Bank of America Corp DE Takes Position in Illumina, Inc. $ILMN

Key Points

• Bank of America acquired 1.46 million Illumina shares worth approximately $255.9 million, representing a 0.96% stake. Institutional investors collectively own 89.42% of the company.
• Analyst views remain mixed: Illumina has an overall “Hold” consensus rating and a $199.12 average price target, despite some firms raising targets to as high as $225.
• Illumina exceeded quarterly expectations with $1.31 in EPS and $1.16 billion in revenue, while insiders sold more than 2.06 million shares worth approximately $436.6 million over the past 90 days.

Bank of America Corp DE acquired a new position in shares of Illumina, Inc. (NASDAQ:ILMN - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,455,287 shares of the life sciences company's stock, valued at approximately $255,883,000. Bank of America Corp DE owned 0.96% of Illumina at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Elyxium Wealth LLC acquired a new stake in shares of Illumina in the fourth quarter valued at about $25,000. Fiduciary Financial Advisors purchased a new position in Illumina in the second quarter valued at about $26,000. Keating Financial Advisory Services Inc. acquired a new stake in shares of Illumina during the 2nd quarter valued at approximately $32,000. Nano Cap New Millennium Growth Fund L P acquired a new stake in shares of Illumina during the 4th quarter valued at approximately $33,000. Finally, Ramirez Asset Management Inc. purchased a new stake in shares of Illumina during the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 89.42% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ILMN shares. Stifel Nicolaus upped their price target on Illumina from $155.00 to $225.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Illumina in a report on Monday, August 31st. TD Cowen boosted their target price on Illumina from $192.00 to $210.00 and gave the stock a "hold" rating in a research report on Friday, July 31st. Piper Sandler reissued an "overweight" rating and issued a $225.00 target price (up from $200.00) on shares of Illumina in a report on Monday, August 3rd. Finally, Wall Street Zen upgraded Illumina from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. Ten equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Illumina presently has an average rating of "Hold" and a consensus price target of $199.12.

Insider Buying and Selling at Illumina

In other news, Director Keith Meister sold 457,858 shares of the firm's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $200.10, for a total transaction of $91,617,385.80. Following the sale, the director owned 2,372,694 shares in the company, valued at $474,776,069.40. This trade represents a 16.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders sold 2,062,465 shares of company stock worth $436,589,802. Corporate insiders own 2.90% of the company's stock.

Illumina Price Performance

Shares of NASDAQ:ILMN opened at $228.93 on Thursday. The business's fifty day moving average price is $202.61 and its two-hundred day moving average price is $164.50. The stock has a market cap of $34.57 billion, a PE ratio of 42.71, a price-to-earnings-growth ratio of 3.15 and a beta of 1.46. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.40 and a current ratio of 1.80. Illumina, Inc. has a one year low of $88.00 and a one year high of $236.00.

Illumina (NASDAQ:ILMN - Get Free Report) last released its earnings results on Thursday, July 30th. The life sciences company reported $1.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.08. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.13 billion. Illumina had a net margin of 18.36% and a return on equity of 29.84%. The firm's quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.19 EPS. Illumina has set its FY 2026 guidance at 5.300-5.400 EPS. On average, analysts forecast that Illumina, Inc. will post 5.36 EPS for the current fiscal year.

About Illumina

Illumina, Inc develops and manufactures genomic analysis technologies used by researchers, healthcare providers, pharmaceutical companies and other organizations. Its offerings include next-generation DNA sequencing systems, microarray platforms, consumables, laboratory services and bioinformatics software designed to help analyze genetic variation and biological functions.

The company's sequencing instruments include systems for a range of applications and throughput levels, such as the NovaSeq, NextSeq, MiSeq and iSeq platforms.

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