PNC Financial Services Group Inc. Sells 4,387 Shares of Thermo Fisher Scientific Inc. $TMO

PNC Financial Services Group Inc. decreased its stake in shares of Thermo Fisher Scientific Inc. (NYSE:TMO) by 1.7% during the third quarter, HoldingsChannel reports. The firm owned 249,863 shares of the medical research company’s stock after selling 4,387 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Thermo Fisher Scientific were worth $121,189,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of TMO. Vanguard Group Inc. grew its holdings in shares of Thermo Fisher Scientific by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 33,789,164 shares of the medical research company’s stock worth $13,700,154,000 after acquiring an additional 309,207 shares during the period. Norges Bank bought a new position in Thermo Fisher Scientific in the second quarter worth $2,264,615,000. Franklin Resources Inc. boosted its holdings in shares of Thermo Fisher Scientific by 11.3% during the 2nd quarter. Franklin Resources Inc. now owns 4,897,546 shares of the medical research company’s stock valued at $1,985,759,000 after buying an additional 498,238 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Thermo Fisher Scientific by 54.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,571,857 shares of the medical research company’s stock worth $1,732,422,000 after buying an additional 1,262,967 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Thermo Fisher Scientific by 2.6% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 3,000,562 shares of the medical research company’s stock valued at $1,216,612,000 after acquiring an additional 74,971 shares during the period. 89.23% of the stock is currently owned by hedge funds and other institutional investors.

Thermo Fisher Scientific Trading Down 0.9%

Shares of NYSE:TMO opened at $504.99 on Monday. Thermo Fisher Scientific Inc. has a 1 year low of $385.46 and a 1 year high of $643.99. The stock’s fifty day moving average price is $585.45 and its 200-day moving average price is $545.03. The company has a market cap of $189.73 billion, a P/E ratio of 28.47, a PEG ratio of 2.91 and a beta of 0.93. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.89 and a quick ratio of 1.53.

Thermo Fisher Scientific (NYSE:TMO) last issued its earnings results on Thursday, January 29th. The medical research company reported $6.57 earnings per share for the quarter, topping analysts’ consensus estimates of $6.45 by $0.12. The business had revenue of $12.22 billion during the quarter, compared to analyst estimates of $11.95 billion. Thermo Fisher Scientific had a return on equity of 16.92% and a net margin of 15.05%.Thermo Fisher Scientific’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $6.10 EPS. Sell-side analysts expect that Thermo Fisher Scientific Inc. will post 23.28 earnings per share for the current year.

Thermo Fisher Scientific declared that its board has authorized a stock buyback program on Thursday, November 6th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the medical research company to purchase up to 2.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Activity at Thermo Fisher Scientific

In other Thermo Fisher Scientific news, EVP Gianluca Pettiti sold 400 shares of the business’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $541.20, for a total transaction of $216,480.00. Following the completion of the sale, the executive vice president directly owned 20,752 shares in the company, valued at approximately $11,230,982.40. The trade was a 1.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Michel Lagarde sold 22,046 shares of the firm’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $563.56, for a total value of $12,424,243.76. Following the completion of the transaction, the chief operating officer owned 84,117 shares in the company, valued at approximately $47,404,976.52. This trade represents a 20.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 108,996 shares of company stock worth $63,355,935. Company insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

TMO has been the topic of a number of recent research reports. Evercore restated an “outperform” rating and issued a $650.00 price objective on shares of Thermo Fisher Scientific in a report on Monday, January 5th. The Goldman Sachs Group began coverage on Thermo Fisher Scientific in a research note on Tuesday, December 9th. They issued a “buy” rating and a $685.00 price target on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Thermo Fisher Scientific in a report on Friday, January 9th. KeyCorp raised Thermo Fisher Scientific from a “sector weight” rating to an “overweight” rating and set a $750.00 price target for the company in a research report on Sunday, December 7th. Finally, Leerink Partners increased their price objective on shares of Thermo Fisher Scientific from $545.00 to $580.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $633.68.

Thermo Fisher Scientific Company Profile

Thermo Fisher Scientific (NYSE: TMO) is a global provider of scientific instrumentation, reagents and consumables, software, and services that support research, clinical, and industrial laboratories. The company supplies analytical instruments and laboratory equipment, life sciences reagents and kits, specialty diagnostics, and a broad range of consumables used by researchers, clinicians, and manufacturers. Its offerings also include laboratory information management and data-analysis software, as well as service solutions such as instrument maintenance, validation, and logistics that help customers run complex workflows efficiently.

Thermo Fisher operates through multiple business areas that broadly cover life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services, including contract development and manufacturing for pharmaceutical and biotechnology companies.