New York Life Investment Management LLC Takes $999,000 Position in Penumbra, Inc. $PEN

Key Points

• New York Life Investment Management disclosed a new fourth-quarter stake in Penumbra, buying 3,213 shares worth about $999,000.
• Institutional interest in Penumbra remains high, with 88.88% of shares held by hedge funds and other institutional investors. Several funds increased positions during the period.
• Penumbra’s latest results showed revenue growth of 15.6% year over year, but earnings missed estimates, with EPS of $0.82 versus the $1.06 consensus. Wall Street’s overall view remains Hold, with an average price target of $361.33.

New York Life Investment Management LLC acquired a new stake in Penumbra, Inc. (NYSE:PEN - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,213 shares of the company's stock, valued at approximately $999,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Farther Finance Advisors LLC increased its position in shares of Penumbra by 27.1% in the fourth quarter. Farther Finance Advisors LLC now owns 178 shares of the company's stock valued at $55,000 after buying an additional 38 shares in the last quarter. Swiss Life Asset Management Ltd increased its stake in shares of Penumbra by 2.3% during the fourth quarter. Swiss Life Asset Management Ltd now owns 1,728 shares of the company's stock worth $537,000 after purchasing an additional 39 shares in the last quarter. Abbot Financial Management Inc. increased its stake in shares of Penumbra by 1.3% during the third quarter. Abbot Financial Management Inc. now owns 3,254 shares of the company's stock worth $824,000 after purchasing an additional 42 shares in the last quarter. Glenview Trust Co increased its stake in shares of Penumbra by 5.0% during the third quarter. Glenview Trust Co now owns 904 shares of the company's stock worth $229,000 after purchasing an additional 43 shares in the last quarter. Finally, Keybank National Association OH increased its stake in shares of Penumbra by 1.2% during the fourth quarter. Keybank National Association OH now owns 3,705 shares of the company's stock worth $1,152,000 after purchasing an additional 43 shares in the last quarter. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Penumbra Stock Down 0.0%

Shares of NYSE PEN opened at $326.40 on Wednesday. Penumbra, Inc. has a 12-month low of $221.26 and a 12-month high of $362.41. The stock has a market cap of $12.84 billion, a PE ratio of 75.21, a P/E/G ratio of 2.00 and a beta of 0.74. The company has a current ratio of 6.02, a quick ratio of 3.95 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average of $330.45 and a 200 day moving average of $320.35.

Penumbra (NYSE:PEN - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.24). Penumbra had a net margin of 11.76% and a return on equity of 10.87%. The business had revenue of $374.76 million for the quarter, compared to analysts' expectations of $370.47 million. During the same period in the prior year, the company posted $0.83 EPS. The firm's revenue was up 15.6% on a year-over-year basis. As a group, sell-side analysts predict that Penumbra, Inc. will post 5.08 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PEN has been the subject of a number of research reports. Canaccord Genuity Group cut shares of Penumbra from a "buy" rating to a "hold" rating and boosted their target price for the stock from $359.00 to $374.00 in a research note on Tuesday, January 20th. Evercore reissued an "outperform" rating and set a $335.00 target price on shares of Penumbra in a research note on Thursday, May 7th. Royal Bank Of Canada cut shares of Penumbra from an "outperform" rating to a "sector perform" rating and boosted their target price for the stock from $355.00 to $374.00 in a research note on Tuesday, January 20th. UBS Group reissued a "neutral" rating and set a $374.00 target price on shares of Penumbra in a research note on Thursday, February 26th. Finally, Citigroup dropped their price target on Penumbra from $374.00 to $350.00 and set a "neutral" rating for the company in a research report on Thursday, May 7th. Three research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $361.33.

Insider Activity

In other Penumbra news, CFO Maggie Yuen sold 2,432 shares of the company's stock in a transaction 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 completion of the sale, the chief financial officer directly owned 18,353 shares in the company, valued at $6,282,231.90. This represents a 11.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harpreet Grewal sold 100 shares of the company's stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $328.22, for a total value of $32,822.00. Following the completion of the sale, the director owned 8,719 shares of the company's stock, valued at approximately $2,861,750.18. The trade was 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. 2.90% of the stock is currently owned by corporate insiders.

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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