Vestcor Inc Grows Position in Waters Corporation (NYSE:WAT)

Key Points

• Vestcor Inc significantly increased its holdings in Waters Corporation (NYSE:WAT) by 262.8% in Q1, owning 5,751 shares worth approximately $2.12 million.
• Analysts have mixed opinions on WAT, with ten giving a hold rating and six recommending buy, while price targets vary from $330.00 to $465.00.
• Waters reported a quarterly earnings per share of $2.25, surpassing estimates, with revenues of $661.71 million, reflecting a year-over-year increase of 3.9%.

Vestcor Inc increased its holdings in shares of Waters Corporation (NYSE:WAT - Free Report) by 262.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,751 shares of the medical instruments supplier's stock after purchasing an additional 4,166 shares during the quarter. Vestcor Inc's holdings in Waters were worth $2,120,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in WAT. QRG Capital Management Inc. increased its position in Waters by 85.7% during the first quarter. QRG Capital Management Inc. now owns 1,642 shares of the medical instruments supplier's stock worth $605,000 after buying an additional 758 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in Waters by 4.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 2,986 shares of the medical instruments supplier's stock worth $1,101,000 after purchasing an additional 130 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in Waters by 4.1% in the first quarter. Janney Montgomery Scott LLC now owns 4,813 shares of the medical instruments supplier's stock valued at $1,774,000 after purchasing an additional 189 shares during the period. CX Institutional acquired a new position in Waters during the 1st quarter worth approximately $75,000. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Waters by 169.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,619 shares of the medical instruments supplier's stock valued at $4,283,000 after buying an additional 7,301 shares during the period. Hedge funds and other institutional investors own 94.01% of the company's stock.

Waters Stock Performance

WAT traded up $2.01 on Friday, hitting $290.77. 1,201,345 shares of the stock traded hands, compared to its average volume of 1,116,492. Waters Corporation has a 52 week low of $279.61 and a 52 week high of $423.56. The company has a current ratio of 1.81, a quick ratio of 1.28 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $17.30 billion, a PE ratio of 26.39, a P/E/G ratio of 2.85 and a beta of 1.10. The business has a fifty day moving average price of $332.57 and a two-hundred day moving average price of $355.08.

Waters (NYSE:WAT - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The medical instruments supplier reported $2.25 earnings per share for the quarter, topping the consensus estimate of $2.22 by $0.03. Waters had a net margin of 22.02% and a return on equity of 41.70%. The firm had revenue of $661.71 million for the quarter, compared to analysts' expectations of $655.50 million. During the same period in the prior year, the firm earned $2.21 earnings per share. The company's quarterly revenue was up 3.9% compared to the same quarter last year. On average, research analysts predict that Waters Corporation will post 12.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on WAT shares. Robert W. Baird decreased their target price on Waters from $374.00 to $352.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 16th. UBS Group restated a "neutral" rating on shares of Waters in a report on Tuesday, July 15th. Bank of America upped their target price on Waters from $370.00 to $375.00 and gave the company a "neutral" rating in a research note on Thursday, June 26th. Wall Street Zen cut Waters from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Scotiabank reiterated a "sector outperform" rating and set a $465.00 price objective on shares of Waters in a report on Friday, July 11th. Ten research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Waters has a consensus rating of "Hold" and a consensus target price of $382.40.

Waters Profile

Waters Corporation provides analytical workflow solutions in Asia, the Americas, and Europe. It operates through two segments: Waters and TA. The company designs, manufactures, sells, and services high and ultra-performance liquid chromatography, as well as mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products, and post-warranty service plans.