Elevation Point Wealth Partners LLC Boosts Position in Thermo Fisher Scientific Inc. $TMO

Elevation Point Wealth Partners LLC boosted its stake in Thermo Fisher Scientific Inc. (NYSE:TMO) by 103.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 2,906 shares of the medical research company’s stock after purchasing an additional 1,478 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in Thermo Fisher Scientific were worth $1,410,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. 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. Capital World Investors lifted its stake in shares of Thermo Fisher Scientific by 7.4% in the 3rd quarter. Capital World Investors now owns 10,285,145 shares of the medical research company’s stock valued at $4,988,132,000 after purchasing an additional 706,572 shares during the period. Franklin Resources Inc. grew its stake in Thermo Fisher Scientific by 21.0% in the third quarter. Franklin Resources Inc. now owns 5,925,671 shares of the medical research company’s stock worth $2,874,069,000 after purchasing an additional 1,028,125 shares during the period. Norges Bank bought a new position in Thermo Fisher Scientific in the second quarter worth $2,264,615,000. Finally, Bank of New York Mellon Corp lifted its position in Thermo Fisher Scientific by 54.7% during the third quarter. Bank of New York Mellon Corp now owns 3,571,857 shares of the medical research company’s stock valued at $1,732,422,000 after buying an additional 1,262,967 shares during the period. Hedge funds and other institutional investors own 89.23% of the company’s stock.

Insider Activity at Thermo Fisher Scientific

In other news, EVP Gianluca Pettiti sold 400 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president directly owned 20,752 shares of the company’s stock, valued at $11,230,982.40. The trade was a 1.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Marc N. Casper sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $512.40, for a total transaction of $2,562,000.00. Following the completion of the sale, the chief executive officer owned 123,925 shares in the company, valued at $63,499,170. This represents a 3.88% decrease in their position. The SEC filing for this sale provides additional information. 0.33% of the stock is owned by insiders.

Thermo Fisher Scientific Stock Performance

TMO stock opened at $471.12 on Tuesday. The stock has a market capitalization of $175.01 billion, a PE ratio of 26.56, a price-to-earnings-growth ratio of 2.68 and a beta of 0.96. The stock’s 50 day simple moving average is $555.03 and its 200 day simple moving average is $548.87. Thermo Fisher Scientific Inc. has a 12-month low of $385.46 and a 12-month high of $643.99. The company has a current ratio of 1.89, a quick ratio of 1.53 and a debt-to-equity ratio of 0.67.

Thermo Fisher Scientific (NYSE:TMO) last posted its quarterly earnings results on Thursday, January 29th. The medical research company reported $6.57 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $12.22 billion during the quarter, compared to analysts’ expectations of $11.95 billion. During the same quarter in the previous year, the business earned $6.10 earnings per share. The company’s revenue was up 7.2% on a year-over-year basis. As a group, research analysts forecast that Thermo Fisher Scientific Inc. will post 23.28 earnings per share for the current fiscal year.

Thermo Fisher Scientific Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Friday, March 13th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, March 13th. This is a boost from Thermo Fisher Scientific’s previous quarterly dividend of $0.43. Thermo Fisher Scientific’s payout ratio is 10.60%.

Analyst Ratings Changes

Several research analysts recently issued reports on TMO shares. KeyCorp upgraded shares of 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 note on Sunday, December 7th. The Goldman Sachs Group assumed coverage on shares of Thermo Fisher Scientific in a report on Tuesday, December 9th. They issued a “buy” rating and a $685.00 price objective on the stock. Evercore reiterated an “outperform” rating and set a $650.00 target price on shares of Thermo Fisher Scientific in a report on Monday, January 5th. Wells Fargo & Company set a $683.00 price target on Thermo Fisher Scientific in a research note on Friday, January 30th. Finally, HSBC upgraded Thermo Fisher Scientific from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 1st. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Thermo Fisher Scientific presently has a consensus rating of “Moderate Buy” and a consensus price target of $633.68.

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.