Pinnacle Associates Ltd. Lowers Stake in Thermo Fisher Scientific Inc. (NYSE:TMO)

Pinnacle Associates Ltd. trimmed its position in shares of Thermo Fisher Scientific Inc. (NYSE:TMO - Free Report) by 25.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 24,261 shares of the medical research company's stock after selling 8,457 shares during the quarter. Pinnacle Associates Ltd.'s holdings in Thermo Fisher Scientific were worth $12,072,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Bernard Wealth Management Corp. purchased a new stake in shares of Thermo Fisher Scientific during the 4th quarter valued at about $25,000. Ameriflex Group Inc. purchased a new stake in shares of Thermo Fisher Scientific during the 4th quarter valued at about $30,000. IMA Advisory Services Inc. purchased a new stake in shares of Thermo Fisher Scientific during the 1st quarter valued at about $35,000. Navigoe LLC purchased a new stake in shares of Thermo Fisher Scientific during the 4th quarter valued at about $37,000. Finally, Smallwood Wealth Investment Management LLC purchased a new stake in shares of Thermo Fisher Scientific during the 1st quarter valued at about $37,000. 89.23% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Gianluca Pettiti sold 300 shares of the stock in a transaction on Monday, April 28th. The shares were sold at an average price of $429.93, for a total value of $128,979.00. Following the sale, the executive vice president owned 23,167 shares of the company's stock, valued at approximately $9,960,188.31. This represents a 1.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.33% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

TMO has been the topic of several recent research reports. Royal Bank Of Canada lowered their price objective on shares of Thermo Fisher Scientific from $651.00 to $637.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. Barclays increased their price objective on shares of Thermo Fisher Scientific from $450.00 to $490.00 and gave the stock an "equal weight" rating in a research note on Thursday. Argus lowered their price objective on shares of Thermo Fisher Scientific from $620.00 to $470.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Robert W. Baird increased their price objective on shares of Thermo Fisher Scientific from $553.00 to $567.00 and gave the stock an "outperform" rating in a research note on Thursday. Finally, Wells Fargo & Company lowered their price objective on shares of Thermo Fisher Scientific from $570.00 to $565.00 and set an "overweight" rating on the stock in a research note on Thursday. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, Thermo Fisher Scientific presently has an average rating of "Moderate Buy" and an average target price of $593.00.

Thermo Fisher Scientific Price Performance

TMO traded up $3.58 during trading on Friday, reaching $478.61. 4,191,526 shares of the company traded hands, compared to its average volume of 3,108,119. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.38 and a current ratio of 1.93. Thermo Fisher Scientific Inc. has a 12-month low of $385.46 and a 12-month high of $627.88. The firm has a fifty day simple moving average of $413.76 and a 200 day simple moving average of $470.22. The company has a market cap of $180.67 billion, a P/E ratio of 27.68, a PEG ratio of 2.47 and a beta of 0.77.

Thermo Fisher Scientific (NYSE:TMO - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The medical research company reported $5.36 earnings per share for the quarter, beating analysts' consensus estimates of $5.22 by $0.14. Thermo Fisher Scientific had a net margin of 15.24% and a return on equity of 16.82%. The firm had revenue of $10.86 billion during the quarter, compared to analyst estimates of $10.68 billion. During the same period last year, the firm posted $5.37 earnings per share. Thermo Fisher Scientific's revenue for the quarter was up 2.9% compared to the same quarter last year. On average, equities analysts forecast that Thermo Fisher Scientific Inc. will post 23.28 EPS for the current year.

Thermo Fisher Scientific Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 15th will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date is Monday, September 15th. Thermo Fisher Scientific's dividend payout ratio (DPR) is presently 10.09%.

Thermo Fisher Scientific Profile

Thermo Fisher Scientific Inc provides life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services in the North America, Europe, Asia-Pacific, and internationally. The company's Life Sciences Solutions segment offers reagents, instruments, and consumables for biological and medical research, discovery, and production of drugs and vaccines, as well as diagnosis of infections and diseases; and solutions include biosciences, genetic sciences, and bio production to pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets.