Montecito Bank & Trust Acquires 10,644 Shares of Danaher Corporation $DHR

Key Points

• Montecito Bank & Trust increased its Danaher stake by 409.1% in the third quarter, purchasing 10,644 additional shares and bringing its holdings to 13,246 shares valued at approximately $2.94 million. Institutional investors collectively own 79.05% of Danaher.
• Danaher shares fell 4.5% to $211.47, while the company’s latest quarterly results exceeded expectations with $1.94 in EPS and $6.26 billion in revenue, up 5.5% year over year.
• Danaher declared a quarterly dividend of $0.40 per share, representing a $1.60 annualized payout and a 0.8% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $232.50.

Montecito Bank & Trust grew its holdings in Danaher Corporation (NYSE:DHR - Free Report) by 409.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 13,246 shares of the conglomerate's stock after purchasing an additional 10,644 shares during the period. Montecito Bank & Trust's holdings in Danaher were worth $2,935,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of DHR. Stonebridge Financial Group LLC bought a new position in Danaher in the third quarter valued at about $8,880,000. Parrish Capital LLC bought a new position in shares of Danaher in the third quarter worth about $3,386,000. Confluence Investment Management LLC bought a new position in shares of Danaher in the third quarter worth about $291,360,000. QRG Capital Management Inc. boosted its stake in shares of Danaher by 194.0% in the 2nd quarter. QRG Capital Management Inc. now owns 175,542 shares of the conglomerate's stock valued at $33,437,000 after purchasing an additional 115,833 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its holdings in shares of Danaher by 224.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 93,098 shares of the conglomerate's stock valued at $17,733,000 after purchasing an additional 64,373 shares during the last quarter. Institutional investors and hedge funds own 79.05% of the company's stock.

Danaher Trading Down 4.5%

DHR traded down $10.08 during trading on Thursday, reaching $211.47. 5,302,533 shares of the company's stock were exchanged, compared to its average volume of 4,477,097. The company has a current ratio of 1.65, a quick ratio of 1.25 and a debt-to-equity ratio of 0.48. Danaher Corporation has a one year low of $160.93 and a one year high of $242.80. The firm has a fifty day moving average price of $208.38 and a two-hundred day moving average price of $193.37. The stock has a market capitalization of $148.66 billion, a PE ratio of 37.56, a price-to-earnings-growth ratio of 2.82 and a beta of 0.78.

Danaher (NYSE:DHR - Get Free Report) last issued 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. The company had revenue of $6.26 billion for the quarter, compared to analyst estimates of $6.12 billion. Danaher had a net margin of 15.95% and a return on equity of 11.04%. Danaher's revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.77 earnings per share. As a group, equities research analysts forecast that Danaher Corporation will post 8.53 earnings per share for the current fiscal year.

Danaher Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.60 annualized dividend and a yield of 0.8%. Danaher's payout ratio is presently 28.42%.

Analysts Set New Price Targets

DHR has been the subject of a number of research analyst reports. HSBC lowered their price objective on shares of Danaher from $270.00 to $230.00 and set a "buy" rating for the company in a research report on Wednesday, June 3rd. UBS Group assumed coverage on shares of Danaher in a research note on Wednesday, September 9th. They set a "buy" rating and a $250.00 target price on the stock. Evercore reiterated an "outperform" rating and set a $230.00 price target on shares of Danaher in a report on Monday, July 6th. The Goldman Sachs Group increased their price target on Danaher from $210.00 to $250.00 and gave the company a "buy" rating in a research note on Monday, September 21st. Finally, Guggenheim boosted their price objective on Danaher from $200.00 to $250.00 and gave the stock a "buy" rating in a research report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $232.50.

Danaher Profile

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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