Bank of America Corp DE Purchases Shares of 266,017 Penumbra, Inc. $PEN

Key Points

• Bank of America purchased 266,017 Penumbra shares worth approximately $84.0 million during the second quarter, representing about 0.68% of the medical-device company.
• Institutional interest remains high, with BlackRock, Whitebox Advisors, Artisan Partners, William Blair, and Amundi also building positions; institutional investors collectively own 88.88% of Penumbra’s stock.
• Analysts maintain a generally cautious outlook, with an average rating of “Hold” and a $367.07 price target. Penumbra’s latest quarter beat revenue expectations but missed on earnings, reporting $0.88 EPS versus the $1.16 consensus.

Bank of America Corp DE purchased a new stake in Penumbra, Inc. (NYSE:PEN - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The firm purchased 266,017 shares of the company's stock, valued at approximately $83,995,000. Bank of America Corp DE owned approximately 0.68% of Penumbra as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Penumbra during the second quarter valued at $1,356,953,000. Whitebox Advisors LLC purchased a new stake in Penumbra during the 1st quarter valued at about $146,125,000. Artisan Partners Limited Partnership increased its holdings in shares of Penumbra by 165.9% in the fourth quarter. Artisan Partners Limited Partnership now owns 594,112 shares of the company's stock valued at $184,715,000 after purchasing an additional 370,636 shares during the period. William Blair Investment Management LLC acquired a new position in shares of Penumbra in the fourth quarter valued at about $107,567,000. Finally, Amundi increased its holdings in shares of Penumbra by 302.9% in the first quarter. Amundi now owns 345,758 shares of the company's stock valued at $113,537,000 after purchasing an additional 259,936 shares during the period. Hedge funds and other institutional investors own 88.88% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on PEN shares. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $374.00 target price on shares of Penumbra in a research report on Thursday, June 11th. Zacks Research upgraded shares of Penumbra from a "strong sell" rating to a "hold" rating in a research note on Monday, August 24th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Penumbra in a report on Friday, July 17th. Finally, Evercore reiterated an "outperform" rating and issued a $320.00 price objective on shares of Penumbra in a research note on Monday, July 6th. Three equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to data from MarketBeat, Penumbra currently has an average rating of "Hold" and an average target price of $367.07.

Penumbra Stock Performance

Shares of NYSE PEN opened at $317.63 on Friday. The company has a market capitalization of $12.51 billion, a PE ratio of 78.04, a price-to-earnings-growth ratio of 2.18 and a beta of 0.70. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.86 and a current ratio of 5.75. The company's fifty day moving average price is $321.57 and its 200 day moving average price is $324.78. Penumbra, Inc. has a 1 year low of $221.26 and a 1 year high of $362.41.

Penumbra (NYSE:PEN - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported $0.88 earnings per share for the quarter, missing analysts' consensus estimates of $1.16 by ($0.28). The firm had revenue of $390.05 million during the quarter, compared to analyst estimates of $389.64 million. Penumbra had a return on equity of 10.50% and a net margin of 10.67%.The company's revenue was up 14.9% on a year-over-year basis. During the same quarter last year, the company posted $0.86 EPS. On average, research analysts predict that Penumbra, Inc. will post 4.96 earnings per share for the current year.

Penumbra Profile

Penumbra, Inc NYSE: PEN is a medical device company that develops, manufactures and markets products designed to treat neurovascular, vascular and other medical conditions. Its technologies are used by physicians in minimally invasive procedures, including the removal of blood clots, treatment of aneurysms and management of vascular disorders.

The company's product portfolio includes aspiration and mechanical thrombectomy systems for ischemic stroke and pulmonary embolism, embolization devices for aneurysms and other vascular conditions, and access and peripheral vascular products.

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