Bank of New York Mellon Corp Cuts Stake in Penumbra, Inc. (NYSE:PEN)

Bank of New York Mellon Corp lowered its position in Penumbra, Inc. (NYSE:PEN - Free Report) by 2.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 287,277 shares of the company's stock after selling 7,343 shares during the period. Bank of New York Mellon Corp owned about 0.74% of Penumbra worth $76,821,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in Penumbra by 59.0% in the 1st quarter. GAMMA Investing LLC now owns 709 shares of the company's stock valued at $190,000 after buying an additional 263 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Penumbra by 1.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 271,574 shares of the company's stock worth $64,493,000 after purchasing an additional 3,807 shares during the last quarter. Proficio Capital Partners LLC bought a new position in Penumbra in the 4th quarter valued at $3,553,000. HighTower Advisors LLC increased its position in shares of Penumbra by 3.2% during the 4th quarter. HighTower Advisors LLC now owns 5,980 shares of the company's stock valued at $1,420,000 after purchasing an additional 188 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its position in shares of Penumbra by 3.7% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 2,867 shares of the company's stock valued at $681,000 after purchasing an additional 101 shares during the last quarter. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Penumbra Price Performance

NYSE:PEN traded down $6.50 during trading hours on Friday, hitting $237.37. The stock had a trading volume of 377,311 shares, compared to its average volume of 381,027. The company has a 50 day simple moving average of $265.25 and a two-hundred day simple moving average of $268.18. The firm has a market capitalization of $9.19 billion, a price-to-earnings ratio of 74.12, a P/E/G ratio of 2.17 and a beta of 0.47. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.30 and a quick ratio of 3.68. Penumbra, Inc. has a one year low of $148.00 and a one year high of $310.00.

Penumbra (NYSE:PEN - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.66 by $0.17. The business had revenue of $324.14 million during the quarter, compared to analysts' expectations of $315.72 million. Penumbra had a return on equity of 11.14% and a net margin of 3.41%. The firm's revenue was up 16.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.41 earnings per share. Research analysts forecast that Penumbra, Inc. will post 3.67 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PEN shares. Bank of America initiated coverage on shares of Penumbra in a report on Friday, March 14th. They set a "buy" rating and a $320.00 price objective for the company. Wall Street Zen raised shares of Penumbra from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 14th. Citigroup reduced their price objective on Penumbra from $320.00 to $285.00 and set a "neutral" rating for the company in a report on Wednesday. Stifel Nicolaus set a $318.00 target price on Penumbra and gave the stock a "buy" rating in a research report on Thursday, April 24th. Finally, BTIG Research reaffirmed a "buy" rating on shares of Penumbra in a research report on Thursday, April 24th. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $305.07.

Insider Activity at Penumbra

In other news, Director Bridget O'rourke sold 100 shares of the firm's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $286.15, for a total transaction of $28,615.00. Following the sale, the director owned 5,423 shares in the company, valued at approximately $1,551,791.45. This trade represents a 1.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Johanna Roberts sold 600 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $252.70, for a total transaction of $151,620.00. Following the completion of the transaction, the executive vice president owned 66,057 shares of the company's stock, valued at $16,692,603.90. This trade represents a 0.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 130,795 shares of company stock valued at $35,630,558 over the last three months. 4.20% of the stock is owned by corporate insiders.

Penumbra Company Profile

Penumbra, Inc, together with its subsidiaries, designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers peripheral products, including the Indigo System for power aspiration of thrombus in the body; Lightning Flash, a mechanical thrombectomy system; Lightning Bolt 7, an arterial thrombectomy system; and CAT RX.