Empyrean Capital Partners LP Purchases New Position in Waters Corporation $WAT

Key Points

• Empyrean Capital Partners initiated a 92,000-share position in Waters Corporation valued at approximately $27.4 million, while institutional investors collectively own 94.01% of the company.
• Waters reported quarterly adjusted earnings of $2.70 per share and revenue of $1.27 billion, exceeding analyst expectations; revenue increased 91.4% year over year. The company guided for fiscal 2026 EPS of $14.40–$14.60.
• Shares opened at $371.13, down 0.9%, while analysts maintain a “Moderate Buy” consensus with an average price target of $401.60.

Empyrean Capital Partners LP bought a new position in Waters Corporation (NYSE:WAT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 92,000 shares of the medical instruments supplier's stock, valued at approximately $27,398,000. Empyrean Capital Partners LP owned approximately 0.09% of Waters as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of WAT. California Public Employees Retirement System increased its position in Waters by 25.4% in the 1st quarter. California Public Employees Retirement System now owns 138,423 shares of the medical instruments supplier's stock worth $41,222,000 after buying an additional 28,074 shares during the period. Banque Cantonale Vaudoise boosted its position in shares of Waters by 329.0% in the fourth quarter. Banque Cantonale Vaudoise now owns 4,294 shares of the medical instruments supplier's stock valued at $1,631,000 after acquiring an additional 3,293 shares during the period. Rockefeller Capital Management L.P. grew its stake in shares of Waters by 106.7% in the fourth quarter. Rockefeller Capital Management L.P. now owns 2,751 shares of the medical instruments supplier's stock worth $1,045,000 after acquiring an additional 1,420 shares during the last quarter. Ramsay Stattman Vela & Price Inc. bought a new position in Waters during the first quarter worth $942,000. Finally, M&T Bank Corp raised its stake in Waters by 1,662.4% during the 4th quarter. M&T Bank Corp now owns 64,273 shares of the medical instruments supplier's stock valued at $24,413,000 after purchasing an additional 60,626 shares during the last quarter. Institutional investors and hedge funds own 94.01% of the company's stock.

Waters Trading Down 0.9%

Shares of Waters stock opened at $371.13 on Tuesday. Waters Corporation has a 12-month low of $275.05 and a 12-month high of $414.15. The stock has a market capitalization of $36.44 billion, a P/E ratio of 47.16, a price-to-earnings-growth ratio of 2.27 and a beta of 1.20. The company has a 50-day simple moving average of $366.00 and a 200 day simple moving average of $345.58. The company has a quick ratio of 1.13, a current ratio of 1.79 and a debt-to-equity ratio of 0.32.

Waters (NYSE:WAT - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The medical instruments supplier reported $2.70 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.39. The firm had revenue of $1.27 billion for the quarter, compared to analysts' expectations of $1.20 billion. Waters had a net margin of 11.91% and a return on equity of 15.60%. The company's quarterly revenue was up 91.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.25 earnings per share. Waters has set its Q2 2026 guidance at 2.950-3.050 EPS and its FY 2026 guidance at 14.400-14.600 EPS. Research analysts expect that Waters Corporation will post 14.51 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on WAT shares. Weiss Ratings reissued a "hold (c)" rating on shares of Waters in a report on Friday, July 17th. Robert W. Baird set a $387.00 price objective on shares of Waters in a research report on Wednesday, May 6th. Guggenheim reiterated a "buy" rating and issued a $440.00 target price on shares of Waters in a research note on Wednesday, July 8th. TD Cowen restated a "hold" rating on shares of Waters in a research note on Wednesday, July 15th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $350.00 price target on shares of Waters in a report on Thursday, May 7th. Three research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $401.60.

About Waters

Waters Corporation is a global provider of analytical instruments, software and services for laboratory and research applications. The company designs, manufactures and sells technologies centered on liquid chromatography, mass spectrometry, separation science, and related sample preparation and detection systems. Its product portfolio includes chromatographs, mass spectrometers, columns and consumables, laboratory informatics and workflow software, as well as technical support and training services that help customers run and interpret complex analyses.

Waters serves a wide range of end markets that include pharmaceutical and biotechnology companies, contract research and testing laboratories, academic and government research institutions, clinical diagnostics, food and environmental testing, and industrial and chemical manufacturers.

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