Bank of America Corp DE Purchases 50,124 Shares of Koninklijke Philips N.V. $PHG

Key Points

• Bank of America increased its Koninklijke Philips stake by 7.7% in the first quarter, adding 50,124 shares to own 700,141 shares worth approximately $19.2 million. Institutional investors collectively hold 13.67% of PHG.
• Analyst sentiment remains cautious, with a consensus “Hold” rating from five analysts, although Wall Street Zen upgraded the stock to “Buy” and Zacks raised its rating to “Hold.”
• Philips exceeded quarterly expectations, reporting earnings per share of $0.57 versus the $0.40 consensus and revenue of $4.98 billion, though revenue declined 3% year over year.

Bank of America Corp DE grew its holdings in shares of Koninklijke Philips N.V. (NYSE:PHG - Free Report) by 7.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 700,141 shares of the technology company's stock after purchasing an additional 50,124 shares during the period. Bank of America Corp DE owned approximately 0.07% of Koninklijke Philips worth $19,184,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of PHG. Royal Bank of Canada lifted its holdings in shares of Koninklijke Philips by 1.3% during the first quarter. Royal Bank of Canada now owns 269,829 shares of the technology company's stock worth $6,854,000 after purchasing an additional 3,540 shares during the period. AQR Capital Management LLC boosted its stake in shares of Koninklijke Philips by 60.8% during the 1st quarter. AQR Capital Management LLC now owns 17,010 shares of the technology company's stock worth $432,000 after acquiring an additional 6,429 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Koninklijke Philips by 1.5% during the first quarter. Goldman Sachs Group Inc. now owns 846,253 shares of the technology company's stock worth $21,495,000 after purchasing an additional 12,908 shares in the last quarter. Jane Street Group LLC grew its stake in Koninklijke Philips by 125.8% in the 1st quarter. Jane Street Group LLC now owns 104,024 shares of the technology company's stock valued at $2,642,000 after acquiring an additional 57,952 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of Koninklijke Philips by 58.0% in the second quarter. JPMorgan Chase & Co. now owns 87,616 shares of the technology company's stock valued at $2,101,000 after purchasing an additional 32,180 shares during the period. 13.67% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PHG has been the topic of several recent research reports. Wall Street Zen upgraded Koninklijke Philips from a "hold" rating to a "buy" rating in a report on Saturday, May 2nd. Zacks Research raised shares of Koninklijke Philips from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 13th. UBS Group restated a "neutral" rating on shares of Koninklijke Philips in a research report on Monday, August 3rd. Finally, Weiss Ratings upgraded shares of Koninklijke Philips from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 4th. Five analysts have rated the stock with a Hold rating, According to MarketBeat, Koninklijke Philips currently has a consensus rating of "Hold".

Koninklijke Philips Stock Performance

NYSE PHG opened at $27.60 on Thursday. The firm has a market cap of $27.13 billion, a P/E ratio of 20.34, a P/E/G ratio of 11.24 and a beta of 0.76. The company has a quick ratio of 0.82, a current ratio of 1.26 and a debt-to-equity ratio of 0.55. The business's 50-day moving average price is $26.83 and its 200 day moving average price is $27.69. Koninklijke Philips N.V. has a 52-week low of $23.85 and a 52-week high of $33.44.

Koninklijke Philips (NYSE:PHG - Get Free Report) last announced its quarterly earnings data on Monday, July 27th. The technology company reported $0.57 EPS for the quarter, topping analysts' consensus estimates of $0.40 by $0.17. The company had revenue of $4.98 billion during the quarter, compared to the consensus estimate of $4.91 billion. Koninklijke Philips had a net margin of 6.30% and a return on equity of 14.38%. Koninklijke Philips's quarterly revenue was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.27 EPS. On average, equities research analysts expect that Koninklijke Philips N.V. will post 1.75 earnings per share for the current year.

Koninklijke Philips Company Profile

Koninklijke Philips N.V. NYSE: PHG, commonly known as Philips, is a Dutch multinational company focused on health technology. Founded in Eindhoven in 1891, the company evolved from a diversified electronics manufacturer into a specialist in healthcare products, systems and services. Philips is legally registered in the Netherlands and operates globally, supplying equipment and solutions to hospitals, clinics, healthcare providers and consumers across Europe, the Americas and Asia.

Philips' principal activities center on medical technologies and personal health.

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