Waters Corporation $WAT Shares Acquired by Bank of America Corp DE

Key Points

• Bank of America increased its Waters position by 44.2% in the first quarter, acquiring 258,616 additional shares and bringing its holdings to 843,636 shares valued at approximately $251.2 million.
• Institutional ownership remains high at 94.01%, with several other investors also expanding their positions, including M&T Bank, Rockefeller Capital Management and California Public Employees Retirement System.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $402.47. Waters recently exceeded quarterly earnings and revenue expectations, reporting $2.70 in EPS and $1.27 billion in revenue.

Bank of America Corp DE increased its position in Waters Corporation (NYSE:WAT - Free Report) by 44.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 843,636 shares of the medical instruments supplier's stock after buying an additional 258,616 shares during the quarter. Bank of America Corp DE owned about 0.86% of Waters worth $251,235,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of WAT. California Public Employees Retirement System grew its position in shares of Waters by 25.4% during the first quarter. California Public Employees Retirement System now owns 138,423 shares of the medical instruments supplier's stock worth $41,222,000 after buying an additional 28,074 shares in the last quarter. Banque Cantonale Vaudoise raised its position in shares of Waters by 329.0% during the 4th quarter. Banque Cantonale Vaudoise now owns 4,294 shares of the medical instruments supplier's stock worth $1,631,000 after purchasing an additional 3,293 shares during the period. Rockefeller Capital Management L.P. boosted its holdings in shares of Waters by 106.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,751 shares of the medical instruments supplier's stock valued at $1,045,000 after acquiring an additional 1,420 shares during the period. Ramsay Stattman Vela & Price Inc. bought a new position in Waters in the 1st quarter worth about $942,000. Finally, M&T Bank Corp grew its holdings in Waters by 1,662.4% in the 4th quarter. M&T Bank Corp now owns 64,273 shares of the medical instruments supplier's stock worth $24,413,000 after buying an additional 60,626 shares in the last quarter. 94.01% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. TD Cowen restated a "hold" rating on shares of Waters in a research report on Wednesday, July 15th. HSBC lifted their price target on Waters from $415.00 to $435.00 and gave the stock a "buy" rating in a research note on Wednesday, June 3rd. Bank of America increased their target price on Waters from $370.00 to $400.00 and gave the company a "neutral" rating in a report on Tuesday, June 2nd. Royal Bank Of Canada started coverage on shares of Waters in a research report on Wednesday, July 8th. They issued an "outperform" rating and a $435.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $350.00 price target on shares of Waters in a research note on Thursday, May 7th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $402.47.

Waters Stock Performance

NYSE WAT opened at $373.73 on Tuesday. Waters Corporation has a 52-week low of $275.05 and a 52-week high of $414.15. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.79 and a quick ratio of 1.13. The firm has a market capitalization of $36.70 billion, a price-to-earnings ratio of 47.49, a P/E/G ratio of 2.28 and a beta of 1.20. The company's fifty day moving average is $369.92 and its two-hundred day moving average is $344.99.

Waters (NYSE:WAT - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The medical instruments supplier reported $2.70 EPS for the quarter, topping analysts' consensus estimates of $2.31 by $0.39. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.20 billion. Waters had a return on equity of 15.60% and a net margin of 11.91%.The company's quarterly revenue was up 91.4% on a year-over-year basis. During the same quarter last year, the company earned $2.25 EPS. Equities research analysts forecast that Waters Corporation will post 14.51 EPS for the current year.

Waters Company Profile

Waters Corporation is a global provider of analytical instruments, software and services for laboratory and research applications. The company designs, manufactures and sells technologies centered on liquid chromatography, mass spectrometry, separation science, and related sample preparation and detection systems. Its product portfolio includes chromatographs, mass spectrometers, columns and consumables, laboratory informatics and workflow software, as well as technical support and training services that help customers run and interpret complex analyses.

Waters serves a wide range of end markets that include pharmaceutical and biotechnology companies, contract research and testing laboratories, academic and government research institutions, clinical diagnostics, food and environmental testing, and industrial and chemical manufacturers.

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