Bank of America Corp DE Sells 46,436 Shares of Penumbra, Inc. $PEN

Key Points

• Bank of America reduced its Penumbra stake by 15.2%, selling 46,436 shares during the first quarter and retaining 259,775 shares valued at approximately $85.3 million. Institutional investors collectively own 88.88% of PEN.
• Penumbra reported quarterly revenue of $390.05 million, up 14.9% year over year and slightly above estimates, but earnings per share of $0.88 missed the consensus estimate of $1.16.
• Analyst sentiment remains mixed, with the stock receiving a consensus “Hold” rating and an average price target of $367.07, compared with a recent price of $324.67.

Bank of America Corp DE reduced its holdings in Penumbra, Inc. (NYSE:PEN - Free Report) by 15.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 259,775 shares of the company's stock after selling 46,436 shares during the period. Bank of America Corp DE owned approximately 0.66% of Penumbra worth $85,302,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PEN. Whitebox Advisors LLC bought a new stake in shares of Penumbra during the 1st quarter valued at $146,125,000. Artisan Partners Limited Partnership boosted its position in shares of Penumbra by 165.9% in the 4th quarter. Artisan Partners Limited Partnership now owns 594,112 shares of the company's stock worth $184,715,000 after purchasing an additional 370,636 shares during the last quarter. William Blair Investment Management LLC acquired a new stake in shares of Penumbra during the fourth quarter worth $107,567,000. Amundi grew its stake in shares of Penumbra by 302.9% during the first quarter. Amundi now owns 345,758 shares of the company's stock worth $113,537,000 after purchasing an additional 259,936 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Penumbra by 130.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 400,160 shares of the company's stock worth $131,401,000 after purchasing an additional 226,314 shares during the period. 88.88% of the stock is owned by institutional investors.

Penumbra Trading Down 0.1%

NYSE:PEN opened at $324.67 on Friday. Penumbra, Inc. has a fifty-two week low of $221.26 and a fifty-two week high of $362.41. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.75 and a quick ratio of 3.86. The stock has a market capitalization of $12.79 billion, a PE ratio of 79.77, a price-to-earnings-growth ratio of 2.01 and a beta of 0.70. The business's 50-day simple moving average is $318.84 and its 200-day simple moving average is $329.91.

Penumbra (NYSE:PEN - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.28). Penumbra had a net margin of 10.67% and a return on equity of 10.50%. The business had revenue of $390.05 million during the quarter, compared to analyst estimates of $389.64 million. During the same quarter in the prior year, the firm posted $0.86 earnings per share. Penumbra's revenue for the quarter was up 14.9% compared to the same quarter last year. Sell-side analysts expect that Penumbra, Inc. will post 5.02 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on PEN. Royal Bank Of Canada reissued a "sector perform" rating and issued a $374.00 target price on shares of Penumbra in a research note on Thursday, June 11th. Zacks Research lowered Penumbra from a "hold" rating to a "strong sell" rating in a research report on Monday, June 29th. Evercore reaffirmed 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 upgraded shares of Penumbra to a "hold" rating in a research report on Saturday, May 9th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Penumbra in a research note on Friday, July 17th. Three 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. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $367.07.

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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