Bank of Nova Scotia Decreases Stock Position in West Pharmaceutical Services, Inc. (NYSE:WST)

Key Points

• Bank of Nova Scotia significantly reduced its stake in West Pharmaceutical Services, selling 51,740 shares and now holding 18,560 shares, valued at approximately $4.15 million.
• Investment analysts have a generally positive outlook on West Pharmaceutical Services, with a consensus rating of "Moderate Buy" and a price target increase to $320.71.
• The company recently declared an increase in its quarterly dividend, now set at $0.22 per share, which reflects an annual yield of 0.4%.

Bank of Nova Scotia reduced its stake in West Pharmaceutical Services, Inc. (NYSE:WST - Free Report) by 73.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,560 shares of the medical instruments supplier's stock after selling 51,740 shares during the period. Bank of Nova Scotia's holdings in West Pharmaceutical Services were worth $4,155,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. DAVENPORT & Co LLC boosted its holdings in shares of West Pharmaceutical Services by 103.8% in the first quarter. DAVENPORT & Co LLC now owns 2,230 shares of the medical instruments supplier's stock worth $499,000 after acquiring an additional 1,136 shares during the period. Robeco Institutional Asset Management B.V. raised its position in shares of West Pharmaceutical Services by 34.7% in the first quarter. Robeco Institutional Asset Management B.V. now owns 5,581 shares of the medical instruments supplier's stock worth $1,249,000 after buying an additional 1,437 shares in the last quarter. Bessemer Group Inc. raised its position in shares of West Pharmaceutical Services by 43.7% in the first quarter. Bessemer Group Inc. now owns 1,075 shares of the medical instruments supplier's stock worth $241,000 after buying an additional 327 shares in the last quarter. Sivik Global Healthcare LLC purchased a new stake in shares of West Pharmaceutical Services in the first quarter worth $2,799,000. Finally, State of Alaska Department of Revenue raised its position in shares of West Pharmaceutical Services by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 8,486 shares of the medical instruments supplier's stock worth $1,899,000 after buying an additional 225 shares in the last quarter. 93.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on WST shares. Evercore ISI increased their price objective on West Pharmaceutical Services from $275.00 to $350.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Wall Street Zen upgraded West Pharmaceutical Services from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Barclays started coverage on West Pharmaceutical Services in a research report on Tuesday, June 24th. They issued an "equal weight" rating and a $245.00 price objective on the stock. Citigroup reiterated a "buy" rating on shares of West Pharmaceutical Services in a research report on Thursday, May 22nd. Finally, UBS Group increased their price objective on West Pharmaceutical Services from $285.00 to $320.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $320.71.

West Pharmaceutical Services Price Performance

NYSE WST traded up $0.76 during trading hours on Friday, reaching $241.30. 445,204 shares of the stock traded hands, compared to its average volume of 887,061. The stock has a 50 day simple moving average of $227.16 and a two-hundred day simple moving average of $232.05. West Pharmaceutical Services, Inc. has a 1 year low of $187.43 and a 1 year high of $352.33. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.78 and a quick ratio of 2.08. The company has a market cap of $17.35 billion, a price-to-earnings ratio of 36.12, a price-to-earnings-growth ratio of 4.26 and a beta of 1.05.

West Pharmaceutical Services (NYSE:WST - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The medical instruments supplier reported $1.84 EPS for the quarter, topping the consensus estimate of $1.51 by $0.33. The firm had revenue of $766.50 million for the quarter, compared to the consensus estimate of $725.11 million. West Pharmaceutical Services had a return on equity of 18.43% and a net margin of 16.48%. The company's quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.52 earnings per share. On average, analysts predict that West Pharmaceutical Services, Inc. will post 6.62 EPS for the current fiscal year.

West Pharmaceutical Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 19th. Stockholders of record on Wednesday, November 12th will be issued a $0.22 dividend. This is an increase from West Pharmaceutical Services's previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Wednesday, November 12th. West Pharmaceutical Services's dividend payout ratio (DPR) is presently 12.57%.

About West Pharmaceutical Services

West Pharmaceutical Services, Inc designs, manufactures, and sells containment and delivery systems for injectable drugs and healthcare products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates in two segments, Proprietary Products and Contract-Manufactured Products.