Vestcor Inc Has $254,000 Stock Holdings in Illumina, Inc. (NASDAQ:ILMN)

Key Points

• Vestcor Inc has drastically reduced its stake in Illumina, Inc. by 79.4%, selling 12,385 shares and leaving it with only 3,204 shares valued at $254,000.
• Illumina reported a net profit margin of 29.36%, but its quarterly revenue declined by 4.8% year-over-year, totaling $1.06 billion against an estimate of $1.12 billion.
• The stock rating for Illumina has shifted, with analysts recently downgrading from "buy" to "hold," while maintaining a consensus price target of $127.47.

Vestcor Inc reduced its stake in Illumina, Inc. (NASDAQ:ILMN - Free Report) by 79.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 3,204 shares of the life sciences company's stock after selling 12,385 shares during the quarter. Vestcor Inc's holdings in Illumina were worth $254,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ILMN. Fourth Dimension Wealth LLC bought a new stake in shares of Illumina during the fourth quarter valued at approximately $40,000. Rakuten Securities Inc. increased its position in shares of Illumina by 290.3% during the first quarter. Rakuten Securities Inc. now owns 363 shares of the life sciences company's stock valued at $29,000 after purchasing an additional 270 shares during the period. Center for Financial Planning Inc. bought a new stake in shares of Illumina during the first quarter valued at approximately $33,000. PFS Partners LLC increased its position in shares of Illumina by 400.0% during the first quarter. PFS Partners LLC now owns 500 shares of the life sciences company's stock valued at $40,000 after purchasing an additional 400 shares during the period. Finally, Golden State Wealth Management LLC increased its position in shares of Illumina by 123.2% during the first quarter. Golden State Wealth Management LLC now owns 529 shares of the life sciences company's stock valued at $42,000 after purchasing an additional 292 shares during the period. 89.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ILMN has been the topic of a number of analyst reports. Canaccord Genuity Group upped their price target on Illumina from $99.00 to $105.00 and gave the company a "hold" rating in a research report on Friday, August 1st. Morgan Stanley set a $105.00 price target on Illumina and gave the company an "equal weight" rating in a research report on Monday. Barclays upped their price target on Illumina from $85.00 to $90.00 and gave the company an "underweight" rating in a research report on Friday, August 1st. JPMorgan Chase & Co. reduced their price objective on Illumina from $120.00 to $85.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Finally, Piper Sandler reduced their price objective on Illumina from $190.00 to $185.00 and set an "overweight" rating on the stock in a research note on Thursday, May 15th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $127.74.

Illumina Stock Performance

Shares of ILMN traded down $3.33 during mid-day trading on Wednesday, reaching $94.43. The company's stock had a trading volume of 2,148,890 shares, compared to its average volume of 2,411,677. Illumina, Inc. has a 1-year low of $68.70 and a 1-year high of $156.66. The stock has a market cap of $14.51 billion, a P/E ratio of 11.95, a PEG ratio of 2.21 and a beta of 1.37. The business has a 50-day simple moving average of $94.47 and a two-hundred day simple moving average of $92.05. The company has a current ratio of 1.81, a quick ratio of 1.41 and a debt-to-equity ratio of 0.66.

Illumina (NASDAQ:ILMN - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The life sciences company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.17. The business had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $1.12 billion. Illumina had a return on equity of 28.93% and a net margin of 29.36%. The firm's revenue for the quarter was down 4.8% compared to the same quarter last year. During the same period last year, the firm posted $0.36 EPS. As a group, equities research analysts anticipate that Illumina, Inc. will post 4.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Ankur Dhingra acquired 6,100 shares of the company's stock in a transaction on Monday, May 12th. The stock was purchased at an average cost of $81.21 per share, with a total value of $495,381.00. Following the acquisition, the chief financial officer directly owned 24,906 shares of the company's stock, valued at approximately $2,022,616.26. The trade was a 32.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.17% of the stock is owned by corporate insiders.

Illumina Profile

Illumina, Inc offers sequencing- and array-based solutions for genetic and genomic analysis in the United States, Singapore, the United Kingdom, and internationally. It operates through Core Illumina and GRAIL segments. The company offers sequencing and array-based instruments and consumables, which include reagents, flow cells, and library preparation; whole-genome sequencing kits, which sequence entire genomes of various size and complexity; and targeted resequencing kits, which sequence exomes, specific genes, and RNA or other genomic regions of interest.