The Manufacturers Life Insurance Company Sells 65,658 Shares of Penumbra, Inc. $PEN

Key Points

• The Manufacturers Life Insurance Company reduced its Penumbra stake by 76.6%, selling 65,658 shares and retaining 20,047 shares worth approximately $6.6 million. Institutional investors collectively own 88.88% of the company.
• Analyst sentiment is mixed but leans toward “Hold,” with an average consensus price target of $367.07. Ratings include three Buys, thirteen Holds, and one Sell.
• Penumbra reported quarterly revenue of $390.05 million, up 14.9% year over year and slightly above estimates, but earnings per share of $0.88 missed the $1.16 consensus forecast. Shares opened at $323.13, while the stock trades at a relatively high P/E ratio of 79.39.

The Manufacturers Life Insurance Company cut its holdings in Penumbra, Inc. (NYSE:PEN - Free Report) by 76.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,047 shares of the company's stock after selling 65,658 shares during the period. The Manufacturers Life Insurance Company owned about 0.05% of Penumbra worth $6,583,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in PEN. Whitebox Advisors LLC bought a new position in shares of Penumbra in the 1st quarter valued at about $146,125,000. Artisan Partners Limited Partnership increased its stake in Penumbra by 165.9% during the fourth quarter. Artisan Partners Limited Partnership now owns 594,112 shares of the company's stock worth $184,715,000 after acquiring an additional 370,636 shares during the last quarter. William Blair Investment Management LLC bought a new stake in Penumbra during the fourth quarter worth approximately $107,567,000. Arrowstreet Capital Limited Partnership raised its position in Penumbra by 130.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 400,160 shares of the company's stock valued at $131,401,000 after purchasing an additional 226,314 shares during the period. Finally, Bank of Nova Scotia raised its position in Penumbra by 14,837.9% during the first quarter. Bank of Nova Scotia now owns 211,820 shares of the company's stock valued at $69,555,000 after purchasing an additional 210,402 shares during the period. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PEN has been the subject of several analyst reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Penumbra in a report on Friday, July 17th. Wall Street Zen raised Penumbra to a "hold" rating in a research report on Saturday, May 9th. Evercore restated an "outperform" rating and set a $320.00 price target on shares of Penumbra in a report on Monday, July 6th. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $374.00 price objective on shares of Penumbra in a research note on Thursday, June 11th. Finally, Zacks Research lowered shares of Penumbra from a "hold" rating to a "strong sell" rating in a research note on Monday, June 29th. Three investment 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. Based on data from MarketBeat.com, Penumbra presently has an average rating of "Hold" and a consensus target price of $367.07.

Penumbra Stock Down 0.3%

Shares of NYSE PEN opened at $323.13 on Thursday. Penumbra, Inc. has a 1 year low of $221.26 and a 1 year high of $362.41. The firm has a 50-day simple moving average of $318.60 and a two-hundred day simple moving average of $330.13. The company has a market cap of $12.73 billion, a P/E ratio of 79.39, a PEG ratio of 2.01 and a beta of 0.70. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.75 and a quick ratio of 3.86.

Penumbra (NYSE:PEN - Get Free Report) last released its 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). Penumbra had a net margin of 10.67% and a return on equity of 10.50%. The business had revenue of $390.05 million for the quarter, compared to the consensus estimate of $389.64 million. During the same period in the prior year, the company posted $0.86 EPS. The company's quarterly revenue was up 14.9% compared to the same quarter last year. Research analysts anticipate that Penumbra, Inc. will post 5.02 earnings per share for the current year.

About Penumbra

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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