Bessemer Group Inc. Sells 3,278 Shares of Penumbra, Inc. $PEN

Key Points

• Bessemer Group Inc. cut its Penumbra stake by 69.1% in the first quarter, selling 3,278 shares and ending with 1,465 shares worth about $482,000.
• Institutional ownership remains very high, with hedge funds and other investors holding 88.88% of Penumbra’s stock, even as some firms added or trimmed positions.
• Penumbra reported mixed quarterly results: revenue rose 15.6% year over year to $374.76 million, but earnings per share of $0.82 missed analyst expectations of $1.06. Analysts currently rate the stock a consensus Hold with a $360.33 price target.

Bessemer Group Inc. decreased its stake in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 69.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,465 shares of the company's stock after selling 3,278 shares during the period. Bessemer Group Inc.'s holdings in Penumbra were worth $482,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Artisan Partners Limited Partnership raised its stake in Penumbra by 165.9% during the 4th quarter. Artisan Partners Limited Partnership now owns 594,112 shares of the company's stock valued at $184,715,000 after buying an additional 370,636 shares during the last quarter. William Blair Investment Management LLC bought a new stake in shares of Penumbra during the 4th quarter valued at about $107,567,000. Man Group plc increased its position in shares of Penumbra by 1,862.2% during the 2nd quarter. Man Group plc now owns 206,461 shares of the company's stock valued at $52,984,000 after purchasing an additional 195,939 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Penumbra by 139.4% during the 2nd quarter. AQR Capital Management LLC now owns 330,990 shares of the company's stock valued at $84,939,000 after purchasing an additional 192,734 shares during the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in shares of Penumbra in the 3rd quarter worth approximately $43,476,000. Hedge funds and other institutional investors own 88.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Citigroup dropped their price objective on shares of Penumbra from $374.00 to $350.00 and set a "neutral" rating on the stock in a report on Thursday, May 7th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $374.00 price target on shares of Penumbra in a research report on Thursday, June 11th. Evercore reiterated an "outperform" rating and set a $320.00 price target on shares of Penumbra in a research note on Monday, July 6th. Wall Street Zen raised shares of Penumbra to a "hold" rating in a research report on Saturday, May 9th. Finally, Zacks Research lowered Penumbra from a "hold" rating to a "strong sell" rating in a research note on Monday, June 29th. Three analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $360.33.

Penumbra Price Performance

PEN stock opened at $318.60 on Friday. The company's fifty day moving average price is $319.45 and its 200-day moving average price is $329.92. Penumbra, Inc. has a one year low of $221.26 and a one year high of $362.41. The company has a market capitalization of $12.53 billion, a PE ratio of 73.41, a price-to-earnings-growth ratio of 1.97 and a beta of 0.70. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.95 and a current ratio of 6.02.

Penumbra (NYSE:PEN - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.82 earnings per share for the quarter, missing analysts' consensus estimates of $1.06 by ($0.24). The firm had revenue of $374.76 million for the quarter, compared to analysts' expectations of $370.47 million. Penumbra had a net margin of 11.76% and a return on equity of 10.87%. The company's revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.83 EPS. On average, equities analysts anticipate that Penumbra, Inc. will post 5.02 EPS for the current fiscal year.

Penumbra Company 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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