Thomasville National Bank has increased its holdings in Thermo Fisher Scientific Inc. (NYSE: TMO) by acquiring an additional 1,592 shares during the third quarter of 2023. This move reflects a 4.6% growth in its position, bringing the bank’s total ownership to 36,121 shares valued at approximately $17.5 million as of the latest reporting period.
The increase in shares comes amidst a broader trend, as various hedge funds and institutional investors also made adjustments to their positions in Thermo Fisher. For instance, Tilia Fiduciary Partners Inc. raised its holdings by 3.3%, now owning 4,685 shares worth about $2.27 million. Similarly, Sarasin & Partners LLP expanded its stake by 4.6%, bringing its total to 268,407 shares valued at $124 million. Other notable investors include Douglas Lane & Associates LLC, which increased its position by 8.4%, and Orrstown Financial Services Inc., which boosted its holdings by an impressive 27.9%.
The institutional ownership in Thermo Fisher Scientific now stands at approximately 89.23%, reflecting strong confidence in the company’s performance.
Analysts Adjust Price Targets
Several analysts have recently commented on Thermo Fisher’s stock performance and set new price targets. The Goldman Sachs Group initiated coverage with a “buy” rating and a target price of $685.00. Hsbc Global Research upgraded its rating from “hold” to “strong buy,” while Argus increased its target from $580.00 to $610.00.
KeyCorp also raised its rating to “overweight” with a target of $750.00. TD Cowen has a target price of $654.00, reflecting a consensus that indicates strong potential for the stock. Currently, Thermo Fisher holds an average rating of “Moderate Buy” with a price target averaging $616.60.
Recent Performance and Dividends
On October 22, 2023, Thermo Fisher Scientific reported earnings of $5.79 per share for the third quarter, surpassing analysts’ expectations of $5.50. The company recorded revenues of $11.12 billion, exceeding the consensus estimate of $10.90 billion. Year-on-year, revenue rose by 4.9%, and Thermo Fisher’s return on equity stands at 16.97%, with a net margin of 15.02%.
The company has set its full-year 2025 earnings guidance between $22.60 and $22.86 per share, with analysts projecting earnings of $23.28 per share for the current year.
In addition to its strong earnings report, Thermo Fisher announced a quarterly dividend of $0.43 per share, scheduled for payment on January 15, 2024. Shareholders of record as of December 15, 2023, will be eligible for this dividend, which translates to an annualized yield of 0.3%.
Furthermore, the company has initiated a stock buyback program, allowing the repurchase of $5 billion in shares. This move typically indicates management’s belief that the stock is undervalued.
Insider Transactions
Recent insider transactions have also garnered attention. Executive Vice President Frederick M. Lowery sold 6,913 shares at an average price of $597.68, totaling over $4.13 million. Following this sale, Lowery retains 14,367 shares valued at approximately $8.59 million. Vice President Lisa P. Britt sold 10,225 shares for about $5.84 million, reducing her ownership by 41.96%.
In total, insiders have sold 149,271 shares valued at over $86.5 million in the last quarter, with insiders owning 0.33% of the company’s stock.
Thermo Fisher Scientific Inc. remains a significant player in the medical research industry, providing a wide range of scientific instruments, reagents, and services to laboratories globally. With its strong financial performance and strategic moves, the company is well-positioned for continued growth in the upcoming quarters.
