M&T Bank Corp Grows Position in Penumbra, Inc. $PEN

Key Points

• M&T Bank Corp boosted its stake in Penumbra by 4,733.1% in Q4 to 38,955 shares (about 0.10% of the company, ~$12.1M), while other institutions including Holocene, Man Group, AQR, Balyasny and UBS also added large positions, leaving institutional ownership at 88.88%.
• Penumbra missed on EPS (reported $(0.37) vs. $1.12 expected) but beat revenue expectations ($385.4M vs. $367.2M), with revenue up 22.2% YoY; the stock trades at a market cap of $13.08B and a high PE of 73.75.
• Analysts have a consensus rating of "Hold" with an average target of $364.60 after several downgrades, and insiders have been selling (CFO sold 2,432 shares), with insiders owning 4.20% of the stock.

M&T Bank Corp increased its position in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 4,733.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 38,955 shares of the company's stock after buying an additional 38,149 shares during the quarter. M&T Bank Corp owned about 0.10% of Penumbra worth $12,111,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Holocene Advisors LP purchased a new position in shares of Penumbra in the 3rd quarter valued at approximately $78,585,000. Man Group plc grew its stake in shares of Penumbra by 1,862.2% in the 2nd quarter. Man Group plc now owns 206,461 shares of the company's stock valued at $52,984,000 after purchasing an additional 195,939 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Penumbra by 139.4% in the 2nd quarter. AQR Capital Management LLC now owns 330,990 shares of the company's stock valued at $84,939,000 after purchasing an additional 192,734 shares during the last quarter. Balyasny Asset Management L.P. purchased a new position in shares of Penumbra in the 3rd quarter valued at approximately $43,476,000. Finally, UBS Group AG grew its stake in shares of Penumbra by 111.6% in the 3rd quarter. UBS Group AG now owns 190,567 shares of the company's stock valued at $48,274,000 after purchasing an additional 100,527 shares during the last quarter. Hedge funds and other institutional investors own 88.88% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PEN. Robert W. Baird reiterated a "neutral" rating and issued a $374.00 target price (up from $345.00) on shares of Penumbra in a research note on Friday, January 16th. Canaccord Genuity Group downgraded Penumbra from a "buy" rating to a "hold" rating and lifted their target price for the company from $359.00 to $374.00 in a research note on Tuesday, January 20th. UBS Group reiterated a "neutral" rating and issued a $374.00 target price on shares of Penumbra in a research note on Thursday, February 26th. Leerink Partners downgraded Penumbra from a "strong-buy" rating to a "hold" rating in a research note on Friday, January 16th. Finally, Needham & Company LLC downgraded Penumbra from a "buy" rating to a "hold" rating in a research note on Friday, January 16th. Three equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $364.60.

Insider Buying and Selling

In related news, CFO Maggie Yuen sold 2,432 shares of Penumbra stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $342.30, for a total value of $832,473.60. Following the sale, the chief financial officer directly owned 18,353 shares in the company, valued at $6,282,231.90. The trade was a 11.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Harpreet Grewal sold 100 shares of Penumbra stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $328.22, for a total value of $32,822.00. Following the transaction, the director directly owned 8,719 shares of the company's stock, valued at approximately $2,861,750.18. This represents a 1.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.20% of the stock is owned by insiders.

Penumbra Stock Up 0.3%

Penumbra stock opened at $333.35 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.64 and a quick ratio of 4.29. Penumbra, Inc. has a 1-year low of $221.26 and a 1-year high of $362.41. The company has a market cap of $13.08 billion, a PE ratio of 73.75, a price-to-earnings-growth ratio of 2.03 and a beta of 0.84. The stock's 50 day moving average price is $335.45 and its 200 day moving average price is $311.24.

Penumbra (NYSE:PEN - Get Free Report) last posted its quarterly earnings results on Wednesday, February 25th. The company reported ($0.37) earnings per share for the quarter, missing analysts' consensus estimates of $1.12 by ($1.49). Penumbra had a net margin of 12.66% and a return on equity of 11.41%. The business had revenue of $385.39 million during the quarter, compared to analysts' expectations of $367.18 million. During the same quarter last year, the firm earned $0.97 earnings per share. The firm's quarterly revenue was up 22.2% compared to the same quarter last year. On average, sell-side analysts predict that Penumbra, Inc. will post 5.08 EPS for the current fiscal year.

Penumbra Company Profile

Penumbra, Inc is a global healthcare company specializing in the development and manufacture of innovative medical devices that address neurovascular and peripheral vascular conditions. The company focuses on products designed to improve patient outcomes in acute ischemic stroke, aneurysm treatment and peripheral thrombectomy. Penumbra's technologies are used by interventional neuroradiologists, neurosurgeons and interventional cardiologists in hospitals and clinics around the world.

At the core of Penumbra's portfolio is its mechanical thrombectomy platform, which includes aspiration catheters and accessory devices engineered to remove blood clots in acute stroke cases.

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