Thermo Fisher Scientific Inc. $TMO Stock Sold by Convergence Financial LLC

Key Points

• Convergence Financial LLC reduced its Thermo Fisher Scientific stake by 52.1% in the third quarter, selling 2,448 shares and retaining 2,250 shares valued at approximately $1.52 million.
• Institutional investors own 89.23% of TMO, while company insiders sold 73,368 shares worth about $43.9 million during the latest quarter.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $684.55. Thermo Fisher recently exceeded quarterly earnings and revenue expectations, reporting $6.68 in EPS and $12.14 billion in revenue.

Convergence Financial LLC cut its stake in Thermo Fisher Scientific Inc. (NYSE:TMO - Free Report) by 52.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,250 shares of the medical research company's stock after selling 2,448 shares during the period. Convergence Financial LLC's holdings in Thermo Fisher Scientific were worth $1,519,000 as of its most recent filing with the Securities and Exchange Commission.

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

Insider Activity

In other news, CEO Marc Casper sold 10,000 shares of the company's stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $629.27, for a total value of $6,292,700.00. Following the sale, the chief executive officer directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael Shafer sold 25,500 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $600.00, for a total value of $15,300,000.00. Following the completion of the sale, the executive vice president owned 20,994 shares in the company, valued at $12,596,400. This represents a 54.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 73,368 shares of company stock valued at $43,896,820 over the last quarter. 0.33% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $720.00 price objective on shares of Thermo Fisher Scientific in a report on Friday, September 25th. Barclays increased their target price on shares of Thermo Fisher Scientific from $750.00 to $775.00 and gave the stock an "overweight" rating in a report on Thursday, October 22nd. UBS Group reaffirmed a "buy" rating and issued a $800.00 target price on shares of Thermo Fisher Scientific in a research report on Thursday, October 22nd. Wall Street Zen upgraded shares of Thermo Fisher Scientific from a "hold" rating to a "buy" rating in a research note on Saturday, October 3rd. Finally, HSBC raised shares of Thermo Fisher Scientific from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, September 1st. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $684.55.

Thermo Fisher Scientific Trading Up 1.6%

NYSE TMO opened at $704.41 on Thursday. Thermo Fisher Scientific Inc. has a 12 month low of $435.27 and a 12 month high of $710.84. The company has a current ratio of 1.81, a quick ratio of 1.41 and a debt-to-equity ratio of 0.71. The stock has a 50 day moving average of $651.61 and a 200-day moving average of $552.09. The company has a market cap of $260.45 billion, a PE ratio of 37.15, a PEG ratio of 2.75 and a beta of 0.87.

Thermo Fisher Scientific (NYSE:TMO - Get Free Report) last issued its earnings results on Wednesday, October 21st. The medical research company reported $6.68 earnings per share for the quarter, topping analysts' consensus estimates of $6.40 by $0.28. The business had revenue of $12.14 billion for the quarter, compared to the consensus estimate of $11.95 billion. Thermo Fisher Scientific had a net margin of 14.94% and a return on equity of 17.33%. The firm's revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the previous year, the company earned $5.79 earnings per share. On average, equities research analysts anticipate that Thermo Fisher Scientific Inc. will post 25.23 EPS for the current fiscal year.

About Thermo Fisher Scientific

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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