Illumina, Inc. $ILMN Shares Purchased by Corvex Management LP

Key Points

• Corvex Management LP increased its holdings in Illumina, Inc. by 125.2%, owning approximately 3.83 million shares which constitutes about 11.5% of its portfolio, currently making it the second-largest position for the firm.
• Illumina reported earnings per share of $1.19 for the recent quarter, exceeding analyst expectations, but faced a 4.8% year-over-year revenue decline to $1.06 billion.
• Analysts have mixed sentiments on Illumina's stock, with ratings ranging from buy to hold, and the average price target set at $123.06.

Corvex Management LP boosted its position in shares of Illumina, Inc. (NASDAQ:ILMN - Free Report) by 125.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,829,608 shares of the life sciences company's stock after acquiring an additional 2,129,449 shares during the period. Illumina accounts for 11.5% of Corvex Management LP's investment portfolio, making the stock its 2nd biggest holding. Corvex Management LP owned approximately 2.42% of Illumina worth $303,841,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ILMN. Vanguard Group Inc. grew its holdings in Illumina by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 16,371,662 shares of the life sciences company's stock valued at $1,298,928,000 after buying an additional 558,243 shares during the last quarter. WCM Investment Management LLC grew its stake in shares of Illumina by 1.2% in the first quarter. WCM Investment Management LLC now owns 4,179,011 shares of the life sciences company's stock worth $334,321,000 after acquiring an additional 49,156 shares during the last quarter. Brown Advisory Inc. increased its position in Illumina by 52.1% during the first quarter. Brown Advisory Inc. now owns 2,909,228 shares of the life sciences company's stock worth $230,818,000 after acquiring an additional 996,589 shares during the period. AQR Capital Management LLC increased its position in Illumina by 361.7% during the first quarter. AQR Capital Management LLC now owns 2,121,585 shares of the life sciences company's stock worth $165,484,000 after acquiring an additional 1,662,093 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Illumina by 2.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,292,407 shares of the life sciences company's stock valued at $172,704,000 after purchasing an additional 32,270 shares during the last quarter. 89.42% of the stock is owned by institutional investors and hedge funds.

Illumina Price Performance

Shares of Illumina stock traded down $0.75 during mid-day trading on Monday, reaching $98.18. 1,075,516 shares of the stock were exchanged, compared to its average volume of 2,275,981. Illumina, Inc. has a fifty-two week low of $68.70 and a fifty-two week high of $156.66. The company has a market cap of $15.09 billion, a price-to-earnings ratio of 12.43, a price-to-earnings-growth ratio of 2.22 and a beta of 1.43. The firm has a 50-day simple moving average of $99.63 and a 200 day simple moving average of $88.39. The company has a current ratio of 1.81, a quick ratio of 1.41 and a debt-to-equity ratio of 0.66.

Illumina (NASDAQ:ILMN - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The life sciences company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.17. Illumina had a net margin of 29.36% and a return on equity of 28.93%. The firm had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.12 billion. During the same period in the prior year, the firm earned $0.36 earnings per share. The company's quarterly revenue was down 4.8% compared to the same quarter last year. Illumina has set its FY 2025 guidance at 4.450-4.55 EPS. On average, sell-side analysts predict that Illumina, Inc. will post 4.51 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Robert W. Baird boosted their price objective on shares of Illumina from $84.00 to $105.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Barclays upped their price target on Illumina from $85.00 to $90.00 and gave the company an "underweight" rating in a report on Friday, August 1st. Scotiabank lowered Illumina from a "sector outperform" rating to a "sector perform" rating and set a $125.00 price objective on the stock. in a report on Friday, July 11th. Canaccord Genuity Group boosted their price objective on Illumina from $99.00 to $105.00 and gave the company a "hold" rating in a research report on Friday, August 1st. Finally, Daiwa America downgraded shares of Illumina from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 12th. Six investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $123.06.

Illumina Company Profile

Illumina, Inc offers sequencing- and array-based solutions for genetic and genomic analysis in the United States, Singapore, the United Kingdom, and internationally. It operates through Core Illumina and GRAIL segments. The company offers sequencing and array-based instruments and consumables, which include reagents, flow cells, and library preparation; whole-genome sequencing kits, which sequence entire genomes of various size and complexity; and targeted resequencing kits, which sequence exomes, specific genes, and RNA or other genomic regions of interest.