Congress Asset Management Co. Makes New Investment in Danaher Corporation $DHR

Key Points

• Congress Asset Management initiated a Danaher position in the third quarter, purchasing 16,166 shares valued at approximately $3.58 million. Institutional investors collectively own 79.05% of Danaher’s outstanding stock.
• Analysts maintain a generally positive outlook, with Danaher receiving a consensus “Moderate Buy” rating and an average price target of $235.23.
• Danaher’s latest quarterly results exceeded expectations, with adjusted earnings of $1.94 per share and revenue of $6.26 billion, while the company declared a quarterly dividend of $0.40 per share.

Congress Asset Management Co. purchased a new position in shares of Danaher Corporation (NYSE:DHR - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 16,166 shares of the conglomerate's stock, valued at approximately $3,582,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of DHR. Moody National Bank Trust Division grew its holdings in shares of Danaher by 14.5% during the third quarter. Moody National Bank Trust Division now owns 7,993 shares of the conglomerate's stock worth $1,771,000 after purchasing an additional 1,015 shares during the last quarter. RVW Wealth LLC bought a new stake in shares of Danaher in the third quarter worth $4,118,000. Colton Groome Financial Advisors LLC acquired a new stake in Danaher in the third quarter valued at $592,000. Ables Iannone Moore & Associates Inc. bought a new position in Danaher during the 3rd quarter worth $1,853,000. Finally, Byrne Asset Management LLC lifted its holdings in Danaher by 9,327.0% during the 3rd quarter. Byrne Asset Management LLC now owns 3,488 shares of the conglomerate's stock worth $773,000 after buying an additional 3,451 shares during the period. Institutional investors own 79.05% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on DHR. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $240.00 price objective on shares of Danaher in a research report on Wednesday, July 22nd. Stifel Nicolaus decreased their target price on shares of Danaher from $260.00 to $220.00 and set a "buy" rating for the company in a research report on Wednesday, July 22nd. Weiss Ratings upgraded shares of Danaher from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, September 16th. Guggenheim boosted their price target on shares of Danaher from $200.00 to $250.00 and gave the stock a "buy" rating in a research report on Thursday, October 1st. Finally, Piper Sandler started coverage on shares of Danaher in a research report on Thursday, June 11th. They set a "neutral" rating and a $200.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Danaher currently has a consensus rating of "Moderate Buy" and an average price target of $235.23.

Danaher Stock Up 1.5%

Danaher stock opened at $218.85 on Thursday. The company has a market capitalization of $153.85 billion, a PE ratio of 38.87, a PEG ratio of 2.68 and a beta of 0.76. Danaher Corporation has a 12-month low of $160.93 and a 12-month high of $242.80. The firm's fifty day moving average is $210.46 and its 200 day moving average is $194.25. The company has a quick ratio of 1.25, a current ratio of 1.65 and a debt-to-equity ratio of 0.48.

Danaher (NYSE:DHR - Get Free Report) last posted its quarterly earnings results on Monday, July 20th. The conglomerate reported $1.94 EPS for the quarter, topping analysts' consensus estimates of $1.85 by $0.09. Danaher had a net margin of 15.95% and a return on equity of 11.04%. The business had revenue of $6.26 billion during the quarter, compared to analysts' expectations of $6.12 billion. During the same period last year, the company posted $0.77 earnings per share. The business's quarterly revenue was up 5.5% on a year-over-year basis. As a group, sell-side analysts predict that Danaher Corporation will post 8.53 EPS for the current fiscal year.

Danaher Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.40 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.60 annualized dividend and a dividend yield of 0.7%. Danaher's payout ratio is currently 28.42%.

About Danaher

Danaher Corporation NYSE: DHR is a global science and technology company that develops and manufactures products, services and solutions for the life sciences, diagnostics and biotechnology industries. Its offerings help researchers, healthcare professionals and biopharmaceutical manufacturers discover, develop, produce and analyze medicines and other biological products.

The company operates through businesses that provide laboratory instruments, consumables, software and services, including technologies for cell analysis, genomics, protein research, bioprocessing and clinical diagnostics.

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