Pictet Asset Management Ltd. Raises Position in Waters Corporation (WAT)
Pictet Asset Management Ltd. boosted its stake in shares of Waters Corporation (NYSE:WAT) by 262.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 215,678 shares of the medical instruments supplier’s stock after buying an additional 156,200 shares during the period. Pictet Asset Management Ltd.’s holdings in Waters Corporation were worth $38,740,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. increased its stake in Waters Corporation by 2,810.7% in the first quarter. BlackRock Inc. now owns 5,349,711 shares of the medical instruments supplier’s stock valued at $836,212,000 after buying an additional 5,165,917 shares in the last quarter. Mondrian Investment Partners LTD bought a new stake in Waters Corporation during the first quarter valued at approximately $81,480,000. Nomura Asset Management Co. Ltd. increased its stake in Waters Corporation by 3,735.4% in the first quarter. Nomura Asset Management Co. Ltd. now owns 373,950 shares of the medical instruments supplier’s stock valued at $58,452,000 after buying an additional 364,200 shares in the last quarter. Janus Capital Management LLC increased its stake in Waters Corporation by 18.2% in the first quarter. Janus Capital Management LLC now owns 2,309,646 shares of the medical instruments supplier’s stock valued at $361,021,000 after buying an additional 356,395 shares in the last quarter. Finally, Fundsmith LLP increased its stake in Waters Corporation by 11.3% in the first quarter. Fundsmith LLP now owns 3,432,535 shares of the medical instruments supplier’s stock valued at $536,540,000 after buying an additional 349,178 shares in the last quarter. 92.42% of the stock is owned by institutional investors and hedge funds.
Shares of Waters Corporation (NYSE:WAT) opened at 176.70 on Thursday. The company has a 50 day moving average price of $180.91 and a 200-day moving average price of $167.29. The firm has a market cap of $14.13 billion, a PE ratio of 26.63 and a beta of 0.84. Waters Corporation has a 12-month low of $133.35 and a 12-month high of $187.65.
Waters Corporation (NYSE:WAT) last announced its earnings results on Tuesday, July 25th. The medical instruments supplier reported $1.76 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.71 by $0.05. Waters Corporation had a return on equity of 23.91% and a net margin of 24.26%. The firm had revenue of $558.30 million for the quarter, compared to analysts’ expectations of $553.22 million. During the same quarter in the previous year, the company earned $1.58 earnings per share. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. Analysts expect that Waters Corporation will post $7.38 EPS for the current year.
Waters Corporation declared that its board has initiated a stock buyback program on Thursday, May 11th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the medical instruments supplier to reacquire up to 7.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
Several analysts have commented on WAT shares. Janney Montgomery Scott raised Waters Corporation from a “neutral” rating to a “buy” rating and upped their price objective for the company from $185.00 to $200.00 in a research note on Monday, May 1st. Deutsche Bank AG reaffirmed a “buy” rating and set a $183.00 price objective (up from $166.00) on shares of Waters Corporation in a research note on Saturday, April 29th. Cantor Fitzgerald reaffirmed a “buy” rating and set a $190.00 price objective (up from $170.00) on shares of Waters Corporation in a research note on Tuesday, April 25th. Zacks Investment Research raised Waters Corporation from a “hold” rating to a “buy” rating and set a $178.00 price objective for the company in a research note on Monday, April 24th. Finally, BidaskClub downgraded Waters Corporation from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $186.00.
In other Waters Corporation news, SVP Michael C. Harrington sold 24,000 shares of Waters Corporation stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $175.33, for a total value of $4,207,920.00. Following the transaction, the senior vice president now owns 28,073 shares in the company, valued at $4,922,039.09. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Michael F. Silveira sold 620 shares of Waters Corporation stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $172.27, for a total transaction of $106,807.40. Following the completion of the transaction, the vice president now owns 1,688 shares in the company, valued at approximately $290,791.76. The disclosure for this sale can be found here. In the last three months, insiders have sold 99,200 shares of company stock worth $17,837,082. 5.07% of the stock is owned by corporate insiders.
Waters Corporation Company Profile
Waters Corporation is an analytical instrument manufacturer. The Company operates through two segments: Waters and TA. It designs, manufactures, sells and services high performance liquid chromatography (HPLC), ultra performance liquid chromatography (UPLC and together with HPLC, referred to as LC) and mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products and post-warranty service plans.
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