CIBC Asset Management Inc Sells 349 Shares of Waters Corporation (WAT)
CIBC Asset Management Inc reduced its position in Waters Corporation (NYSE:WAT) by 4.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 7,788 shares of the medical instruments supplier’s stock after selling 349 shares during the period. CIBC Asset Management Inc’s holdings in Waters Corporation were worth $1,432,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in the company. Diversified Trust Co increased its stake in Waters Corporation by 0.4% in the second quarter. Diversified Trust Co now owns 1,285 shares of the medical instruments supplier’s stock worth $236,000 after buying an additional 5 shares in the last quarter. Cleararc Capital Inc. increased its stake in Waters Corporation by 0.6% in the first quarter. Cleararc Capital Inc. now owns 1,950 shares of the medical instruments supplier’s stock worth $305,000 after buying an additional 11 shares in the last quarter. Creative Planning increased its stake in Waters Corporation by 1.6% in the first quarter. Creative Planning now owns 744 shares of the medical instruments supplier’s stock worth $116,000 after buying an additional 12 shares in the last quarter. Lowe Brockenbrough & Co. Inc. increased its stake in Waters Corporation by 1.1% in the first quarter. Lowe Brockenbrough & Co. Inc. now owns 1,516 shares of the medical instruments supplier’s stock worth $237,000 after buying an additional 16 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its stake in Waters Corporation by 4.4% in the first quarter. Quadrant Capital Group LLC now owns 822 shares of the medical instruments supplier’s stock worth $124,000 after buying an additional 35 shares in the last quarter. 92.42% of the stock is currently owned by hedge funds and other institutional investors.
Waters Corporation (NYSE:WAT) opened at 175.66 on Friday. The company has a market cap of $14.02 billion, a PE ratio of 26.47 and a beta of 0.84. The firm’s 50-day moving average is $180.63 and its 200 day moving average is $167.35. Waters Corporation has a 1-year low of $133.35 and a 1-year high of $187.65.
Waters Corporation (NYSE:WAT) last posted its earnings results on Tuesday, July 25th. The medical instruments supplier reported $1.76 earnings per share (EPS) for the quarter, beating the 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 company had revenue of $558.30 million for the quarter, compared to analyst estimates of $553.22 million. During the same quarter in the previous year, the firm earned $1.58 earnings per share. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. Analysts predict that Waters Corporation will post $7.38 earnings per share for the current fiscal year.
Waters Corporation announced that its Board of Directors has authorized a share buyback program on Thursday, May 11th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the medical instruments supplier to reacquire up to 7.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
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A number of analysts have recently weighed in on the stock. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $190.00 target price (up from $170.00) on shares of Waters Corporation in a research report on Tuesday, April 25th. Cowen and Company reiterated a “hold” rating and issued a $190.00 price target on shares of Waters Corporation in a research note on Friday, July 14th. Barclays PLC set a $160.00 price target on shares of Waters Corporation and gave the stock a “hold” rating in a research note on Wednesday, April 26th. Janney Montgomery Scott upgraded shares of Waters Corporation from a “neutral” rating to a “buy” rating and upped their price target for the stock from $185.00 to $200.00 in a research note on Monday, May 1st. Finally, Zacks Investment Research upgraded shares of Waters Corporation from a “hold” rating to a “buy” rating and set a $202.00 price target on the stock in a research note on Thursday, July 13th. Two analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. Waters Corporation currently has a consensus rating of “Hold” and a consensus target price of $186.00.
In other Waters Corporation news, SVP Michael C. Harrington sold 24,000 shares of Waters Corporation stock in a transaction dated Friday, May 19th. The stock was 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Rohit Khanna sold 23,000 shares of Waters Corporation stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $186.90, for a total value of $4,298,700.00. Following the completion of the transaction, the senior vice president now owns 27,077 shares in the company, valued at approximately $5,060,691.30. The disclosure for this sale can be found here. Insiders sold 98,580 shares of company stock worth $17,730,275 in the last quarter. 5.07% of the stock is owned by insiders.
About Waters Corporation
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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