Danaher Corporation $DHR Shares Acquired by California Public Employees Retirement System

Key Points

• California Public Employees Retirement System increased its Danaher stake by 25.3% in the first quarter, buying 374,965 shares and bringing its total to 1,858,071 shares worth about $352.3 million.
• Danaher reported better-than-expected quarterly earnings of $2.06 per share, topping estimates, while revenue rose 3.7% year over year to $5.95 billion.
• The company declared a quarterly dividend of $0.40 per share, and Wall Street currently has a Moderate Buy consensus on DHR with an average price target of $231.64.

California Public Employees Retirement System grew its holdings in Danaher Corporation (NYSE:DHR - Free Report) by 25.3% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,858,071 shares of the conglomerate's stock after acquiring an additional 374,965 shares during the quarter. California Public Employees Retirement System owned about 0.26% of Danaher worth $352,290,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Watershed Asset Management L.L.C. purchased a new stake in shares of Danaher during the 1st quarter worth approximately $1,782,000. Heartland Bank & Trust Co raised its stake in Danaher by 62.5% during the 1st quarter. Heartland Bank & Trust Co now owns 3,209 shares of the conglomerate's stock worth $608,000 after acquiring an additional 1,234 shares in the last quarter. Kera Capital Partners Inc. lifted its position in Danaher by 42.7% in the first quarter. Kera Capital Partners Inc. now owns 2,070 shares of the conglomerate's stock valued at $392,000 after acquiring an additional 619 shares during the last quarter. Gryphon Financial Partners LLC boosted its stake in Danaher by 7.8% in the first quarter. Gryphon Financial Partners LLC now owns 4,927 shares of the conglomerate's stock valued at $934,000 after acquiring an additional 357 shares in the last quarter. Finally, Townsend Asset Management Corp NC ADV grew its holdings in shares of Danaher by 2.4% during the first quarter. Townsend Asset Management Corp NC ADV now owns 32,318 shares of the conglomerate's stock worth $6,128,000 after purchasing an additional 750 shares during the last quarter. Institutional investors and hedge funds own 79.05% of the company's stock.

Danaher Trading Down 0.7%

NYSE:DHR opened at $203.65 on Friday. Danaher Corporation has a 12-month low of $160.93 and a 12-month high of $242.80. The company has a current ratio of 1.87, a quick ratio of 1.52 and a debt-to-equity ratio of 0.33. The stock's 50 day simple moving average is $183.27 and its 200-day simple moving average is $198.47. The firm has a market cap of $144.14 billion, a P/E ratio of 39.39, a PEG ratio of 2.53 and a beta of 0.79.

Danaher (NYSE:DHR - Get Free Report) last issued its quarterly earnings results on Monday, April 20th. The conglomerate reported $2.06 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.12. Danaher had a return on equity of 10.91% and a net margin of 14.89%.The firm had revenue of $5.95 billion during the quarter, compared to the consensus estimate of $6 billion. During the same period last year, the company earned $1.88 earnings per share. The company's revenue for the quarter was up 3.7% on a year-over-year basis. Equities analysts anticipate that Danaher Corporation will post 8.45 EPS for the current year.

Danaher Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, June 26th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Friday, June 26th. Danaher's dividend payout ratio (DPR) is 30.95%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on DHR. Citigroup started coverage on Danaher in a research report on Tuesday, May 26th. They set a "buy" rating and a $230.00 target price on the stock. Wells Fargo & Company dropped their price target on Danaher from $240.00 to $212.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 22nd. Morgan Stanley cut their price target on Danaher from $270.00 to $255.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 22nd. Rothschild & Co Redburn set a $205.00 price objective on Danaher in a research note on Friday, April 17th. Finally, TD Cowen decreased their price objective on Danaher from $245.00 to $240.00 and set a "buy" rating for the company in a report on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, Danaher currently has a consensus rating of "Moderate Buy" and an average price target of $231.64.

About Danaher

Danaher Corporation NYSE: DHR is a global science and technology company that designs, manufactures and markets products and services for the life sciences, diagnostics, and environmental and applied markets. The company organizes its operations into business segments focused on Life Sciences, Diagnostics, and Environmental & Applied Solutions, supplying instruments, reagents, software and related services that support research, clinical testing, biopharmaceutical development, and industrial and environmental monitoring.

Products and services in Danaher's portfolio include analytical and diagnostic instruments, laboratory consumables and reagents, digital and software solutions for workflow and data management, field and industrial monitoring equipment, and service and maintenance programs.

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