumbra to a "hold" rating in a research report on Saturday, May 9th. Zacks Research downgraded Penumbra from a "hold" rating to a "strong sell" rating in a report on Monday, June 29th. Finally, Royal Bank Of Canada reissued a "sector perform" rating and issued a $374.00 target price on shares of Penumbra in a research report on Thursday, June 11th. Three research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $367.07.

Penumbra Stock Down 0.0%

PEN opened at $325.14 on Monday. The firm's 50 day simple moving average is $320.14 and its two-hundred day simple moving average is $327.50. The company has a market capitalization of $12.81 billion, a PE ratio of 79.89, a PEG ratio of 2.02 and a beta of 0.70. Penumbra, Inc. has a 1-year low of $221.26 and a 1-year high of $362.41. The company has a current ratio of 5.75, a quick ratio of 3.86 and a debt-to-equity ratio of 0.01.

Penumbra (NYSE:PEN - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.88 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.28). The company had revenue of $390.05 million during the quarter, compared to analysts' expectations of $389.64 million. Penumbra had a return on equity of 10.50% and a net margin of 10.67%.The company's revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter last year, the company earned $0.86 earnings per share. As a group, equities analysts forecast that Penumbra, Inc. will post 5.02 EPS for the current year.

Penumbra Profile

Penumbra, Inc is a global healthcare company specializing in the development and manufacture of innovative medical devices that address neurovascular and peripheral vascular conditions. The company focuses on products designed to improve patient outcomes in acute ischemic stroke, aneurysm treatment and peripheral thrombectomy. Penumbra's technologies are used by interventional neuroradiologists, neurosurgeons and interventional cardiologists in hospitals and clinics around the world.

At the core of Penumbra's portfolio is its mechanical thrombectomy platform, which includes aspiration catheters and accessory devices engineered to remove blood clots in acute stroke cases.

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