Thermo Fisher Scientific Inc. $TMO Stock Acquired by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its Thermo Fisher stake by 9.7% in the third quarter, adding 12,414 shares to own 140,228 shares valued at about $91.5 million.
• Thermo Fisher beat quarterly earnings and revenue expectations, reporting $6.68 per share and $12.14 billion in revenue; revenue rose 9.1% year over year.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $683.64. The company also declared a $0.47 quarterly dividend, equal to a 0.3% yield.

Allspring Global Investments Holdings LLC increased its holdings in Thermo Fisher Scientific Inc. (NYSE:TMO - Free Report) by 9.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 140,228 shares of the medical research company's stock after purchasing an additional 12,414 shares during the period. Allspring Global Investments Holdings LLC's holdings in Thermo Fisher Scientific were worth $91,500,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have 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 worth $15,501,867,000. Bank of New York Mellon Corp bought a new stake in Thermo Fisher Scientific during the 2nd quarter worth about $1,974,561,000. Bank of America Corp DE bought a new stake in Thermo Fisher Scientific during the 2nd quarter worth about $1,952,930,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position 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 purchasing an additional 22,827 shares during the period. Finally, Legal & General Group Plc acquired a new position in Thermo Fisher Scientific during the 2nd quarter valued at about $1,122,351,000. Institutional investors own 89.23% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on TMO shares. Barclays lifted their price target on shares of Thermo Fisher Scientific from $750.00 to $775.00 and gave the stock an "overweight" rating in a research report on Thursday, October 22nd. CLSA initiated coverage on shares of Thermo Fisher Scientific in a report on Thursday, September 3rd. They issued an "outperform" rating and a C$748.00 price objective on the stock. Evercore reduced their price objective on shares of Thermo Fisher Scientific from $720.00 to $615.00 and set an "outperform" rating on the stock in a research note on Wednesday, October 28th. Royal Bank Of Canada lifted their target price on shares of Thermo Fisher Scientific from $580.00 to $730.00 and gave the stock a "sector perform" rating in a report on Thursday, October 22nd. Finally, DZ Bank cut shares of Thermo Fisher Scientific from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $683.64.

Thermo Fisher Scientific Stock Performance

Shares of TMO stock opened at $721.96 on Tuesday. The stock has a market cap of $267.50 billion, a PE ratio of 28.57, a price-to-earnings-growth ratio of 2.88 and a beta of 0.84. The stock has a 50-day moving average of $663.03 and a 200-day moving average of $555.21. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.81 and a quick ratio of 1.41. Thermo Fisher Scientific Inc. has a one year low of $435.27 and a one year high of $723.08.

Thermo Fisher Scientific (NYSE:TMO - Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The medical research company reported $6.68 earnings per share for the quarter, topping the consensus estimate of $6.40 by $0.28. The business had revenue of $12.14 billion for the quarter, compared to analyst estimates of $11.95 billion. Thermo Fisher Scientific had a net margin of 14.94% and a return on equity of 17.33%. Thermo Fisher Scientific's quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter last year, the firm earned $5.79 EPS. As a group, sell-side analysts expect that Thermo Fisher Scientific Inc. will post 25.26 earnings per share for the current year.

Thermo Fisher Scientific Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Tuesday, December 15th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, December 15th. Thermo Fisher Scientific's dividend payout ratio (DPR) is currently 9.92%.

Insiders Place Their Bets

In other news, VP Lisa Britt sold 11,440 shares of the business's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $613.12, for a total value of $7,014,092.80. Following the completion of the transaction, the vice president owned 14,784 shares of the company's stock, valued at $9,064,366.08. The trade was a 43.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Marc Casper sold 10,000 shares of the company's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $629.27, for a total transaction of $6,292,700.00. Following the completion of the sale, the chief executive officer owned 123,925 shares of the company's stock, valued at approximately $77,982,284.75. This represents a 7.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 24,546 shares of company stock worth $15,479,192. Insiders own 0.33% of the company's stock.

Thermo Fisher Scientific Company Profile

Thermo Fisher Scientific develops and supplies products and services used in scientific research, clinical diagnostics, and pharmaceutical and biotechnology manufacturing. Its offerings include laboratory instruments, reagents and consumables, analytical equipment, diagnostic tests, and services that support drug development and clinical research.

The company operates through businesses focused on life sciences, analytical instruments, specialty diagnostics, and laboratory products and biopharma services.

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