PNC Financial Services Group Inc. Has $121.19 Million Stock Position in Thermo Fisher Scientific Inc. $TMO

PNC Financial Services Group Inc. lessened its holdings in Thermo Fisher Scientific Inc. (NYSE:TMO) by 1.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 249,863 shares of the medical research company’s stock after selling 4,387 shares during the period. PNC Financial Services Group Inc. owned about 0.07% of Thermo Fisher Scientific worth $121,189,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. TIAA Trust National Association grew its position in shares of Thermo Fisher Scientific by 10.5% during the 2nd quarter. TIAA Trust National Association now owns 123,948 shares of the medical research company’s stock valued at $50,256,000 after purchasing an additional 11,817 shares in the last quarter. Lombard Odier Asset Management Switzerland SA boosted its stake in Thermo Fisher Scientific by 8.4% during the second quarter. Lombard Odier Asset Management Switzerland SA now owns 14,490 shares of the medical research company’s stock valued at $5,875,000 after buying an additional 1,128 shares during the period. Cornerstone Investment Partners LLC bought a new position in Thermo Fisher Scientific in the 3rd quarter worth about $41,393,000. Weaver Capital Management LLC purchased a new stake in shares of Thermo Fisher Scientific in the 3rd quarter valued at about $506,000. Finally, VELA Investment Management LLC boosted its position in shares of Thermo Fisher Scientific by 65.5% during the 3rd quarter. VELA Investment Management LLC now owns 9,305 shares of the medical research company’s stock valued at $4,513,000 after acquiring an additional 3,683 shares during the last quarter. Institutional investors and hedge funds own 89.23% of the company’s stock.

Insider Activity

In other Thermo Fisher Scientific news, EVP Michael D. Shafer sold 10,725 shares of the stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $600.00, for a total transaction of $6,435,000.00. Following the completion of the sale, the executive vice president owned 18,731 shares of the company’s stock, valued at $11,238,600. This represents a 36.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Gianluca Pettiti sold 400 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president owned 20,752 shares in the company, valued at $11,230,982.40. The trade was a 1.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 108,996 shares of company stock worth $63,355,935 over the last ninety days. Company insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

TMO has been the topic of a number of recent analyst reports. Argus raised their target price on shares of Thermo Fisher Scientific from $580.00 to $610.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. TD Cowen lowered their price objective on shares of Thermo Fisher Scientific from $696.00 to $683.00 and set a “buy” rating on the stock in a research report on Friday, January 30th. Citigroup upped their target price on shares of Thermo Fisher Scientific from $660.00 to $685.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Morgan Stanley raised their price target on Thermo Fisher Scientific from $656.00 to $670.00 and gave the company an “overweight” rating in a research report on Tuesday, December 2nd. Finally, Stifel Nicolaus upped their price objective on Thermo Fisher Scientific from $583.00 to $700.00 and gave the stock a “buy” rating in a report on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $633.68.

Thermo Fisher Scientific Stock Performance

NYSE TMO opened at $504.99 on Monday. The company has a 50-day simple moving average of $585.45 and a two-hundred day simple moving average of $545.03. Thermo Fisher Scientific Inc. has a 12-month low of $385.46 and a 12-month high of $643.99. The firm has a market cap of $189.73 billion, a price-to-earnings ratio of 28.47, a PEG ratio of 2.91 and a beta of 0.93. The company has a quick ratio of 1.53, a current ratio of 1.89 and a debt-to-equity ratio of 0.67.

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

Thermo Fisher Scientific declared that its Board of Directors has approved a share repurchase plan on Thursday, November 6th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the medical research company to buy up to 2.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

About Thermo Fisher Scientific

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.