Sone Capital Management LLC Makes New Investment in Waters Corporation $WAT

Key Points

• Sone Capital Management initiated a $22.8 million position in Waters Corporation, purchasing 60,706 shares that represent about 1.7% of its portfolio. Institutional investors and hedge funds collectively own 94.01% of Waters.
• Analysts maintain a “Moderate Buy” consensus on WAT, with an average price target of $420.35; Barclays recently raised its target to $460 and assigned an “overweight” rating.
• Waters exceeded quarterly expectations with adjusted earnings of $3.05 per share and revenue of $1.65 billion, while issuing fiscal 2026 EPS guidance of $14.45–$14.65. The stock opened at $410.79, near its 52-week high of $421.74.

Sone Capital Management LLC bought a new stake in shares of Waters Corporation (NYSE:WAT - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 60,706 shares of the medical instruments supplier's stock, valued at approximately $22,767,000. Waters comprises approximately 1.7% of Sone Capital Management LLC's portfolio, making the stock its 15th largest holding. Sone Capital Management LLC owned approximately 0.06% of Waters at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of WAT. Brighton Jones LLC boosted its position in shares of Waters by 112.9% during the fourth quarter. Brighton Jones LLC now owns 1,269 shares of the medical instruments supplier's stock worth $471,000 after purchasing an additional 673 shares in the last quarter. Integrated Wealth Concepts LLC increased its position in shares of Waters by 2.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 1,048 shares of the medical instruments supplier's stock valued at $386,000 after buying an additional 30 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Waters by 3.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 200,051 shares of the medical instruments supplier's stock valued at $73,733,000 after buying an additional 6,976 shares in the last quarter. Empowered Funds LLC raised its stake in Waters by 16.6% during the 1st quarter. Empowered Funds LLC now owns 1,126 shares of the medical instruments supplier's stock worth $415,000 after buying an additional 160 shares during the period. Finally, Sivia Capital Partners LLC bought a new position in Waters during the second quarter worth about $232,000. 94.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on WAT shares. Robert W. Baird set a $387.00 price target on Waters in a report on Wednesday, May 6th. Barclays boosted their price objective on Waters from $425.00 to $460.00 and gave the company an "overweight" rating in a research report on Wednesday, August 5th. Weiss Ratings downgraded shares of Waters from a "hold (c)" rating to a "hold (c-)" rating in a report on Wednesday, August 12th. Bank of America lifted their price target on shares of Waters from $370.00 to $400.00 and gave the company a "neutral" rating in a research note on Tuesday, June 2nd. Finally, Piper Sandler began coverage on shares of Waters in a report on Thursday, June 11th. They issued a "neutral" rating and a $400.00 price target for the company. Three research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $420.35.

Insider Activity at Waters

In related news, Director Christopher A. Kuebler sold 3,626 shares of the firm's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $397.94, for a total value of $1,442,930.44. Following the completion of the transaction, the director directly owned 17,808 shares of the company's stock, valued at approximately $7,086,515.52. This trade represents a 16.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.31% of the company's stock.

Waters Price Performance

Shares of WAT opened at $410.79 on Tuesday. The company has a quick ratio of 1.29, a current ratio of 1.86 and a debt-to-equity ratio of 0.32. Waters Corporation has a twelve month low of $282.77 and a twelve month high of $421.74. The stock has a market capitalization of $40.36 billion, a P/E ratio of 102.44, a P/E/G ratio of 2.39 and a beta of 1.19. The company has a 50 day moving average of $382.85 and a 200-day moving average of $347.24.

Waters (NYSE:WAT - Get Free Report) last announced its earnings results on Tuesday, August 4th. The medical instruments supplier reported $3.05 EPS for the quarter, topping the consensus estimate of $3.01 by $0.04. Waters had a net margin of 3.58% and a return on equity of 11.27%. The business had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.62 billion. During the same quarter in the prior year, the company posted $2.95 earnings per share. The firm's revenue was up 113.3% on a year-over-year basis. Waters has set its Q3 2026 guidance at 3.950-4.050 EPS and its FY 2026 guidance at 14.450-14.650 EPS. As a group, equities research analysts forecast that Waters Corporation will post 14.57 EPS for the current fiscal year.

Waters Company Profile

Waters Corporation is a global provider of analytical instruments, software and services for laboratory and research applications. The company designs, manufactures and sells technologies centered on liquid chromatography, mass spectrometry, separation science, and related sample preparation and detection systems. Its product portfolio includes chromatographs, mass spectrometers, columns and consumables, laboratory informatics and workflow software, as well as technical support and training services that help customers run and interpret complex analyses.

Waters serves a wide range of end markets that include pharmaceutical and biotechnology companies, contract research and testing laboratories, academic and government research institutions, clinical diagnostics, food and environmental testing, and industrial and chemical manufacturers.

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