Sumitomo Mitsui Trust Group Inc. Sells 37,024 Shares of Thermo Fisher Scientific Inc. $TMO

Key Points

• Sumitomo Mitsui Trust Group reduced its Thermo Fisher Scientific stake by 3.4%, selling 37,024 shares and retaining 1.04 million shares valued at approximately $703.7 million. Institutional investors collectively own 89.23% of the company.
• Analysts remain broadly bullish, with Thermo Fisher receiving a consensus “Moderate Buy” rating and an average price target of $689.10; TD Cowen recently raised its target to $810.
• Thermo Fisher exceeded quarterly expectations, reporting adjusted EPS of $6.68 and revenue of $12.14 billion, with revenue rising 9.1% year over year. The stock opened at $696.78 after declining 1.7%.

Sumitomo Mitsui Trust Group Inc. lowered its holdings in shares of Thermo Fisher Scientific Inc. (NYSE:TMO - Free Report) by 3.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,042,381 shares of the medical research company's stock after selling 37,024 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.28% of Thermo Fisher Scientific worth $703,659,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in TMO. BlackRock Inc. bought a new stake in shares of Thermo Fisher Scientific during the second quarter valued at about $15,501,867,000. Bank of New York Mellon Corp bought a new position in Thermo Fisher Scientific in the 2nd quarter valued at about $1,974,561,000. Bank of America Corp DE acquired a new position in Thermo Fisher Scientific during the 2nd quarter valued at about $1,952,930,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Thermo Fisher Scientific by 0.9% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,472,524 shares of the medical research company's stock valued at $1,239,625,000 after buying an additional 22,827 shares during the period. Finally, Legal & General Group Plc bought a new stake in shares of Thermo Fisher Scientific during the 2nd quarter worth about $1,122,351,000. Institutional investors and hedge funds own 89.23% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TMO. Piper Sandler started coverage on shares of Thermo Fisher Scientific in a report on Wednesday, September 9th. They issued an "overweight" rating for the company. Guggenheim initiated coverage on Thermo Fisher Scientific in a research report on Thursday, October 15th. They issued a "buy" rating for the company. Scotiabank initiated coverage on Thermo Fisher Scientific in a research note on Wednesday, September 9th. They set an "outperform" rating for the company. TD Cowen boosted their price objective on Thermo Fisher Scientific from $760.00 to $810.00 and gave the stock a "buy" rating in a research note on Thursday, October 22nd. Finally, Jefferies Financial Group restated a "buy" rating and issued a $630.00 price objective on shares of Thermo Fisher Scientific in a report on Thursday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $689.10.

Insider Activity

In other news, VP Lisa P. Britt sold 2,831 shares of the business's stock in a transaction that occurred on Wednesday, October 28th. The shares were sold at an average price of $706.45, for a total transaction of $1,999,959.95. Following the sale, the vice president owned 11,560 shares in the company, valued at $8,166,562. The trade was a 19.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Marc N. Casper sold 275 shares of the company's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $627.05, for a total transaction of $172,438.75. Following the completion of the sale, the chief executive officer owned 123,925 shares of the company's stock, valued at approximately $77,707,171.25. This trade represents a 0.22% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 76,199 shares of company stock valued at $45,896,780 over the last ninety days. Corporate insiders own 0.33% of the company's stock.

Thermo Fisher Scientific Trading Down 1.7%

Thermo Fisher Scientific stock opened at $696.78 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.41 and a current ratio of 1.81. The firm has a market cap of $257.63 billion, a price-to-earnings ratio of 36.75, a price-to-earnings-growth ratio of 2.84 and a beta of 0.87. Thermo Fisher Scientific Inc. has a 1 year low of $435.27 and a 1 year high of $711.85. The firm's 50 day moving average price is $654.87 and its two-hundred day moving average price is $552.94.

Thermo Fisher Scientific (NYSE:TMO - Get Free Report) last announced its quarterly earnings data on Wednesday, October 21st. The medical research company reported $6.68 EPS for the quarter, beating analysts' consensus estimates of $6.40 by $0.28. Thermo Fisher Scientific had a return on equity of 17.33% and a net margin of 14.94%. The company had revenue of $12.14 billion during the quarter, compared to the consensus estimate of $11.95 billion. During the same quarter in the prior year, the firm earned $5.79 EPS. The company's quarterly revenue was up 9.1% compared to the same quarter last year. On average, research analysts predict that Thermo Fisher Scientific Inc. will post 25.26 EPS for the current fiscal year.

Thermo Fisher Scientific Company Profile

Thermo Fisher Scientific Inc is a global supplier of laboratory products, analytical instruments, reagents, consumables, software and services used in scientific research, healthcare, pharmaceuticals, biotechnology and industrial applications. The company serves customers ranging from academic institutions and government agencies to hospitals, clinical laboratories and pharmaceutical manufacturers.

Its offerings include instruments and systems for genetic analysis, mass spectrometry, chromatography, electron microscopy and materials science, as well as molecular biology reagents, cell culture products, laboratory plastics and research chemicals.

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