Primecap Management Co. CA Takes Position in Penumbra, Inc. $PEN

Key Points

• Primecap Management acquired 26,060 Penumbra shares worth approximately $8.23 million, giving it a 0.07% stake. Institutional investors collectively own 88.88% of the company.
• Analysts maintain a generally cautious view: three rate Penumbra a Buy and 14 rate it a Hold, producing an average rating of Hold and a consensus price target of $367.07.
• Penumbra shares opened at $323.36, while the company’s latest quarterly earnings of $0.88 per share missed estimates of $1.16 despite revenue rising 14.9% year over year to $390.05 million.

Primecap Management Co. CA bought a new stake in shares of Penumbra, Inc. (NYSE:PEN - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 26,060 shares of the company's stock, valued at approximately $8,228,000. Primecap Management Co. CA owned approximately 0.07% of Penumbra at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Penumbra in the second quarter valued at about $25,000. Larson Financial Group LLC raised its position in shares of Penumbra by 4,100.0% during the 4th quarter. Larson Financial Group LLC now owns 84 shares of the company's stock worth $26,000 after purchasing an additional 82 shares during the last quarter. CIBC Private Wealth Group LLC lifted its stake in Penumbra by 2,700.0% in the 4th quarter. CIBC Private Wealth Group LLC now owns 84 shares of the company's stock valued at $26,000 after buying an additional 81 shares in the last quarter. Motiv8 Investments LLC purchased a new position in Penumbra in the 4th quarter valued at about $27,000. Finally, Keating Financial Advisory Services Inc. acquired a new stake in Penumbra in the 2nd quarter worth about $31,000. Hedge funds and other institutional investors own 88.88% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on PEN shares. Zacks Research upgraded Penumbra from a "strong sell" rating to a "hold" rating in a research note on Monday. Evercore restated an "outperform" rating and issued a $320.00 target price on shares of Penumbra in a research report on Monday, July 6th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Penumbra in a research note on Friday, July 17th. Wall Street Zen upgraded Penumbra to a "hold" rating in a research report on Saturday, May 9th. Finally, Citigroup reduced their price objective on Penumbra from $374.00 to $350.00 and set a "neutral" rating for the company in a research note on Thursday, May 7th. Three 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.com, the company presently has an average rating of "Hold" and a consensus price target of $367.07.

Penumbra Stock Down 0.3%

Shares of NYSE PEN opened at $323.36 on Thursday. The stock has a market cap of $12.74 billion, a PE ratio of 79.45, a P/E/G ratio of 2.01 and a beta of 0.70. The company has a current ratio of 5.75, a quick ratio of 3.86 and a debt-to-equity ratio of 0.01. Penumbra, Inc. has a 12-month low of $221.26 and a 12-month high of $362.41. The company has a 50-day moving average of $320.53 and a 200 day moving average of $327.04.

Penumbra (NYSE:PEN - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $0.88 earnings per share for the quarter, missing analysts' consensus estimates of $1.16 by ($0.28). The business had revenue of $390.05 million during the quarter, compared to analysts' expectations of $389.64 million. Penumbra had a return on equity of 10.50% and a net margin of 10.67%.The company's revenue for the quarter was up 14.9% compared to the same quarter last year. During the same period last year, the business earned $0.86 earnings per share. As a group, sell-side analysts predict that Penumbra, Inc. will post 5.02 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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