Washington Trust Advisors Inc. Lowers Stock Holdings in Penumbra, Inc. $PEN

Key Points

• Washington Trust Advisors cut its Penumbra stake by 58.9% in the second quarter, selling 11,015 shares and retaining 7,671 shares valued at approximately $2.42 million.
• Institutional ownership remains high at 88.88%, with BlackRock initiating a roughly $1.36 billion position and Artisan Partners increasing its stake by 165.9%.
• Penumbra reported quarterly revenue of $390.05 million, up 14.9% year over year, but earnings per share of $0.88 fell short of the $1.16 consensus estimate. Analysts maintain a consensus “Hold” rating with an average price target of $367.07.

Washington Trust Advisors Inc. reduced its stake in Penumbra, Inc. (NYSE:PEN - Free Report) by 58.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,671 shares of the company's stock after selling 11,015 shares during the period. Washington Trust Advisors Inc.'s holdings in Penumbra were worth $2,422,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Penumbra in the second quarter valued at approximately $1,356,953,000. Geode Capital Management LLC grew its stake in Penumbra by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 766,510 shares of the company's stock worth $238,365,000 after purchasing an additional 18,738 shares in the last quarter. Invesco Ltd. increased its holdings in Penumbra by 1.1% during the 4th quarter. Invesco Ltd. now owns 638,305 shares of the company's stock worth $198,455,000 after purchasing an additional 7,211 shares during the period. Artisan Partners Limited Partnership raised its position in Penumbra by 165.9% during the 4th quarter. Artisan Partners Limited Partnership now owns 594,112 shares of the company's stock valued at $184,715,000 after purchasing an additional 370,636 shares in the last quarter. Finally, Janus Henderson Group PLC raised its position in Penumbra by 1.5% during the 4th quarter. Janus Henderson Group PLC now owns 475,898 shares of the company's stock valued at $147,962,000 after purchasing an additional 7,050 shares in the last quarter. 88.88% of the stock is owned by hedge funds and other institutional investors.

Penumbra Trading Up 0.0%

Shares of NYSE:PEN opened at $322.28 on Monday. The company has a market capitalization of $12.69 billion, a PE ratio of 79.18, a P/E/G ratio of 2.21 and a beta of 0.70. The company has a current ratio of 5.75, a quick ratio of 3.86 and a debt-to-equity ratio of 0.01. Penumbra, Inc. has a 12-month low of $221.26 and a 12-month high of $362.41. The business's fifty day simple moving average is $321.25 and its 200-day simple moving average is $326.19.

Penumbra (NYSE:PEN - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported $0.88 earnings per share for the quarter, missing analysts' consensus estimates of $1.16 by ($0.28). Penumbra had a return on equity of 10.50% and a net margin of 10.67%.The company had revenue of $390.05 million for the quarter, compared to analysts' expectations of $389.64 million. During the same quarter last year, the company earned $0.86 earnings per share. The company's revenue for the quarter was up 14.9% compared to the same quarter last year. As a group, equities research analysts predict that Penumbra, Inc. will post 4.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Royal Bank Of Canada reissued a "sector perform" rating and set a $374.00 price target on shares of Penumbra in a research report on Thursday, June 11th. Weiss Ratings restated a "hold (c)" rating on shares of Penumbra in a report on Friday, July 17th. Zacks Research raised shares of Penumbra from a "strong sell" rating to a "hold" rating in a research note on Monday, August 24th. Finally, Evercore reiterated an "outperform" rating and set a $320.00 target price on shares of Penumbra in a report on Monday, July 6th. Three investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $367.07.

Penumbra Profile

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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