Westpac Banking Corp Increases Stake in Waters Corporation (NYSE:WAT)

Key Points

• Westpac Banking Corp increased its stake in Waters Corporation by 539.3%, owning 6,393 shares valued at approximately $2.36 million following a significant purchase during the first quarter.
• Waters Corporation reported earnings per share of $2.95 in its last quarter, exceeding consensus estimates, with revenue increasing 8.8% year-over-year to $771.33 million.
• The company has a current market cap of $16.98 billion, with a 52-week trading range between $275.05 and $423.56.

Westpac Banking Corp increased its holdings in Waters Corporation (NYSE:WAT - Free Report) by 539.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,393 shares of the medical instruments supplier's stock after purchasing an additional 5,393 shares during the quarter. Westpac Banking Corp's holdings in Waters were worth $2,356,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Olde Wealth Management LLC bought a new position in shares of Waters during the first quarter valued at about $25,000. Zions Bancorporation National Association UT purchased a new stake in Waters during the 1st quarter valued at about $28,000. IFP Advisors Inc boosted its holdings in Waters by 118.9% during the 1st quarter. IFP Advisors Inc now owns 81 shares of the medical instruments supplier's stock valued at $30,000 after acquiring an additional 44 shares during the period. Whipplewood Advisors LLC grew its position in Waters by 5,200.0% during the 1st quarter. Whipplewood Advisors LLC now owns 106 shares of the medical instruments supplier's stock worth $39,000 after acquiring an additional 104 shares during the last quarter. Finally, CX Institutional purchased a new position in Waters in the 1st quarter worth approximately $75,000. Hedge funds and other institutional investors own 94.01% of the company's stock.

Waters Trading Up 2.1%

WAT opened at $285.23 on Wednesday. The company has a quick ratio of 1.22, a current ratio of 1.75 and a debt-to-equity ratio of 0.55. Waters Corporation has a 52 week low of $275.05 and a 52 week high of $423.56. The stock has a market cap of $16.98 billion, a PE ratio of 25.72, a PEG ratio of 2.61 and a beta of 1.04. The business has a 50 day moving average of $322.84 and a 200-day moving average of $348.61.

Waters (NYSE:WAT - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The medical instruments supplier reported $2.95 EPS for the quarter, beating the consensus estimate of $2.93 by $0.02. Waters had a return on equity of 38.60% and a net margin of 21.71%. The business had revenue of $771.33 million during the quarter, compared to analyst estimates of $745.96 million. During the same quarter last year, the firm posted $2.63 earnings per share. The company's revenue for the quarter was up 8.8% on a year-over-year basis. Equities research analysts predict that Waters Corporation will post 12.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on WAT shares. Deutsche Bank Aktiengesellschaft set a $315.00 price objective on Waters and gave the company a "hold" rating in a research note on Tuesday, August 5th. Robert W. Baird lowered their price target on shares of Waters from $374.00 to $352.00 and set an "outperform" rating for the company in a report on Wednesday, July 16th. Wells Fargo & Company cut their price target on shares of Waters from $330.00 to $315.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 5th. Scotiabank restated a "sector outperform" rating and issued a $465.00 price objective on shares of Waters in a research report on Friday, July 11th. Finally, UBS Group reaffirmed a "neutral" rating on shares of Waters in a research note on Tuesday, July 15th. Ten research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $378.73.

Waters Company 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.

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