Glenmede Investment Management LP Sells 29,195 Shares of Thermo Fisher Scientific Inc. $TMO

Key Points

• Glenmede Investment Management trimmed its Thermo Fisher stake by 25.7% in Q3, selling 29,195 shares and leaving 84,444 shares valued at about $40.96 million.
• Several large institutions (Vanguard, Capital World, Franklin Resources, Bank of New York Mellon and others) increased their positions, leaving institutional ownership at about 89.23%.
• Thermo Fisher recently beat quarterly expectations with $6.57 EPS and $12.22 billion revenue, raised its quarterly dividend to $0.47 (annual $1.88, yield 0.4%), and carries an average analyst price target of $633.68 with a "Moderate Buy" consensus.

Glenmede Investment Management LP trimmed its holdings in shares of Thermo Fisher Scientific Inc. (NYSE:TMO - Free Report) by 25.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 84,444 shares of the medical research company's stock after selling 29,195 shares during the period. Glenmede Investment Management LP's holdings in Thermo Fisher Scientific were worth $40,957,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Thermo Fisher Scientific by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 33,789,164 shares of the medical research company's stock worth $13,700,154,000 after acquiring an additional 309,207 shares during the last quarter. Capital World Investors lifted its position in Thermo Fisher Scientific by 7.4% in the third quarter. Capital World Investors now owns 10,285,145 shares of the medical research company's stock valued at $4,988,132,000 after purchasing an additional 706,572 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Thermo Fisher Scientific by 21.0% during the third quarter. Franklin Resources Inc. now owns 5,925,671 shares of the medical research company's stock valued at $2,874,069,000 after purchasing an additional 1,028,125 shares during the period. Norges Bank bought a new position in shares of Thermo Fisher Scientific in the second quarter worth approximately $2,264,615,000. Finally, Bank of New York Mellon Corp increased its stake in shares of Thermo Fisher Scientific by 54.7% in the third quarter. Bank of New York Mellon Corp now owns 3,571,857 shares of the medical research company's stock worth $1,732,422,000 after buying an additional 1,262,967 shares during the period. Institutional investors own 89.23% of the company's stock.

Thermo Fisher Scientific Price Performance

Shares of NYSE TMO opened at $463.99 on Friday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.89 and a quick ratio of 1.53. Thermo Fisher Scientific Inc. has a 1 year low of $385.46 and a 1 year high of $643.99. The company's 50-day moving average is $557.83 and its 200 day moving average is $548.17. The stock has a market capitalization of $172.36 billion, a P/E ratio of 26.15, a P/E/G ratio of 2.75 and a beta of 0.96.

Thermo Fisher Scientific (NYSE:TMO - Get Free Report) last posted its quarterly earnings data on Thursday, January 29th. The medical research company reported $6.57 earnings per share for the quarter, beating the consensus estimate of $6.45 by $0.12. Thermo Fisher Scientific had a return on equity of 16.92% and a net margin of 15.05%.The business had revenue of $12.22 billion for the quarter, compared to analysts' expectations of $11.95 billion. During the same period in the previous year, the firm posted $6.10 EPS. The business's revenue was up 7.2% on a year-over-year basis. On average, sell-side analysts expect that Thermo Fisher Scientific Inc. will post 23.28 earnings per share for the current year.

Thermo Fisher Scientific Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Friday, March 13th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 0.4%. This is a positive change from Thermo Fisher Scientific's previous quarterly dividend of $0.43. The ex-dividend date is Friday, March 13th. Thermo Fisher Scientific's dividend payout ratio is currently 9.70%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on TMO shares. KeyCorp raised shares of Thermo Fisher Scientific from a "sector weight" rating to an "overweight" rating and set a $750.00 price target for the company in a research report on Sunday, December 7th. Wells Fargo & Company set a $683.00 price objective on shares of Thermo Fisher Scientific in a research note on Friday, January 30th. TD Cowen cut their target price on Thermo Fisher Scientific from $696.00 to $683.00 and set a "buy" rating on the stock in a research note on Friday, January 30th. Citigroup boosted their price target on Thermo Fisher Scientific from $660.00 to $685.00 and gave the company a "buy" rating in a report on Friday, January 30th. Finally, Stifel Nicolaus increased their price objective on Thermo Fisher Scientific from $583.00 to $700.00 and gave the stock a "buy" rating in a report on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $633.68.

Insider Buying and Selling at Thermo Fisher Scientific

In related news, CEO Marc N. Casper sold 5,000 shares of Thermo Fisher Scientific stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $512.40, for a total transaction of $2,562,000.00. Following the completion of the transaction, the chief executive officer directly owned 123,925 shares of the company's stock, valued at $63,499,170. This trade represents a 3.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Gianluca Pettiti sold 400 shares of the company's stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $541.20, for a total transaction of $216,480.00. Following the completion of the sale, the executive vice president owned 20,752 shares in the company, valued at approximately $11,230,982.40. This trade represents a 1.89% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.33% of the company's stock.

About Thermo Fisher Scientific

Thermo Fisher Scientific NYSE: TMO is a global provider of scientific instrumentation, reagents and consumables, software, and services that support research, clinical, and industrial laboratories. The company supplies analytical instruments and laboratory equipment, life sciences reagents and kits, specialty diagnostics, and a broad range of consumables used by researchers, clinicians, and manufacturers. Its offerings also include laboratory information management and data-analysis software, as well as service solutions such as instrument maintenance, validation, and logistics that help customers run complex workflows efficiently.

Thermo Fisher operates through multiple business areas that broadly cover life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services, including contract development and manufacturing for pharmaceutical and biotechnology companies.

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