Bank of America Corp DE Makes New Investment in Danaher Corporation $DHR

Key Points

• Bank of America acquired 5.22 million Danaher shares worth approximately $994 million in the second quarter, giving it a 0.74% stake. Institutional investors collectively own 79.05% of Danaher.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $228.91, despite several recent target-price cuts and neutral downgrades.
• Danaher’s latest quarterly results exceeded expectations, with earnings of $1.94 per share versus the $1.85 consensus and revenue of $6.26 billion. Revenue increased 5.5% year over year.

Bank of America Corp DE acquired a new stake in Danaher Corporation (NYSE:DHR - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 5,217,586 shares of the conglomerate's stock, valued at approximately $993,846,000. Bank of America Corp DE owned 0.74% of Danaher at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of DHR. BlackRock Inc. purchased a new position in Danaher during the second quarter worth about $10,492,520,000. State Street Corp raised its holdings in shares of Danaher by 1.7% in the 4th quarter. State Street Corp now owns 27,681,334 shares of the conglomerate's stock valued at $6,345,529,000 after acquiring an additional 472,608 shares in the last quarter. Capital International Investors boosted its position in shares of Danaher by 8.9% during the 4th quarter. Capital International Investors now owns 18,246,008 shares of the conglomerate's stock valued at $4,177,386,000 after acquiring an additional 1,487,768 shares during the last quarter. Norges Bank bought a new stake in shares of Danaher during the 4th quarter valued at about $2,177,106,000. Finally, Jupiter Topco LLC purchased a new position in shares of Danaher during the second quarter worth about $1,456,317,000. Hedge funds and other institutional investors own 79.05% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Wolfe Research cut shares of Danaher from an "outperform" rating to a "peer perform" rating in a research report on Monday, June 1st. Stifel Nicolaus dropped their target price on shares of Danaher from $260.00 to $220.00 and set a "buy" rating for the company in a research report on Wednesday, July 22nd. Royal Bank Of Canada boosted their price target on shares of Danaher from $200.00 to $215.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 22nd. TD Cowen decreased their price target on shares of Danaher from $240.00 to $236.00 and set a "buy" rating on the stock in a report on Wednesday, July 22nd. Finally, Piper Sandler began coverage on shares of Danaher in a research report on Thursday, June 11th. They set a "neutral" rating and a $200.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $228.91.

Danaher Price Performance

DHR stock opened at $203.44 on Tuesday. The firm has a market cap of $143.01 billion, a P/E ratio of 36.13, a P/E/G ratio of 2.49 and a beta of 0.78. The firm's fifty day moving average is $202.85 and its 200 day moving average is $191.91. Danaher Corporation has a 52 week low of $160.93 and a 52 week high of $242.80. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.25 and a current ratio of 1.65.

Danaher (NYSE:DHR - Get Free Report) last posted its quarterly earnings results on Monday, July 20th. The conglomerate reported $1.94 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.09. The business had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $6.12 billion. Danaher had a net margin of 15.95% and a return on equity of 11.04%. The firm's revenue for the quarter was up 5.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.77 earnings per share. Research analysts predict that Danaher Corporation will post 8.53 earnings per share for the current year.

Danaher Profile

Danaher Corporation NYSE: DHR is a global science and technology company that develops products, services and solutions for the life sciences, biotechnology and diagnostics markets. Its businesses support pharmaceutical and biotechnology research, biomanufacturing, clinical laboratories and healthcare providers.

The company's portfolio includes bioprocessing technologies, laboratory instruments, consumables, reagents and software. Key businesses include Cytiva, which provides biomanufacturing solutions; Beckman Coulter, which supplies laboratory diagnostics and automation systems; Leica Biosystems, which develops pathology products; and IDT, which provides genomic and nucleic acid products.

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