The Manufacturers Life Insurance Company Invests $6.32 Million in Penumbra, Inc. $PEN

Key Points

• The Manufacturers Life Insurance Company acquired 20,027 Penumbra shares worth approximately $6.32 million, while institutional investors collectively own 88.88% of the company.
• Analysts maintain a cautious outlook: Penumbra has an average “Hold” rating and a consensus price target of $367.07, with recent targets ranging from $320 to $374.
• Penumbra reported quarterly revenue of $390.05 million, up 14.9% year over year, but earnings per share of $0.88 fell short of the $1.16 analyst consensus.

The Manufacturers Life Insurance Company acquired a new stake in shares of Penumbra, Inc. (NYSE:PEN - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 20,027 shares of the company's stock, valued at approximately $6,324,000. The Manufacturers Life Insurance Company owned approximately 0.05% of Penumbra as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in PEN. BlackRock Inc. bought a new position in Penumbra in the second quarter valued at $1,356,953,000. Geode Capital Management LLC lifted its stake 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 last quarter. Invesco Ltd. lifted its stake in Penumbra by 1.1% during the fourth quarter. Invesco Ltd. now owns 638,305 shares of the company's stock worth $198,455,000 after purchasing an additional 7,211 shares during the last quarter. Artisan Partners Limited Partnership boosted its holdings in shares of Penumbra by 165.9% in the 4th quarter. Artisan Partners Limited Partnership now owns 594,112 shares of the company's stock worth $184,715,000 after purchasing an additional 370,636 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in shares of Penumbra by 1.5% in the 4th quarter. Janus Henderson Group PLC now owns 475,898 shares of the company's stock worth $147,962,000 after purchasing an additional 7,050 shares in the last quarter. 88.88% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PEN has been the topic of a number of research reports. Wall Street Zen raised Penumbra to a "hold" rating in a report on Saturday, May 9th. Citigroup cut their target price on Penumbra from $374.00 to $350.00 and set a "neutral" rating for the company in a research note on Thursday, May 7th. Royal Bank Of Canada reissued a "sector perform" rating and set a $374.00 price target on shares of Penumbra in a research note on Thursday, June 11th. Evercore restated an "outperform" rating and issued a $320.00 price objective on shares of Penumbra in a report on Monday, July 6th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Penumbra in a research note on Friday, July 17th. Three research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $367.07.

Penumbra Trading Down 0.0%

NYSE PEN opened at $321.58 on Monday. The firm has a market cap of $12.67 billion, a PE ratio of 79.01, a price-to-earnings-growth ratio of 1.99 and a beta of 0.70. Penumbra, Inc. has a 1-year low of $221.26 and a 1-year high of $362.41. The stock has a 50-day moving average of $320.71 and a 200-day moving average of $326.78. 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 (NYSE:PEN - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The company reported $0.88 EPS for the quarter, missing analysts' consensus estimates of $1.16 by ($0.28). The company 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%.Penumbra's revenue for the quarter was up 14.9% on a year-over-year basis. During the same period last year, the firm earned $0.86 earnings per share. As a group, sell-side analysts forecast that Penumbra, Inc. will post 5.02 EPS for the current year.

Penumbra 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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