Primecap Management Co. CA Trims Stock Position in Illumina, Inc. (NASDAQ:ILMN)

Key Points

• Primecap Management Co. CA reduced its stake in Illumina, Inc. by 3.5%, holding approximately 2,370,949 shares, valued at about $188.1 million as of the latest SEC filing.
• Multiple hedge funds made significant changes to their positions in Illumina, with Rakuten Securities increasing its stake by 290.3% and PFS Partners growing theirs by 400.0% during the 1st quarter.
• Analysts have mixed opinions on Illumina, with ten hold ratings and a consensus price target of $127.47, while various research firms have made adjustments to their price targets ranging from $80.00 to $185.00.

Primecap Management Co. CA lowered its stake in shares of Illumina, Inc. (NASDAQ:ILMN - Free Report) by 3.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,370,949 shares of the life sciences company's stock after selling 84,870 shares during the quarter. Primecap Management Co. CA owned about 1.50% of Illumina worth $188,111,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Rakuten Securities Inc. grew its position in shares of Illumina by 290.3% in the 1st quarter. Rakuten Securities Inc. now owns 363 shares of the life sciences company's stock worth $29,000 after buying an additional 270 shares during the period. Center for Financial Planning Inc. purchased a new stake in Illumina in the first quarter worth about $33,000. Fourth Dimension Wealth LLC purchased a new stake in Illumina in the fourth quarter worth about $40,000. PFS Partners LLC grew its holdings in Illumina by 400.0% in the first quarter. PFS Partners LLC now owns 500 shares of the life sciences company's stock worth $40,000 after purchasing an additional 400 shares during the period. Finally, Golden State Wealth Management LLC grew its holdings in Illumina by 123.2% in the first quarter. Golden State Wealth Management LLC now owns 529 shares of the life sciences company's stock worth $42,000 after purchasing an additional 292 shares during the period. Hedge funds and other institutional investors own 89.42% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on ILMN. Canaccord Genuity Group upped their price target on Illumina from $99.00 to $105.00 and gave the stock a "hold" rating in a research note on Friday, August 1st. Piper Sandler cut their target price on Illumina from $190.00 to $185.00 and set an "overweight" rating on the stock in a research note on Thursday, May 15th. Citigroup cut Illumina from a "hold" rating to a "strong sell" rating and cut their target price for the stock from $85.00 to $80.00 in a research note on Wednesday, July 9th. Guggenheim cut their target price on Illumina from $122.00 to $114.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Finally, Morgan Stanley increased their price objective on shares of Illumina from $100.00 to $105.00 and gave the company an "equal weight" rating in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $127.47.

Insider Activity

In other Illumina news, CFO Ankur Dhingra purchased 6,100 shares of the company's stock in a transaction dated Monday, May 12th. The shares were acquired at an average price of $81.21 per share, for a total transaction of $495,381.00. Following the purchase, the chief financial officer directly owned 24,906 shares of the company's stock, valued at $2,022,616.26. The trade was a 32.44% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.17% of the company's stock.

Illumina Trading Down 0.7%

Shares of NASDAQ:ILMN opened at $97.76 on Wednesday. The stock has a market capitalization of $15.03 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 2.21 and a beta of 1.37. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.41 and a current ratio of 1.81. The stock's 50-day simple moving average is $94.47 and its two-hundred day simple moving average is $92.05. Illumina, Inc. has a 52-week low of $68.70 and a 52-week high of $156.66.

Illumina (NASDAQ:ILMN - Get Free Report) last announced its earnings results on Thursday, July 31st. The life sciences company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.17. The business had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.12 billion. Illumina had a return on equity of 28.93% and a net margin of 29.36%. The business's revenue for the quarter was down 4.8% on a year-over-year basis. During the same period last year, the firm posted $0.36 earnings per share. Analysts expect that Illumina, Inc. will post 4.51 EPS for the current year.

Illumina Company Profile

Illumina, Inc offers sequencing- and array-based solutions for genetic and genomic analysis in the United States, Singapore, the United Kingdom, and internationally. It operates through Core Illumina and GRAIL segments. The company offers sequencing and array-based instruments and consumables, which include reagents, flow cells, and library preparation; whole-genome sequencing kits, which sequence entire genomes of various size and complexity; and targeted resequencing kits, which sequence exomes, specific genes, and RNA or other genomic regions of interest.

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