Royal Bank of Canada Decreases Holdings in Penumbra, Inc. $PEN

Key Points

• Royal Bank of Canada cut its Penumbra stake by 49.9% in the first quarter, selling 39,656 shares and retaining 39,794 shares worth approximately $13.1 million.
• Penumbra reported quarterly revenue of $390.05 million, up 14.9% year over year and slightly above estimates, but EPS of $0.88 missed consensus by $0.28.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $367.07, compared with the stock’s reported price of $324.67.

Royal Bank of Canada lowered its position in Penumbra, Inc. (NYSE:PEN - Free Report) by 49.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 39,794 shares of the company's stock after selling 39,656 shares during the quarter. Royal Bank of Canada owned about 0.10% of Penumbra worth $13,067,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PEN. Geode Capital Management LLC boosted its position in Penumbra by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 766,510 shares of the company's stock worth $238,365,000 after purchasing an additional 18,738 shares during the period. Invesco Ltd. raised its position in shares of Penumbra by 1.1% in the fourth quarter. Invesco Ltd. now owns 638,305 shares of the company's stock valued at $198,455,000 after purchasing an additional 7,211 shares during the period. Artisan Partners Limited Partnership lifted its stake in shares of Penumbra by 165.9% during the 4th quarter. Artisan Partners Limited Partnership now owns 594,112 shares of the company's stock valued at $184,715,000 after buying an additional 370,636 shares in the last quarter. Janus Henderson Group PLC lifted its stake in shares of Penumbra by 1.5% during the 4th quarter. Janus Henderson Group PLC now owns 475,898 shares of the company's stock valued at $147,962,000 after buying an additional 7,050 shares in the last quarter. Finally, Whitebox Advisors LLC bought a new position in Penumbra in the 1st quarter worth approximately $146,125,000. 88.88% of the stock is currently owned by institutional investors.

Penumbra Price Performance

Shares of NYSE:PEN opened at $324.67 on Friday. The company has a 50 day moving average of $318.84 and a 200 day moving average of $329.91. The company has a current ratio of 5.75, a quick ratio of 3.86 and a debt-to-equity ratio of 0.01. The stock has a market cap of $12.79 billion, a P/E ratio of 79.77, a P/E/G ratio of 2.01 and a beta of 0.70. Penumbra, Inc. has a 12 month low of $221.26 and a 12 month high of $362.41.

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

Analyst Ratings Changes

A number of research analysts recently weighed in on PEN shares. Wall Street Zen upgraded shares of Penumbra to a "hold" rating in a research note on Saturday, May 9th. Zacks Research downgraded Penumbra from a "hold" rating to a "strong sell" rating in a research report on Monday, June 29th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Penumbra in a report on Friday, July 17th. Citigroup reduced 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. Finally, Evercore reiterated an "outperform" rating and set a $320.00 price objective on shares of Penumbra in a research note on Monday, July 6th. Three research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Penumbra currently has a consensus rating of "Hold" and an average target price of $367.07.

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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